What are the different Fixed Deposit interest rates offered by Indian banks?

Fixed deposit interest rates

A fixed deposit (FD) is a budgetary tool given by banks or NBFCs which gives investors a higher rate of interest than a regular saving account, until the given development date. The fixed deposit interest rates differ somewhere in the range of 4 and 7.50 percent.

With regards to investments, fixed deposits are a favored choice as it offers ensured returns. Here, we have prepared the Fixed Deposit interest costs offered by different banks that work in the country (India).

How to find the best Financial company/organization & the service for the Fixed Deposit in 2020

It is prescribed to search for banks, rather than organizations that issue fixed deposit plans for the financial specialists or investors. A few banks offer respectable fixed deposit interest rates in a brief period, and others may give better interest for the more extended run. The interest rates approved by the banks change consistently. You have to check the most current bank FD rates gave by the various banks from their individual sites.

Top 10 Indian Banks Fixed Deposit Interest rates (2020)

Top indian banks fixed deposit interest rates

Recorded in the table below are the Fixed deposit interest rates(p.a) offered by top banks for less than Rs. 2 crore deposits for the term of 7 days to 10 years.

Bank NameFD Rate For General CitizensFD Rate For Senior Citizens
SBI Bank FD 4.50% to 6.25%  5% to 6.75%
HDFC Bank FD 3.50% to 6.30% 4.00% to 6.80%
Canara Bank FD 4.50% to 6.25% 5.00% to 6.75%
Kotak Mahindra Bank FD 3.50% to 6.10% 4.00% to 6.60%
ICICI Bank FD 4.00% to 6.40% 4.50% to 6.90%
PNB Bank FD 4.50% to 6.30% 5.00% to 6.80%
Axis Bank FD 3.50% to 6.50% 3.50% to 7.00%
BOB Bank FD 4.50% to 6.25% 5.00% to 6.75%
Bank of India FD 4.25% to 6.25% 4.75% to 6.75%
IDFC Bank FD 4.00% to 7.25% 4.50% to 7.75%

The Fixed Deposit interest rates referenced in the above table are as of 1st January 2020. The table doesn’t speak to any sequential order.

Features of Top Indian Bank FD Rates :

  • The tenure of the FD is in the range within 7 days and 10 years.
  • The most noteworthy interest is offered by IDFC Bank among all the banks. It offers an interest of 8.50% to general residents and 9.00% to senior residents for the tenure of 2 years.

How is interest on Fixed Deposit calculated?

Fixed deposit interest rate calculation

The rate of interest on Fixed Deposit and recurrence of interest payouts characterize the returns on your FD investment. These interest fees are generally higher, and they are increased periodically. The Fixed Deposit is calculated by given formula: A = P (1 + r/4/100) ^ (4*n) and A = P (1 + r/25)4n.

What are the documents required for opening a Fixed Deposit account?

Here is the list of documents required for opening a Fixed Deposit account:

ID proof, Signature proof, Address record or proof, and Age-proof or Birth certificate (for senior residents ).

Fixed Deposit Interest rate FAQs

Is FD a good investment?

FD is viewed as a secure investment alternative for quite a long time. You can gain a limit of 7–8% pre-tax interest on Fixed Deposits dependent on the kind of FD and time of Fixed deposit. Interests from fixed deposits are guaranteed and no danger joined. However, interest on the fixed deposit is completely taxable.

Is FD tax free?

The interest salary from a bank fixed deposit is completely taxable, not at all like a savings bank account where one gets personal income tax exclusion on the interest earned up to Rs 10,000 of every year. In case of Fixed Deposit FDs, banks diminish tax at source (TDS) at the rate of 10 percent if the interest income for the year is more than Rs 10,000.

Can we withdraw interest of fixed deposit monthly?

Yes, you can withdraw the interest of FD on a month to month premise. At the point when you put your cash in FD, you get the interest on your principal sum. This interest can be gained after maturity of the FD or even before that on a month to month, quarterly, half-yearly or yearly premise.

How many years FD will double?

This is an exceptionally straightforward principle. Just divide 72 by the Annual Interest Rate and this is the time it will take you to double over your cash. For e.g.:- If you Invest 10,000 at 8% p.a., it will take you 9 years (72/8), to double over your cash.

You may also be interested to know about our article on the Atal Pension Yojana

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