Bank Fixed Deposits are a great investment option as it comes with a number of benefits. Many banks are now offering high-interest rates on term deposits and the interest income is guaranteed.
| Fixed Deposit Interest Rates for Top Banks 2018 | ||
|---|---|---|
| Fixed Deposits with Bank | Tenure (Min-Max) | Regular Interest Rates |
| IDFC Bank | 366 days | 7.50% |
| Lakshmi Vilas Bank | 1 year to 5 years | 7% to 7.25% |
| DCB Bank | 1 year to 5 years | 7% to 7.25% |
| RBL Bank | 1 year to 5 years | 7.10% to 7.20% |
| Deutsche Bank | 1 year to 5 years | 6.75% to 7.25% |
| Bandhan Bank | 6 months to less than 2 years | 6.90% to 7.15% |
| Karur Vysya Bank | 1 year to 5 years | 6.75% to 7% |
| Tamil Mercantile Bank | 1 year to 5 years | 6.90% to 7% |
| Karnataka Bank | 1 year to 5 years | 6.5% to 6.9% |
| HDFC Bank | 1 year to 5 years | 6.25% to 6.75% |
| IndusInd Bank | 1 year to less than 2 years | 6.5% to 6.85% |
| Oriental Bank of Commerce | 1 year to less than 2 years | 6.50% to 6.85% |
| Yes Bank | 1 year to 5 years | 6.6% to 6.75% |
| Union Bank | 1 year to 5 years | 6.50% to 6.75% |
| Axis Bank | 1 year to less than 2 years | 6.25% to 6.75% |
| ICICI Bank | 1 year to less than 2 years | 6.5% to 6.75% |
| IDBI Bank | 1 year to less than 2 years | 6.50% to 7% |
| Kotak Bank | 1 year to 5 years | 6.25% to 6.7% |
| Vijaya Bank | 1 year to 5 years | 6.50% to 6.60% |
| Punjab National Bank (PNB) | 46 days to 3 years | 6.25% to 6.60% |
| Bank of Baroda (BOB) | 181 days to 10 years | 6.00% to 6.55% |
| State Bank of India (SBI) | 2 years to 10 years | 6.50% to 7.00% |
Best Company FD schemes 2018
The following are the best company FD rates offered for 2018:
| Fixed Deposit Interest Rates for best company FDs in 2018 | ||
|---|---|---|
| Fixed Deposits with Company | Tenure (Min-Max) | Regular Interest Rates |
| Shriram Transport Finance UNNATI Scheme | 60 months | 8.25% |
| KTDFC | 1 year to 3 years | 8.25% |
| DHFL Aashray Deposit Plus | 28 months to 120 months | 8% |
| Bajaj Finance Ltd | 3 years and above | 7.85% |
| Mahindra and Mahindra | 40 months | 7.80% |
| Post Office Time Deposit | 5 years | 7.60% |
| LIC Housing Finance Ltd | 3 years to 5 years | 7.45% |
| PNB Housing Finance | 1 year to 5 years | 7.30% to 7.40% |
FD interest rates: Things you should know
- Fixed deposit interest rates vary from one bank to the other as it is primarily dependent on a bank’s business plan.
- FD rates are calculated based on the amount of liquid cash a bank has at any given point in time. For instance, when demonetization happened, FD interest rates of all banks went down significantly because banks had access to more money than they were used to.
- Nearly every bank offers special FD schemes, which come with a slightly higher rate of interest when compared to traditional FD.
- Banks tend to change their interest rate on a daily basis for high-value deposits which tend to go beyond Rs.1 crore or more.
- Public Sector Undertakings (PSUs) have their own fixed deposit interest rate offerings as well, which differ from one brand to the other.
- Fixed deposits are eligible for TDS if they earn an interest of more than Rs.10,000 in a year.
- Senior citizens get a higher fixed deposit interest rate when compared to the general public.
- While company FDs come with higher interest rates, investing in them is always a risky proposition.
| 2018 FD Interest Rate for less than 1 year | ||
|---|---|---|
| Bank | Tenure | Regular FD Interest Rates |
| IDFC Bank | 7 days to less than 1 year | 4% to 7% |
| Bandhan Bank | 7 days to less than 1 year | 3.5% to 6.9% |
| Union Bank | 7 days to less than 1 year | 5% to 6.75% |
| Lakshmi Vilas Bank | 7 days to less than 1 year | 4.5% – 6.75% |
| Yes Bank | 7 days to less than 1 year | 5% to 6.6% |
| ICICI Bank | 7 days to less than 1 year | 4% to 6.5% |
*Please note that interest rates are subject to change and can be revised without prior notice
Fixed Deposit Rates in India For Senior Citizens 2018
Fixed deposits are a good investment option for senior citizens, considering that their sources of income may be limited and people are mostly risk-averse in that age group. The main advantage that those above 60 have over other individuals is that they are eligible for a higher rate of interest. Most banks in India tend to offer better interest rates for senior citizens.
The best-fixed deposit interest rates offered by banks in India for senior citizens’ are mentioned in the table below:
| FD Rates for Senior Citizens for Top 10 Banks in 2018 | ||
|---|---|---|
| Fixed Deposits with Bank | Tenure (Min-Max) | Senior Citizen FD Rates |
| IDFC Bank | 366 days | 8% |
| RBL Bank | 1 year to 5 years | 7.60% to 7.70% |
| Yes Bank | 3 months to less than 6 months | 7.40% |
| ICICI Bank | 390 days to 2 years | 7.25% |
| HDFC Bank | 1 year to 1 year and 3 days | 7.25% |
| PNB | 1 year | 7.10% |
| BOB | Above 400 days to 5 years | 7% |
| SBI | 3 years to less than 5 years | 7.20% |
*Please note that interest rates are subject to change and can be revised without prior notice
Top Bank Tax saver FD interest rates 2018
A tax saver FD offers tax benefits and investors can claim tax deduction under Section 80C of the Income Tax Act for up to Rs.1.5 lakh for the principal invested. This is very similar to a normal FD but it comes with a minimum lock-in period of 5 years. However, unlike other term deposits, loan and overdraft facility may not be available.
| Best bank Tax saver FD interest rates 2018 | ||
|---|---|---|
| Bank | Tenure | Interest rate |
| Deutsche Bank | 5 years | 7% |
| IDFC Bank | 5 years | 7.2% |
| DCB | 5 years | 7.10% |
| Karur Vysya Bank | 5 years | 7% |
| Standard Chartered Bank | 5 years | 6.5% |
| Allahabad Bank | 5 years | 6.5% |
| Bank of Baroda | 5 years | 6.5% |
| Andhra Bank | 5 years | 6.25 |