Update: I am no longer updating this page, but you can find some of the best interest rates currently offered in India here.
As I reviewed my bank interest rates in India page to see if it needed to be updated – I saw that I didn’t include a few banks that were paying a pretty decent interest rate on fixed deposits in India.
So, let me show you an updated table of banks and the fixed deposit interest rates they are paying right now. As I went about making this fixed deposit comparison, I realized that a lot of banks pay less than 3.5% on fixed deposits of say 45 days or less. The savings account pays 3.5% so why would anyone make a fixed deposit of anything less than 3.5%?
Am I missing something?
Updated on 10th Jan 2011
Update: Feb 27th 2011
| S.No. | Bank | 1 Year to < 2 years | 2 Years to < 3 years | 3 Years to < 5 years | More than 5 |
| 1 | Allahabad Bank | 8.00% | 8.25% | 8.25% | 8.30% |
| 2 | Andhra Bank | 9.00% | 9.25% | 8.00% | 8.00% |
| 3 | Axis Bank | 8.75% | 8.25% | 7.00% | 7.00% |
| 4 | Bank of Baroda | 8.75% | 9.10% | 8.75% | 8.25% |
| 5 | Bank of India | 8.75% | 9.25% | 8.25% | 7.00% |
| 6 | Bank of Maharashtra | 8.30% | 9.25% | 8.30% | 8.00% |
| 7 | Canara Bank | 8.75% | 9.10% | 9.25% | 8.00% |
| 8 | Central Bank of India | 8.75% | 8.75% | 8.80% | 8.60% |
| 9 | Dena Bank | 8.25% | 9.00% | 8.25% | 7.75% |
| 10 | HDFC Bank | 8.25% | 9.00% | 8.25% | 8.25% |
| 11 | ICICI Bank | 8.50% | 9.25% | 9.25% | 8.25% |
| 12 | IDBI Bank | 9.00% | 9.25% | 8.60% | 8.50% |
| 13 | Indian Bank | 8.50% | 9.40% | 8.50% | 8.00% |
| 14 | Indian Overseas Bank | % | % | % | % |
| 15 | Indus Ind Bank | 9.00% | 8.75% | 8.75% | 8.50% |
| 16 | J&K Bank | 8.50% | 8.50% | 8.50% | 8.25% |
| 17 | Karnataka Bank | 9.75% | 9.50% | 9.25% | 8.75% |
| 18 | Karur Vysya Bank | 10.00% | 9.75% | 9.00% | 8.00% |
| 19 | Kotak Bank | 9.25% | 9.40% | 9.25% | 8.75% |
| 20 | PNB | % | % | % | 8.50% |
| 21 | Punjab and Sind Bank | 9.00% | 9.25% | 9.05% | 8.75% |
| 22 | South Indian Bank | 9.25% | 8.75% | 8.75% | 8.25% |
| 23 | State Bank of Hyderabad | % | 9.25% | 8.75% | 8.75% |
| 24 | State Bank of India | 8.25% | 9.00% | 8.25% | 8.50% |
| 25 | State Bank of Patiala | 8.50% | 9.00% | 8.25% | % |
| 26 | State Bank of Travancore | 9.25% | 9.25% | 9.25% | 8.75% |
| 27 | Syndicate Bank | 9.25% | 9.25% | 9.00% | 8.60% |
| 28 | UCO Bank | 9.00% | 8.50% | 8.50% | 7.75% |
| 29 | Union Bank of India | 8.50% | 8.75% | 9.00% | 8.00% |
| 30 | Vijaya Bank | 9.25% | 9.25% | 8.50% | 8.25% |
Click on the New Here page to see how you can make the best use of this site.
Update: For some time there used to another fixed deposit interest rates in India page which had a few more banks than given in this list, but now I have included all those here as well.
Click on the New Here page that tells you how to make the best use of this site.
What was the SBI TERM DEPOSIT rates for 1 year 4 months normal and senior citizen as on 16 th Nov 2009
Don’t know that and not likely you will get an answer here.
how do i get rs, 400000. p. m. as intrest for at least 10 years.
That’s about 50 lacs interest per annum. So I think if you make a fixed deposit of 5 crores or around that figure you should be able to get to this amount.
The Banks has revised the rates of interest of fixed deposits for one year or more periods. Kindly inform me which Bank pays maximum rate of interest on fixed deposits at present.
Currently, Karur Vysya Bank has the highest interest rate on FD of 10.25% for 555 days. For Senior Citizens it pays 10.5% for 555 days
Thanks for that info Krishna.
Would like to invest 10,000 p.m for so that i can benefit after my retirement.
Where is the best option to invest.
Thanks,
Kavitha
The best option depends on your risk appetite and existing investments Kavitha. The options you can consider are starting up a Systematic Investment Plan (SIP) in a debt and an equity mutual fund, investing some money in safe fixed deposits etc. There is no standard “best” option for everyone so you will have to either do a bit of research yourself to see what works for you or hire an advisor that can help you do this.
hi there..
i am a nri here and am seeking for investing funds.
anyone could advise plz..
thinging about unit-trust and fd’s.
anyone there?
could maybe mail or call me ; 9779-190-129 ~ udesh.chaskar@gmail.com
Dear Sanjeev,
Yes, HDFC top 200 has been one of the best performing Mutual Funds. SIP is one of the better routes to invest into Equity Mutual Funds.
However, before anyone would advice you on a particular fund one should understand your risk appetite and needs.
Also, as we say never put all eggs into one basket you can diversify your investments into a couple of top performing funds.
If you in Mumbai, and wish to know more on how and where to invest feel free to call me on +91-99200-67880 or write me on iikazi81@gmail.com
Regards
Imran
dear sir,
is it right way to directly invest one bulk amont(1lac) amount in mutual fund,iam first timer so far never dared to go in for mutual funds pl suggest me the right oppurtunities
No Sanjeev, In my opinion that’s not a very good idea. Spread out your investment by using a Systematic Investment Plan (SIP), and I’d say start conservatively to get a feel of the market first.
The stock market is a very volatile place, and if you’re just starting out, then start off with a much smaller sum than you originally thought, and get a feel for the volatility of the market and just generally how it feels for a year or so before you go all in.
dear sir,
what are the best source to invest in equity mutual fund through sip and which is the best fund ,i heard about hdfc top 200 is it right,and if it is ok how to invest in it.
Hi Rahul,
HDFC will offer you 8.20% for 3 years and 8.35% for 5 years, if you looking @ better interest rate this could be a better option.
Else, Manshu have already informed you about the UCO Bank…
Imran
sir,
i want to know that how many intrest of Rs.20000 period of 5 years in UCO BANK.
please say how many total amount in 5 years.
The rate of interest for this option is 7.5% Rahul. You can go to your nearest UCO branch and open the FD if you’re interested.
Hi,
Interest rates for HDFC Limited Fixed Deposits have been increased. Great time to invest in the same. Cumulative for 3 Years is 8.2% .
We deal in most of the top rated Fixed Deposits with best returns to offer. If you wish to invest or have any query please feel free to call me @ 99200-67880 or write to me at iikazi8@gmail.com
Regards,
Imran
Gud Eve Sir,
This is PAVAN RAGAVENDER from Hyderabad.i want to know which bank is the best onre to deposit fd for a period of 1 to 2 years and that too the banks offering high interest rates.pls suggest me in this regard.
With Regards
A.L.Pavan Ragavender
Hi Pavan,
State Bank of Hyderabad has a special scheme going on right now which offers 7.75% for 500 days. This scheme looks good to me with a reasonably good rate compared to other banks.
There might be other banks offering more or companies offering a better rate, but I may not be aware of them.
Hope this helps.
http://www.sbhyd.com/deposits_sbh500spltermdeposit.asp
sir,
i want to know the current interest rates of fixed deposit. i have already invest ed since two year back.
Sir,my father of 77 is going to deposit 200000 in FD for 6 years . How much will he be getting every month in monthly interest system ?
That depends on the bank and the interest rate you get plus the tax slab he falls under etc. Best to go to the bank and ask them about this question.
Can u pls. update me with the current interest rate for all products of indian banking industry as on 06/08/20010
Sir pl let me know the fixed deposit rates in nationalised bank in the
Year2010
Pl send me reply on srnath99yahoo.com
Hi,
The City union bank too gives a good intrest rate. Check the link for same.
http://www.cityunionbank.com/home/interest.htm
@Editor you can also check this link as they do offer some for Foreigners.
PERIOD
Rate of Interest % p.a.
General
Senior Citizens
15 days to 90 days
4.00 4.00
91 days to 180 days
5.00 5.00
181 days to 364 Days
6.50 6.50
1 year and above but Less than 3 Years
7.50 8.00
3 Years and above
8.00 8.25
Tax Saver Scheme 8.50 8.50
Is there a way American investors can open an account and deposit some money to earn interest seeing how it is better than the current U.S. rates?
less then 3.5% FDs of small period existed before the rule of daily intrest came into picture. Banks are not withdrawing them to take advantage of lack-of-calculation-at-times attitude.
Infact I also created one FD for 25 days at 2.75% even after this rule came into picture just because I used to do same before and just forgot while following my habit. 2-3 days later I read about this in some blog, most probably urs, and then realized that I did soemthing silly again.
I am sure thr will be more ppl like me out there. So this helps bank.
Also, sometimes we need money exactly after says X number of days. Keeping that money in savings account is little dangerous because some ppl tend to spend it by mistake. In those cases ppl (i am in this category actually) tend to actually open FDs( to block the money) so that they can’t see the money till its planned expense.
PF is funny and it for sure brings many funny and wierd habits in ppl. 🙂
That makes sense to me, and probably that’s what is going on with this. Thanks for sharing.