In this post we will let you know about the Fixed Deposit scheme, minimum & maximum period of investment and applicable rate of interest. We also compile here the list of Deposit rate of interest of all banks in India for your easy reference and comparision.
What is Fixed Deposit?
A Fixed Deposit (FD) is a common type of investment plan in which you can invest a sum of amount for a specific period of time. The fixed deposit typically offers a higher rate of interest than the normal savings account. Hence, at the time maturity, your investment will be return back to you along with the accumulated interest.
What are the minimum and maximum period of Fixed Deposit (FD)?
Generally, the amount you deposit in a Fixed Deposit is locked for a predetermined period between 7 days and 10 years. That is, the minimum period of Fixed Deposit is 7 days and maximum period is 10 years. However, if you want to invest for your minor (age<18 years) son/daughter, you can invest in fixed deposit for a maximum period of 20 years.
What is the Rate of Interest of Fixed Deposit (FD)?
Usually, Rate of Interest of Fixed Deposit is fixed for the whole investing period. That is, ROI will not be changed in the middle of FD. As a result, you will get guaranteed amount at the time of maturity as per the agreed ROI without fearing about the market fluctuations.
Deposit Rates of Public Sector Banks
Public sector banks are the banks where the Government of India owns the majority of stakes. The following table contains the deposit rate of various public sector banks in India. In order to give the correct data, we have collected this deposit rates from the official websites of the respective banks. You can also click on the Bank’s name in the table in order to navigate to respective banks official website. The data updated on 16th December 2021.
|S.No||Name of the Bank||1 Year||2 Year||3 Year||5 Year||Above 5 Year|
|1||Bank of Baroda||5.00||5.10||5.25||5.25||5.25|
|2||Bank of India||5.00||5.05||5.05||5.05||5.05|
|3||Bank of Maharashtra||4.90||4.90||4.90||4.90||4.90|
|5||Central Bank of India||4.90||5.00||5.10||5.10||5.10|
|7||Indian Overseas Bank||5.15||5.20||5.25||5.25||5.25|
|8||Punjab & Sind Bank||5.05||5.15||5.30||5.30||5.30|
|9||Punjab National Bank||5.00||5.00||5.10||5.25||5.25|
|10||State Bank of India||4.90||5.10||5.30||5.40||5.40|
|12||Union Bank of India||5.00||5.10||5.30||5.40||5.50|
Deposit Rate of Private Sector Banks
Private Sector banks are the banks where the private owners have majority of stakes. The following table contains the deposit rate of various private sector banks in India. In order to give the correct data, we have collected this deposit rates from the official websites of the respective banks. You can also click on the Bank’s name in the table in order to navigate to respective banks official website.
|S.No.||Name of the Bank||1 Year||2 Year||3 Year||5 Year||Above 5 Year|
|1||Axis Bank Ltd||5.15||5.25||5.40||5.75||5.75|
|2||CSB Bank Ltd||5.00||5.00||5.25||5.25||5.50|
|3||City Union Bank Ltd||5.00||5.25||5.00||5.00||5.00|
|4||DCB Bank Ltd.||5.55||5.50||5.95||5.95||5.95|
|5||Dhanlaxmi Bank Ltd.||5.15||5.15||5.30||5.40||5.50|
|6||Federal Bank Ltd.||5.10||5.35||5.35||5.60||5.60|
|7||HDFC Bank Ltd||4.90||5.00||5.15||5.35||5.50|
|8||ICICI Bank Ltd.||4.90||5.00||5.20||5.40||5.60|
|9||Induslnd Bank Ltd.||6.00||6.00||6.00||6.00||5.50|
|10||IDBI Bank Ltd||5.05||5.15||5.40||5.25||5.25|
|11||IDFC First Bank Ltd.||5.25||5.25||5.75||6.00||6.00|
|12||Jammu & Kashmir Bank Ltd.||5.10||5.20||5.30||5.30||5.30|
|13||Karnataka Bank Ltd.||5.10||5.10||5.40||5.40||5.50|
|14||Karur Vysya Bank Ltd.||5.15||5.25||5.25||5.60||5.60|
|15||Kotak Mahindra Bank Ltd||4.75||5.15||5.30||5.30||5.30|
|16||Lakshmi Vilas Bank Ltd.||5.00||5.15||5.25||5.65||5.75|
|17||Nainital Bank Ltd.||5.10||5.35||5.35||5.35||5.35|
|18||RBL Bank Ltd.||6.00||6.00||6.30||6.50||5.75|
|19||South Indian Bank Ltd.||5.20||5.20||5.50||5.65||5.50|
|20||Tamilnad Mercantile Bank Ltd||5.25||5.25||5.35||5.35||5.00|
|21||YES Bank Ltd.||6.00||6.00||6.25||6.25||6.25|
Deposit Interest Rate for Senior Citizen
All Public and Private sector banks offer an additional interest rate of 0.50% over and above the applicable card rate especially for Senior Citizen (age 60 years and above).
Fixed Deposit Interest Calculator
You can also use our standard Fixed deposit interest calculator for calculating your maturity interest.
Click Here to use our Fixed Deposit calculator.
Disclaimer: The above given Deposit interest details are only for information purpose. Further, Readers are advised to check the bank’s official website for correctness of the data. This website neither recommends or promotes any bank for the readers to put their deposit nor take any responsibility, in the event of a bank fails or reconstructed or amalgamated or merged with another bank.