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Fixed Deposit Interest Rates 2023
Fixed deposit is a safe investment option that guarantees consistent interest rates, special interest rates for senior citizens, various interest payment options, and no market-related risks, with income tax deductions. It is important to
compare the latest fixed deposit rates among leading banks in the country before opening a new fixed deposit or renewing an existing one. Here are the latest fixed deposit rates for the year 2023.

Table of Contents
Fixed Deposit Interest Rates of Top 10 Banks in India for below Rs.2 croreFD Rates Offered by Other Popular Banks in India for below Rs.2 croreTypes of Fixed DepositsTop 10 Tax Saver FD Interest RatesHighest Small Finance Bank
FD Interest Rates for Below Rs.2 croreTop NBFCs FD Interest Rates (Non-Banking Financial Companies)Top Foreign Banks FD Interest RatesBest 5 Year FD Interest RatesHow to Choose the Right Fixed Deposit

Fixed Deposit Interest Rates of Top 10 Banks in India for below Rs.2 crore
Given below are the latest interest rates offered by top banks for tenures ranging from 7 days to 10 years as of March 2023.

Bank FD Names For General Citizens (p.a.) For Senior Citizens (p.a)

State Bank of India FD 3.00% to 7.10% 3.50% to 7.60%

HDFC Bank FD 3.00% to 7.10% 3.50% to 7.75%

ICICI Bank FD 3.00% to 7.10% 3.50% to 7.60%

IDBI Bank FD 3.00% to 6.75% 3.50% to 7.50%

Kotak Mahindra Bank FD 2.75% to 7.20% 3.25% to 7.70%

RBL Bank FD 3.25% to 7.80% 3.75% to 8.30%

KVB Bank FD 4.00% to 7.50% 5.90% to 8.00%

Punjab National Bank FD 3.50% to 7.25% 4.00% to 7.75%

Canara Bank FD 3.25% to 7.00% 3.25% to 7.50%

Axis Bank FD 3.50% to 7.26% 3.50% to 8.01%

Bank of Baroda FD 3.00% to 7.05% 3.50% to 7.55%

IDFC First Bank FD 3.50% to 7.75% 4.00% to 8.25%

FD Rates Offered by Other Popular Banks in India for below Rs.2 crore
The fixed deposit interest rates offered by other banks in India are given below for deposits below Rs.2 crore, as of March 2023. These are for tenures ranging from 7 days to 10 years.

Bank FD Names For General Citizens (p.a.) For Senior Citizens (p.a.)

Yes Bank FD 3.25% to 7.50% 3.75% to 8.00%

IndusInd Bank FD 3.50% to 7.50% 4.00% to 8.25%

UCO Bank FD 2.90% to 7.20% 3.15% to 7.70%

Central Bank of India FD 4.00% to 6.75% 4.50% to 7.25%

Indian Bank FD 2.80% to 6.70% 3.30% to 7.20%

Indian Overseas Bank FD 4.50% to 7.00% 5.00% to 7.50%

Bandhan Bank FD 3.00% to 8.00% 3.75% to 8.50%

FM announces new saving scheme for women

Nirmala Sitharaman, the union finance minister, introduced the "Mahila Samman Saving Certificate," which offers a fixed interest rate of 7.5% for two years. 

The deposit may be made in a woman's or a girl's name. The maximum deposit is Rs. 2 lakh, and the programme also offers the option for partial withdrawals. 

Types of Fixed Deposits

Normal Fixed Deposits
Tax-Saving Fixed Deposits
Senior Citizen Fixed Deposits
NRI Fixed Deposits
Cumulative/Non-Cumulative Fixed Deposits
Flexi Fixed Deposits

Features of a Fixed Deposit Account

Safer than other investment vehicles.

Lets you earn interest over a fixed period of time.
Flexible tenures of up to 10 years.
No cap on the maximum deposit.
Additional rates for senior citizens.
Top 10 Tax Saver FD Interest Rates
Tax-saver FDs offer a maximum deduction of Rs.1.5 lakh under Section 80C of the Income Tax Act with the maximum deposit permissible being Rs.1.5 lakh. The lock-in period is 5 years. Senior citizens are offered an additional interest
rate.

These are the interest rates as of March 2023.

Name of the Tax Saving FD For General Citizens (p.a.) For Senior Citizens (p.a.)

SBI Bank Tax Saving FD 6.50% 7.00%

IndusInd Bank Tax Saver Scheme 7.25% 8.00%

RBL Bank Tax Saving FD 7.00% 7.50%

HDFC Bank Tax Saving FD 7.00% 7.75%

Canara Bank Tax Saving FD 6.50% 7.00%

Axis Bank Tax Saving FD 7.00% 7.75%

Bank of Baroda Tax Saving FD 6.25% 6.90%

IDFC First Bank Tax Saving FD 7.00% 7.50%

Union Bank of India Tax Saving FD 6.70% 7.20%

PNB Tax Saving FD 6.50%  7.00%

Punjab and Sind Bank Tax Saving FD 6.25% 6.75%

IDBI Bank Tax Saving FD 6.25% 7.00%

Highest Small Finance Bank FD Interest Rates for Below Rs.2 crore
Small Finance Banks also provide high interest rates on FDs. Here are the highest interest rates for deposits below Rs.2 crore for tenures ranging from 7 days to 10 years effective from March 2023.
Name of the SF Bank FD For General Citizens (p.a.)  For Senior Citizens (p.a.) 

Suryoday Small Finance Bank FD  4.00% to 8.51%  4.50% to 8.76%  

Ujjivan Small Finance Bank FD  3.75% to 8.25% Contact the Bank

ESAF Small Finance Bank FD  4.00% to 8.10%  4.50% to 8.60%

Unity Small Finance Bank FD  4.50% to 9.00% 4.50% to 9.50%

Jana Small Finance Bank FD  3.75% to 8.15% 4.45% to 8.85% 

Utkarsh Small Finance Bank FD  4.00% to 8.25%  4.75% to 9.00%

Equitas Small Finance Bank FD  3.50% to 8.20% 4.00% to 8.70% 

Fincare Small Finance Bank FD  3.00% to 8.11%  3.60% to 8.71%  

AU Small Finance Bank FD  3.75% to 8.00% 4.25% to 8.50%

Capital Small Finance Bank FD  3.50% to 7.60% 4.15% to 8.25%

North East Small Finance Bank FD  3.00% to 8.00% 3.75% to 8.75%  

Top NBFCs FD Interest Rates (Non-Banking Financial Companies)

NBFCs also offer competitive interest rates on their fixed deposit accounts. Here are the highest interest rates for tenures ranging from 1 year to 5 years for deposits less than Rs.2 crore effective from March 2023.

Name of NBFC FD Tenure For General Citizens (p.a.) For Senior Citizens (p.a.)

LIC Housing Finance FD 12 months to 60 months 7.00% to 7.50% (up to deposit of Rs.20 crore for cumulative) 7.25% to 7.75% (up to deposit of Rs.20 crore for cumulative)

PNB Housing Finance FD 12 months to 120 months 7.00% to 7.40% (cumulative) 7.25% to 7.65% (cumulative)

Shriram City Union Finance FD 12 months to 60 months 7.06% to 8.13% 7.56% to 8.63%

Top Foreign Banks FD Interest Rates

Here are the highest interest rates for deposits below Rs.2 crore for tenures ranging from 7 days to 10 years effective from March 2023.

Name of the Foreign Bank For General Citizens (p.a.) For Senior Citizens (p.a.)

Deutsche Bank FD 3.00% to 7.75% 3.00% to 7.75%

DBS Bank FD 2.50% to 7.50% 2.50% to 8.00%

HSBC Bank FD 2.85% to 7.50% 3.35% to 8.00%

Standard Chartered Bank FD 2.75% to 7.35% 2.75% to 7.85%

Barclays Bank FD 5.30% to 5.92% Not Applicable

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Highest 1 Year FD Interest Rates

These are the highest 1-year FD rates offered by banks effective from March 2023.

Name of Bank For General Citizens (p.a.) For Senior Citizens (p.a.)

DCB Bank 7.25% 7.75%

Bank of India 6.00% 6.50%

Karnataka Bank 7.00% 7.40%

Bank of Baroda 6.75% 6.25%

Canara Bank 6.75% 7.25%

Union Bank of India 6.30% 6.80%

Punjab and Sind Bank 6.80% 7.30%

Highest 2 Year FD Interest Rates

These are the highest 2-year FD rates offered by banks effective from March 2023:

Name of Bank For General Citizens (p.a.) For Senior Citizens (p.a.)

IDFC First Bank 7.75% 8.25%

IDBI Bank 6.75% 7.50%

Union Bank of India 6.30% 6.80%

Canara Bank 6.80% 7.30%

Highest 3 Year FD Interest Rates

These are the highest 3-year FD rates offered by banks effective from March 2023:

Name of Bank For General Citizens (p.a.) For Senior Citizens (p.a.)

AU Small Finance Bank 7.50% 8.00%

DCB Bank 7.60% 8.10%

Bandhan Bank 7.00% 7.75%

City Union Bank 7.00% 7.25%

Karur Vysya Bank 7.00% 7.40%

Best 5 Year FD Interest Rates

These are the highest 5-year FD rates offered by banks effective from March 2023:

Name of Bank For General Citizens (p.a.) For Senior Citizens (p.a.)

IDFC First Bank 7.00% 7.50%

Union Bank of India 6.70% 7.20%

IDBI Bank 6.25% 7.00%

Canara Bank 6.50% 7.00%

Axis Bank 7.00% 7.75%

State Bank of India 6.50% 7.50%

Senior Citizen Fixed Deposits

Fixed deposits for senior citizens have some features that differentiate them from fixed deposits for the general public, such as:

The depositor should be 60 years and above at the time of opening the fixed deposit account
Depending on the bank, interest rates are higher by 0.25% to 0.50%
The tenure is between 7 days and 10 days
Loan against FD can be availed
Penalties for premature withdrawal are the same as for the general public

Punjab National Bank launches 666 days fixed deposit scheme for Christmas

On the occasion of Christmas, the official Twitter account of Punjab National Bank tweeted about its new and unique fixed deposit scheme (PNB 666 day fixed deposit). The plan will mature in 666 days where the fixed deposit will earn
interest at a rate of 8.10%. It is higher than the FD rates that the bank typically offers. The interest rates are higher for senior citizens. You can use internet banking or the PNB One app to invest in this scheme if you don’t want to visit the
bank personally.  

Eligibility Criteria for FD investment

The following entities are eligible to open an FD account in India:

Indian resident
NRI
Minors
Senior citizens
Companies
Partnership firms
Individuals or joint investors
Societies or clubs
Sole proprietorship

Documents Required for opening an FD account

The documents required for opening an FD account are as given below:

Proof of identity: Voter ID, PAN card, Aadhaar card, driving license, photo ration card, senior citizen ID card, etc.
Proof of address: Utility bills, bank statement with cheque, Post-office issued identification card or certificate, etc.

How to open a Fixed Deposit

You can open an FD in two ways: online and offline.

Online: To open an FD account online, it would be easiest to do so with the bank where you already have an account. All you have to do is use the net banking facility, fill up the online form for opening an FD, and submit it. In such
cases, KYC will not be required as your bank will already have the details. You can transfer the funds through your account using the internet banking facility.

Offline: Visit the nearest branch of your bank and fill up the application form for opening an FD account. Submit it to the concerned official with the required documents. Deposit the required amount and you will receive the FD receipt.
Factors that Affect FD Interest Rates

There are many factors that affect FD interest rates, some of which are given below:

Deposit Tenure: The lower the tenure, the lower will be the interest rate and the higher or medium range the tenure, the higher the interest rate will be.
Deposit Amount: Higher deposit amounts will fetch you higher interest rates, especially bulk deposits exceeding Rs.1 crore.
Depositor type: Senior citizens typically get 0.25% to 0.50% additional interest rate on fixed deposits.

Fixed Deposit Interest Rate Calculator

The interest you can earn on your deposited amount depends on multiple factors, including the amount invested, tenure, rate of interest, interest computation frequency, and taxation. You can calculate the returns on your investment by
using an FD calculator. The entire process of calculating the amount is easy and hassle-free. All you need to do is enter the deposit term, choose the type of FD (reinvestment, quarterly, or monthly payment), the investment amount, the
date of account opening, and the interest rate.

Fixed Deposit Interest and Income Tax

The income you earn on your FD is termed as Income from Other Source and it is fully taxable.
Banks will not deduct TDS, if your interest income from fixed deposits is less than Rs.40,000 in a year.
You need to submit Form 15G and Form 15H to the bank at the beginning of the financial year. Banks will not deduct TDS following the form submission.

CRISIL & ICRA Rating List for Corporate Fixed Deposits

It is beneficial to understand the credit ratings of corporate fixed deposits before you open an account. These ratings are a testament to the consistency, stability, and credibility of the companies that offer these FDs.

The CRISIL credit ratings for FDs fall under the categories as given below:

Rating Standard

FAAA Highest safety

FAA High safety

FA Adequate safety

FB Inadequate safety

FC High risk

FD Default

NM Not Meaningful

The ICRA credit ratings for FDs fall under the categories as given below (these also have positive and negative values)

Rating Standard
MAAA Highest credit quality

MAA High credit quality

MA Adequate credit quality

MB Inadequate credit quality

MC Risk-prone credit quality

MD Lowest credit quality

How to Choose the Right Fixed Deposit

Here are the factors to look into when choosing a fixed deposit:

1. Compare the FD interest rates of different banks.

2. Review the credibility of the lender by examining the fixed deposit’s safety rating as given by ICRA or CRISIL.
3. Choose whether you want a cumulative or non-cumulative fixed deposit.
4. Choose a bank that offers good customer service and a hassle-free process for opening an FD.

SBI Special Fixed Deposit

The State Bank of India has introduced Amrit Kalash Deposit scheme. This scheme is for the Bank’s domestic as well as NRI customers. The State Bank of India (SBI) introduced a new special term deposit scheme with higher interest
rates after increasing its fixed deposit (FD) rates by 25 basis points. Senior people and investors in the general category can both participate in the program. That is a limited time promotion, though, as it ends the next month.

Advantages of Fixed Deposit

Fixed deposits have several advantages, some of which are:

Low risk: Market risks do not affect the returns on your fixed deposits.
Insurance: Your deposits are insured for up to Rs.1 lakh by the RBI.
Loan against FD: You can avail loans of up to 90% of your deposit amount at very low interest rates. This will usually be around 2% more than the FD interest rate.
Easy liquidity: In the case of an emergency, you can easily liquidate your FD and release the funds.
Regular income: You can get the interest sum credited as per your requirements on a monthly, quarterly, or annual basis.
Tax benefits: Investing in tax-saving fixed deposits will fetch you tax deductions of up to Rs.1.5 lakh in a financial year.
Senior citizens: Senior citizens are offered a higher interest rate compared to regular customers.
Earn interest on your deposits and see your wealth grow.
Flexible tenures.
 Investing In A Fixed Deposit Online Within Minutes

FAQs on Fixed Deposit

1. Is FD a good investment?

Investing in fixed deposits is one of the safest investment options available. The interest offered on FDs by banks makes it a good option.

2. What is the minimum period for a fixed deposit?

A fixed deposit account can be opened for a minimum period of 7 days.

3. What is the minimum amount that can be deposited in an FD account?

The minimum amount varies from bank to bank. It can be as low as Rs.50.

4. Can I get monthly interest on a fixed deposit?

Yes, you can get a monthly interest payout on your fixed deposit.

5. Can I prematurely withdraw from a Tax Saver Term Deposit?

No, you cannot prematurely withdraw a tax saver term deposit as it has a lock-in period of 5 years.

6. What is the maximum duration for which an FD account can be opened?

You can open a fixed deposit account for a maximum period of 10 years.

7. Do all NBFCs offer the option of opening an FD account with them for a period of 10 years?

No, not all NBFCs offer you open of opening a FD for a period of 10 years.

8. What is the maximum exemption that I can get under tax saver FDs?

Under tax saver FDs, the maximum exemption you can get is Rs.1.5 lakh.

9. Under which section of the Income Tax Act is the tax benefit offered on tax saver FDs?
 The tax benefit is offered under Section 80C of the Income Tax Act, 1961.
10. Do banks charge a penalty for premature withdrawal of FD?

Yes, banks charge a penalty for premature withdrawal of an FD.

11. How can I get the maximum returns from my fixed deposit?

To get the maximum returns on your fixed deposit, compare the fixed deposit rates among different tenures in the same bank and among different banks. Make sure that it is not too short or too long.

Latest News About Fixed Deposit Rates

After SBI, IoB, Bank of Baroda hike rates, check the impact on your car and home loans

Indian Overseas Bank (IoB) and Bank of Baroda have taken the same steps as that of the State Bank of India (SBI) by raising their Marginal Cost of Fund Based Lending Rates (MCLR). Having said that retail borrowers should not be
worried as car and home loans are connected to external benchmark linked rates (EBLR) which has not been changed.  

16 March 2023

Sundaram Finance will raise FD interest rates by 25 bps effective from 16 March 2023

Sundaram Finance revealed that the interest rates on their fixed deposits will change from 16 March. The general public's interest rates on fixed deposits for terms of one year, two years, and three years have increased by 25 basis points.
The 12-month FD increased from 7.20% to 7.45%. Interest rates on FDs with terms of 24 and 36 months have increased from 7.50% to 7.75%. The interest rate on 12-month deposits for senior citizens has increased from 7.70% to
7.95%. Senior citizens will now receive 8.25% instead of 8% for term deposits of 24 and 36 months. 

15 March 2023

Central Bank of India FD rates hiked

Central Bank of India has updated the interest rates on its fixed deposits of less than Rs.2 crore with effect from 15 March 2023. Following the revision, the bank will now offer an interest of 4.00% on fixed deposits with tenures of 7 to
14 days. Fixed deposits maturing in 15 to 45 days will receive 4.25% interest while those that mature in 46 to 90 days will be paid 4.50%. The interest rates applicable on FDs maturing in 91 to 179 days and 180 to 364 days are 5.00%
and 5.50%, respectively. Central Bank of India offers an interest rate of 6.75% on fixed deposits maturing in one year to two years.  

Fixed deposits with maturities of two years to less than three years will earn an interest rate of 6.50%. The bank will now offer 6.25% on fixed deposits maturing in three years to 10 years.  

14 March 2023

Jammu and Kashmir Bank (J&K Bank) lowers interest rates on fixed-rate debt by 25 basis points

Jammu and Kashmir Bank (J&K Bank) is currently offering an interest rate of 7.25% on a tenor of 1 year to less than 2 years. It will continue to offer a fixed deposit interest rate of 3.50% for deposits maturing in the next 7 to 30 days.
The bank has reduced its interest rate from 3.70% to 3.50% for deposits maturing in the next 31 to 45 days. Jammu and Kashmir Bank (J&K Bank) has lowered the interest rate on deposits with a tenor of 46 days to 180 days by 25 basis
points, from 4.75% to 4.50%, and the bank will continue to offer a 5.50% interest rate on deposits with a tenor of 181 days to 270 days. The interest rate on deposits that mature in 271 days to less than a year will remain at 6.00%, and the
interest rate on deposits that mature in a year to less than two years will remain at 7.25%. The bank will continue with the interest rate of 6.75% on domestic FDs maturing in 2 years or less than 3 years. It will keep providing an interest
rate of 6.50% on domestic fixed deposits maturing in 3 years or more. Seniors who have domestic term deposits are qualified to receive an extra 0.50% rate on all maturities from the Bank. According to the bank's official website, the
new interest rates have been effective from 11 March 2023. 

13 March 2023

Bulk deposit interest rates revised by IDBI Bank

IDBI Bank revised the interest rates on bulk deposits. The new interest rates came into effect on 10 March 2023. Following the update, the interest rates for deposits ranging between Rs.2 crore and Rs.5 crore are between 5.01% p.a. and
7.61% p.a. The interest rates for deposits ranging between above Rs.5 crore and up to Rs.10 crore are 5.51% p.a. and 7.51% p.a. 

11 March 2023

HDFC Bank increases bulk FD rates up to 7.75%

HDFC Bank, the largest private sector bank has increased its Fixed Deposit (FD) interest rates of above Rs.2 crores to less Rs.5 crores. The bank is now offering FD interest rates with tenure ranging between seven days and ten years for
the general public ranging from 4.75% to 7.00% and senior citizens from 5.25% to 7.75%. The interest rates have come into effect from 9 March 2023. 

10 March 2023

Kotak Mahindra raises the interest rates on fixed deposits by 50 basis points
One of the leading private sector lenders of India, Kotak Mahindra Bank, raises the fixed deposit (FD) rates by 50 basis points for specific tenors. The Kotak Mahindra Bank customers can avail themselves of the new rates from 8 March,
as per the notification on the bank’s official website. The bank will continue to offer interest at the rates of 2.75%, 3.00%, 3.25%, 3.50%, 4.00%, and 4.25% for FDs maturing in seven to 14 days, 15 to 30 days, 31 to 45 days, 46 to 90
days, 91 to 120 days, and 121 to 179 days, respectively.   

Term deposits maturing in 180 days will yield interest at a rate of 6.50%, which was previously 6.00%. The FDs with maturity ranging between 181 days to 363 days, 364 days, 365 days to 389 days, 390 days to less than two years, two
to three years, three to four years, four to five years, and five to 10 years will offer interest at rates of 6.00%, 6.25%, 7.00%, 7.20%, 7.00%6.50%, 6.25%, and 6.20%, respectively. 

9 March 2023

Retail investors can now receive up to 8.00% due to an increase in AU Small Finance Bank FD rates

The interest rate on fixed deposits (FDs) under Rs.2 crores has increased at the AU Small Finance Bank (SFB). Following the change, the bank now provides interest rates (3.75% to 7.20%) to non-senior citizens and (4.25% to 7.70%)
for senior citizens for deposits with maturities ranging from 7 days to 120 months. The maximum interest rate now is 8% (regular retail customers) and 8.10% under the non-callable option on deposits with maturities ranging from 24
months one day to 36 months. These rates are effective as of 3 March 2023 (according to the bank's website). 

8 March 2023

‘IND Super 400 Days’, a special fixed deposit introduced by the Indian Bank
On the occasion of International Women’s Day, Indian Bank introduced a special retail term deposit scheme for women, IND Super 400 Days, on 6 March 2023. This limited-period deal will be valid till 30 April 2023, and female
customers can avail themselves of this scheme for 400 days. Individuals can deposit any amount between Rs.10,000 and Rs.2 crore, which offers a callable option. 

This scheme offers interest at rates of 7.15%, 7.65%, and 7.90% to regular women customers, senior citizens, and super senior citizens, respectively. While this scheme is available to the general public, senior citizens, and super senior
citizens at a rate of 7.10%, 7.60%, and 7.85%, respectively. 

7 March 2023

IDBI Naman Senior Citizen Deposit FD scheme is valid till 31 March 2023

On 20 April 2022, IDBI Bank introduced a special fixed deposit programme called the "IDBI Naman Senior Citizen Deposit" for senior citizens. The current additional rate of 0.50% per year will be increased by 0.25% for senior citizens,
bringing the total benefit under the IDBI Naman Senior Citizen Deposit to 75 bps. Senior Citizen Deposits with IDBI Naman can be reserved for fixed terms of 1-10 years with a minimum amount of Rs.10,000. This scheme is valid from
20 April 2022 to 31 March 2023. 

6 March 2023

Jana SFB introduces FD tenure of 500 days with 8.85% interest rate

On the occasion of fifth anniversary, Jana Small Finance Bank (SFB) has introduced a special Fixed Deposit (FD) tenure of 500 days. Under this tenure, the general customers will earn interest rate of 8.15%, whereas senior citizens can
earn 8.85% on their FDs. The deal is effective from 1 March 2023 to 31 March 2023. 

4 March 2023
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