Highest Interest Rate on Bank Fixed Deposits (FD) – October 2017

The post lists down the rate of interest on Bank fixed deposits as of October 4, 2017.

You might want to bookmark this page as the FD interest rates would be updated every month. Would help you in better decision making.

Fixed Deposit Highlights:

  • Most banks offer FDs for tenure of 7 Days to 10 Years.
  • The Ratnakar Bank & IDBI Bank do offer fixed deposits up to 20 years too.
  • For very short Term Deposits the interest rate is similar to that of Savings Account and so you should not worry about FD. Also Interest up to Rs 10,000 in Saving Account is Tax free.
  • Most banks compound interest quarterly
  • Banks offer Loan/Overdraft against the amount available in Fixed Deposit. The interest is generally 0.5% to 1% more than that offered to FD.
  • TDS (Tax deduction at source) at the rate of 10% is deducted, if the interest income is more than Rs 10,000 in financial year per bank
  • There might be penalty for pre-mature withdrawal of Fixed Deposits

Also Read: How SWP in Debt Funds generate higher returns than FD

Fixed Deposit Interest Rates:

The highest interest rate on fixed deposit is offered by Deutsche Bank ( 5 Years) at 7.75%.

For comparing the best interest rates on fixed deposits over different duration of investment, we have it divided into following 5 slabs:

  • FD for Less than 1 Year
  • FD for 1 to 2 years
  • FD for 2 to 5 Years
  • FD for 5 to 10 years
  • FD for More than 10 years

Also Read: 7 High Rated Companies Offering more than Bank Fixed Deposits

We show the highest interest rates on fixed deposits for the above duration buckets. We have also compared the best interest rates on offer by that being offered by State Bank of India (SBI), ICICI Bank and Post Offices.

Click for Best Tax Saving FDs u/s 80C

Interest Rate for FD of Less than 1 Year:

The highest interest rate is offered by The Ratnakar Bank (241 days to 364 days) at 7.10% .

Bank Description Interest Rate
Ratnakar Bank 241 days to 364 days 7.10%
Bandhan Bank 6 months to less than 1 year 7.00%
City Union Bank 181 days to 364 days 7.00%
IDFC Bank 181 – 365 days 7.00%
Ratnakar Bank 181 days to 240 days 7.00%
Repco Bank 90 days – 364 days 7.00%
Karnataka Bank 180 days 6.90%
Karur Vysya Bank 91 Days to 180 Days 6.90%
Union Bank of India 10 Month to 14 Month 6.75%
Yes Bank 3 months to < 10 Years 6.75%
City Union Bank 91 days to 180 days 6.75%
IDFC Bank 91 – 180 days 6.75%
Karur Vysya Bank 181 Days to less than 1 year 6.75%
Lakshmi Vilas Bank 181 – 364 days 6.75%
Ratnakar Bank 46 days to 180 days 6.75%
Tamilnad Mercantile Bank 180 days to less than 12 months 6.75%
DCB Bank 6 months to less than 12 months 6.65%
State Bank of India Government Bank Benchmark 5.50% – 6.50%
ICICI Bank Private Bank Benchmark 4.00% – 6.50%


Also Read:
 21 Hidden Charges in Saving Bank Account

Interest Rate for Fixed Deposit of 1 – 2 Years:

The highest interest rate is offered by IDFC Bank (366 days).

Bank Description Interest Rate
IDFC Bank 366 days 7.50%
Repco Bank Repco Mahila (18 Months, Exclusively for Women) 7.35%
Bandhan Bank 1 year to less than 2 years 7.25%
IDFC Bank 361 – 1095 days 7.25%
Lakshmi Vilas Bank 500 Days 7.25%
Repco Bank 1 Year & Above – 2 years 7.25%
Ratnakar Bank 12 months to less than 24 months 7.20%
City Union Bank 1 year 7.10%
Karur Vysya Bank 2 years and above 7.00%
Lakshmi Vilas Bank 1 year to 999 days 7.00%
Tamilnad Mercantile Bank 1 Year to less than 3 Years 7.00%
Yes Bank 18 Months 8 Days to 18 Months 18 Days 6.95%
DCB Bank 18 months to less than 24 months 6.90%
Deutsche Bank 1 Year to 2 Years 6.90%
DCB Bank 12 months to less than 18 months 6.85%
Indus Ind Bank 1 Years to below 1 Years 2 Months 6.85%
Axis Bank 1 Year < 18 months 6.75%
HDFC Bank 1 year 1 day – 1 year 3 days 6.75%
Indus Ind Bank 1 Years 2 Months to below 2 Years 6.75%
J&K Bank 1 year to less than 2 years 6.75%
Karnataka Bank 1 year to 2 years 6.75%
Standard Charted Bank 1 Year – 375 days 6.75%
Union Bank of India 10 Month to 14 Month 6.75%
Yes Bank 3 months to < 10 Years 6.75%
State Bank of India Government Bank Benchmark 6.50%
ICICI Bank Private Bank Benchmark 6.75%
Post Office FD (1 year) Post Office 6.80%
Post Office FD (2 years) Post Office 6.90%

Click for Best Interest Rate on Recurring Deposits

Interest Rate for Fixed Deposit of 2 – 5 Years

The highest interest rate is offered by Deutsche Bank (5 Years) at 7.75%

Bank Description Interest Rate
Deutsche Bank 5 Years 7.75%
Lakshmi Vilas Bank 1000 Days 7.50%
Ratnakar Bank 24 months to less than 36 months 7.30%
IDFC Bank 361 – 1095 days 7.25%
IDFC Bank 3 years 1days – 10 years 7.20%
Ratnakar Bank 36 months to less than 240 months 7.20%
DCB Bank 36 months to 60 months 7.10%
DCB Bank 24 months to less than 36 months 7.00%
Karur Vysya Bank 2 years and above 7.00%
Lakshmi Vilas Bank 1 year to 999 days 7.00%
Lakshmi Vilas Bank 1001 Days to 10 years 7.00%
Repco Bank Above 2 years – 5 Years 7.00%
Tamilnad Mercantile Bank 1 Year to less than 3 Years 7.00%
Yes Bank 36 Months 10 Days to 36 Months 20 Days 7.00%
Bandhan Bank 2 years to less than 5 years 6.90%
Tamilnad Mercantile Bank 3 Years & above 6.90%
City Union Bank Above 1 year & upto 5 years 6.85%
Federal Bank 1111 Days 6.80%
Catholic Syrian Bank 3 Years 6.75%
Indus Ind Bank 2 years to below 2 years 6 Months 6.75%
J&K Bank 1 year to less than 3 years 6.75%
Yes Bank 3 months to < 10 Years 6.75%
Punjab and Sind Bank 1 Year to 10 Years 6.70%
Corporation Bank 1 year to less than 3 years 6.60%
Syndicate Bank Above 2 year & up to 5 years 6.60%
State Bank of India Government Bank Benchmark 6.25%
ICICI Bank Private Bank Benchmark 6.50%
Post Office FD (2 years) Post Office 6.90%
Post Office FD (3 years) Post Office 7.10%
Post Office FD (5 years) Post Office 7.60%


Also Read:
 Where to Park Money for Very Short Term [less than 6 Months]?

Interest Rate for Fixed Deposit of 5 – 10 Years

The highest interest rate is offered by The Ratnakar Bank (36 months to less than 240 months) and IDFC Bank (3 years 1 days – 10 years) at 7.20%.

Bank Description Interest Rate
IDFC Bank 3 years 1 days – 10 years 7.20%
Ratnakar Bank 36 months to less than 240 months 7.20%
DCB Bank More than 60 months to 120 months 7.00%
Karur Vysya Bank 2 years and above 7.00%
Lakshmi Vilas Bank 1001 Days to 10 years 7.00%
Tamilnad Mercantile Bank 3 Years & above 6.90%
Yes Bank 3 months to < 10 Years 6.75%
City Union Bank Above 5 years & upto 10 years 6.70%
Punjab and Sind Bank 1 Year to 10 Years 6.70%
State Bank of India Government Bank Benchmark 6.25%
ICICI Bank Private Bank Benchmark 6.50%

Also Read: How to fill Form 15G/H to avoid TDS deduction?

Interest Rate for Fixed Deposit of more than 10 Years

The Ratnakar Bank and IDBI bank offers fixed deposit of up to 20 years.

Bank Description Interest Rate
IDBI Bank 2 Years to 20 Years 6.00%
Ratnakar Bank 36 months to less than 240 months 7.20%


Source:
Bank Websites                                          Last Updated: October 4, 2017

Disclaimer: The Fixed Deposit Interest Rates keep on changing. You are advised to check the interest rates with banks before making your FD.

Also Read:13 Investments to Generate Regular Income

Fixed Deposit Interest Rate across all Banks

Until last month we used to provide only the top Fixed Deposit Rates but with several request from readers we have added a summary of FD rates for all banks.

Banks 1 Years 2 Years 3 Years 4 Years 5 Years 5+ Years
Allahabad Bank 6.60% 6.50% 6.50% 6.50% 6.50% 6.50%
Andhra Bank 6.75% 6.50% 6.50% 6.25% 6.25% 6.25%
Axis Bank 6.75% 6.25% 6.25% 6.25% 6.25% 6.25%
Bandhan Bank 7.25% 7.25% 6.90% 6.90% 6.90% 6.50%
Bank of Baroda 6.60% 6.65% 6.50% 6.50% 6.50% 6.50%
Bank of India 6.60% 6.50% 6.50% 6.30% 6.30% 6.25%
Bank of Maharashtra 6.50% 6.25% 6.25% 6.00% 6.00% 6.00%
Canara Bank 6.50% 6.30% 6.20% 6.20% 6.20% 6.00%
Catholic Syrian Bank 6.50% 6.50% 6.75% 6.50% 6.50% 6.50%
Central Bank of India 6.50% 6.50% 6.50% 6.50% 6.50% 6.50%
Citibank 5.00% 5.00% 5.25% NA NA NA
City Union Bank 7.10% 6.85% 6.85% 6.85% 6.85% 6.70%
Corporation Bank 6.60% 6.60% 6.60% 6.50% 6.50% 6.50%
DCB Bank 6.65% 6.90% 7.10% 7.10% 7.10% 7.00%
Dena Bank 6.50% 6.50% 6.25% 6.25% 6.30% 6.30%
Deutsche Bank 6.90% 6.90% 6.90% 6.90% 7.75% NA
Dhanalakshmi Bank 6.60% 6.60% 6.50% 6.50% 6.50% 6.50%
Federal Bank 6.70% 6.60% 6.50% 6.50% 6.50% 6.50%
HDFC Bank 6.75% 6.25% 6.00% 6.00% 6.00% 6.00%
ICICI Bank 6.75% 6.75% 6.50% 6.50% 6.50% 6.50%
IDBI Bank 6.75% 6.50% 6.25% 6.25% 6.25% 6.00%
IDFC Bank 7.00% 7.25% 7.20% 7.20% 7.20% 7.20%
Indian Bank 6.50% 6.25% 6.25% 6.00% 6.00% 6.00%
Indian Overseas Bank 6.75% 6.50% 6.25% 6.00% 6.00% 6.00%
Indus Ind Bank 6.85% 6.75% 6.50% 6.50% 6.50% 6.50%
J&K Bank 6.75% 6.75% 6.50% 6.25% 6.25% 6.25%
Karnataka Bank 6.75% 6.50% 6.50% 6.50% 6.50% 6.50%
Karur Vysya Bank 6.75% 7.00% 7.00% 7.00% 7.00% 7.00%
Kotak Mahindra Bank 6.50% 6.25% 6.00% 6.00% 6.00% 6.00%
Lakshmi Vilas Bank 7.00% 7.00% 7.00% 7.00% 7.00% 7.00%
Oriental Bank of Commerce 6.60% 6.40% 6.40% 6.40% 6.40% 6.40%
Post Office 5 Year FD 6.80% 6.90% 7.10% NA 7.60% NA
Punjab and Sind Bank 6.70% 6.70% 6.70% 6.70% 6.70% 6.70%
Punjab National Bank 6.60% 6.50% 6.50% 6.25% 6.25% 6.25%
Ratnakar Bank 7.20% 7.30% 7.30% 7.20% 7.20% 7.20%
Repco Bank 7.25% 7.00% 7.00% 7.00% 7.00% NA
South Indian Bank 6.75% 6.50% 6.50% 6.50% 6.50% 6.50%
Standard Charted Bank 6.75% 6.50% 6.50% 6.50% 6.50% NA
State Bank of India 6.50% 6.50% 6.25% 6.25% 6.25% 6.25%
Syndicate Bank 6.50% 6.50% 6.60% 6.60% 6.60% 6.50%
Tamilnad Mercantile Bank 7.00% 7.00% 7.00% 6.90% 6.90% 6.90%
UCO Bank 6.50% 6.50% 6.40% 6.25% 6.25% 6.25%
Union Bank of India 6.75% 6.50% 6.50% 6.50% 6.50% 6.50%
United Bank of India 6.25% 6.00% 6.00% 6.00% 6.00% 6.00%
Vijaya Bank 6.50% 6.50% 6.50% 6.50% 6.50% 6.25%
Yes Bank 6.75% 6.75% 6.75% 6.75% 6.75% 6.75%


Helpful Posts on FD:

It would be helpful for you to look at following posts before you choose your fixed deposits:

  1. How to increase bank deposit insurance through Joint accounts?
  2. How Safe is Your Fixed Deposit in Bank?
  3. How you loose Money in Fixed Deposits?

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216 thoughts on “Highest Interest Rate on Bank Fixed Deposits (FD) – October 2017

  1. The fixed deposit interest rates of state bank of india w.e.f 24.11.2016 for 5 years is 4.25 p.c and not 6.75 p.c shown wef 1.1.17

  2. Very helful

  3. Fine to have information on tips. Keep going with servises on line for FD with verious banks.

  4. Hi
    Amit ji
    i am having NRE account in axis bank. i have deposited 18 lakhs in axis bank long term equity fund deposite for 3 years. now days it is going down. can you please tell me that this bank is safe or not. now days there is news that bank is involves in corruption and mutual fund will go down. i should take the money from this bank and will fixed this amount in any government or should i keep with this bank. please give me your best suggestion.

    • axis bank long term equity fund is tax saving mutual fund and is not related to Axis Bank – except that they both belong to the same group. I assume you have been miss-sold a mutual fund in the guise of Fixed deposit.

      As for the investment going down, its linked to stock market and since markets are down so is the fund. Anyway equity funds are for long term and you should not worry much if you want to stay invested for more than 5 years. Also this fund has 3 year lock-in and hence cannot be redeemed before that.

  5. Very informative article sir,
    Your blog is too good and deserve to be Top financial blog in India. Thank you so much
    Regards.

  6. Fixed Deposit rates are falling and will soon be below inflation.. what can we do to protect our savings ?

  7. Sayed Maqsood says:

    Dear Amitji,

    I want don’t have any knowledge in Mutual Funds and I want to learn and invest in “Mutual Funds” could you please help to advise me easiest way to learn mutual funds asap thanks in advance…………..

  8. Hi Amit,
    currently there is news that within some days interest rates on FD and saving account are going to be reduced at higher rate.
    I want to know whether this is realy going to happen, or just a rumour.

    • There are always speculations and rumors about future interest rates. Unfortunately most experts are not able to predict it right every time. So we should not worry much on these lines!

  9. V.G. kulkarni says:

    I have rs.4 lakh present value with today’s nav ulip: matured now. Shall continue with ulip ?

  10. md gouse mohiddin says:

    As want for saving A/C %……

  11. Hi Amit,

    I have got 5 lac rs to invest. I want to invest for 6-8 months. What are the best option which gives me better returns.

  12. Dear Amit
    I have a corpus of 70 lakhs as my life savings & I need a monthly income from it to live my life with family, what would be the safest yet best instrument(s) to park my money in? kindly give me a detailed guide as to how should I go abt it.
    thanks a lot for your valuable advise.
    Nishanth

  13. Krishnaswamy says:

    REPCO bank is offering the highest rate as 8.75% on Fixed Deposits to Sr. Citizens

  14. S.Mukherjee. says:

    Hi Mr.Amit K,
    I am from Kolkata and wish to invest in Tamilnad Power Finance. How safe is it to invest with this co.? Are interest payments being made on a regular basis? I want your opinion on this so please advice.

  15. chandrashekar says:

    how much rate of interest for senior citizens on fd?

  16. Rajat Monga says:

    Hello Amit, very informative article. Great work. I need to ask a suggestion from you about investment. I have a pretty handsome amount in hand and want to invest shortly. So should I go to the traditional options like FD or maybe to Peer 2 peer lending. I am really in a dilemma, please let me know about your viewpoints.

    • For short term you should bank on FD especially if you are looking for guaranteed risk free return. I personally have never invested in P2P and hence have no experience, but remember its unregulated and can be quite risky. Also in case of default you’ll have to go legal which is not a good thing in India.

      You can also look to invest in Arbitrage Mutual Funds in case you are in 30% tax bracket and investment horizon is less than 1 year.

      • Rajat Monga says:

        Thanks Amit.
        My relative invested in one such P2P platform called http://www.loankuber.com/. And he earned pretty good in a very short time. So I was also thinking of investing.
        And thank you so much for your reply .

        • It would be great if you share your/your relatives experience on such P2P platforms. Will help remove inhibitions and get on the ground feel.

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