Top Banks Fixed Deposits in India 2024

What is Fixed Deposit   

Fixed deposits are a risk-free investment choice that offer income tax deductions, several interest payment choices, special interest rates for elderly people, no market risk, & a stable interest rate.
It is crucial to assess the most recent fixed deposit rates provided by the main banks in the nation before opening a new FD or renewing an existing one. The most recent fixed deposit rates for 2024 are listed below.

Top Banks FD Interest Rates 2024

Overview of Top Banks FD Rates

Here's an overview of the top banks' FD rates for 2024 based on the information you provided:

1. IDBI Bank: Offers tax-saving FDs with interest rates ranging from 6.10% to 6.85%, making it a moderate option for tax-saving investments.

2. Punjab National Bank (PNB): Their tax-saving FD rates range from 5.80% to 6.30%, positioned slightly on the lower side compared to peers.

3. IDFC First Bank: Provides a competitive flat rate of 6.50% on its tax-saving FDs, appealing to conservative investors.

4. Axis Bank: Axis offers tax-saving FDs with rates between 6.10% & 6.85%, giving flexibility for short to medium-term investments.

5. HDFC Bank: Their tax-saving FD rates range from 6.10% to 6.60%, offering reliable returns with a strong brand presence.

6. IndusInd Bank: With rates ranging from 6.75% to 7.50%, IndusInd provides one of the highest returns on tax-saving FDs.

7. SBI Bank: India’s largest public sector bank offers tax-saving FDs with rates between 6.10% & 6.60%, providing stability & security.

8. RBL Bank: Their tax-saving FD rates vary between 6.55% & 7.05%, offering higher-than-average returns for tax-saving deposits.

9. Canara Bank: Canara Bank offers a flat rate of 6.50% on tax-saving FDs, making it a reliable choice for long-term savings.

10. Bank of Baroda: Their tax-saving FD rates range from 5.65% to 6.30%, providing moderate returns compared to competitors.

11. Union Bank of India: Offers a tax-saving FD rate of 6.70%, slightly above the average rate for government-backed banks.

12. Punjab & Sind Bank: Provides tax-saving FD rates between 6.10% & 6.60%, matching the industry average for conservative savers.

Top Small Finance Banks FD Interest Rates 2024

Overview of Top Small Finance Bank FD Rates

1. ESAF Small Finance Bank: For the general public, ESAF FD interest rates vary from 4.00 to 8.25% p.a. Seniors can choose from fixed deposit interest rates ranging from 4.50 to 8.75% annually. Ten-year & seven-day FD tenures are available from the bank.

2. Utkarsh Small Finance Bank: For the general population, Utkarsh Small Finance Bank offers FD rates between 4.00 & 8.50% p.a. Seniors can choose from fixed deposit interest rates ranging from 4.75 to 9.10% annually. Ten-year & seven-day FD tenures are available from the bank. For the general public, the interest rate on Tax Saving FDs is 7.50% annually, while for senior citizen depositors, it is 8.25% annually.

3. Equity Bank: The general public can obtain fixed-rate bonds from Equity Bank at rates ranging from 3.50 to 8.25% annually. The fixed deposit rates for seniors range from 4.00 to 9.00 percent per year. The duration of FDs varies from 7 days to 10 years. Under the Selfe Fixed Deposit program, which offers an 8.20% p.a. interest rate for a year, depositors can also create an FD account without first opening a savings account.

4.SBM Bank: The general public can obtain fixed-rate investments from SBM Bank at rates between 4.25-8.25% p.a. The FD rates for senior folks are 4.75 to 5.60% every year. Ten-year & seven-day FD tenures are available from the bank. For the general public, the interest rate on Tax Saving FDs is 7.75% p.a., while for senior citizen depositors, it is 8.25% p.a.

5. RBL Bank: For tenures ranging from seven days to ten years, elderly persons can get FD rates between 3.75 & 8.60% p.a. & the general public between 3.25 & 8.10% p.a. The interest rate on RBL Bank Tax Saving FDs is 7.60% p.a. for senior citizen depositors & 7.10% p.a. for the general public over a five-year period. For super senior citizens who are 80 years of age or more, the bank offers extra interest rates at a rate of 0.75% p.a. on standard FD rates.

6. DCB Bank: Senior folks who have FD tenures ranging from 7 days to 10 years may expect rates between 3.75 & 8.05% p.a. for the general public & 4.25 & 8.55% p.a. for them. For five-year terms, senior citizen depositors earn 7.90% p.a. on DCB Bank Tax Saving FDs, while the general public earns 7.40% p.a.

7. Bank Bandhan
Bandhan Bank offers fixed-rate savings accounts (FDs) with rates between 3.00 & 8.05% p.a. for the general public & 3.75 & 8.55% p.a. for senior people with terms varying from seven days to ten years. For terms ranging from five to ten years, senior citizen depositors earn 7.50% p.a. on Bandhan Bank Tax Saving FDs, while the general public earns 7.00% p.a.

8.AU Small Finance Bank: The general public can get fixed-rate deposits at AU Small Finance Bank, which vary from 3.75-8.00% p.a. FD interest rates for senior persons range from 4.25 to 8.50% annually. Ten-year & seven-day FD tenures are available from the bank. For five-year tenures, the interest rate on AU Small Finance Bank Tax Saving FDs is 7.75% p.a. for senior citizen depositors & 7.25% p.a. for the general public.

9. YES Bank: The general public may get FD rates from 3.25-8.00% p.a. from YES Bank. The fixed deposit rates for seniors range from 3.75 to 8.50% annually. Ten-year & seven-day FD tenures are available from the bank.

10. IndusInd Bank: The general public can obtain fixed-rate loans from India Bank at interest rates ranging from 3.50 to 7.75% per annum. FD rates for senior adults range from 4.25-8.25% annually. The bank provides FD tenures ranging from seven days to sixty-one months & beyond. For the general public, the interest rate on Tax Saving FDs is 7.25% annually, while for senior citizen depositors, it is 7.75% annually.

How to Open an FD Account?

A Federal Direct Investment (FD) can be opened online or offline.

1. Online: Opening a savings account (FD) online with a bank you already have an account with is the simplest option. To initiate an FD, all you need to do is sign in to your net banking account, fill out the online form, & submit it. Under such cases, the information is already with your bank, thus KYC is not required. You might move money out of your account using the online banking facility.

2. Offline: Fill out an application for a savings account at the closest branch of your bank. Send it, together with the required paperwork, to the relevant office. Once the needed cash has been deposited, you will obtain the FD receipt.

Factors that Affect the Interest Rates of Fixed Deposits

FD interest rates are influenced by several factors, some of which are mentioned below:

1. Duration of Deposit: Interest rates decrease with shorter tenure, & increase with longer or medium-term tenure.

2. Deposit Amount: You will receive better interest rates if you make larger deposits, especially if they are bulk deposits over ₹ 1 crore.

On fixed deposits, senior folks sometimes get an extra interest rate of 0.25% to 0.50%.

Tax Over the Interest of Fixed Deposits

Tax on fd interest is fully applicable & is classified as Income from Other Sources.
Banks would not collect TDS if your annual interest income from fixed deposits is less than ₹ 40,000.
You are required to file Forms 15G & 15H with the bank at the beginning of the fiscal year. Banks will stop deducting TDS when the documentation is filed.