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Highest FD Interest Rates & Scheme

Highest Fixed Deposit Interest Rates 2021

Last Updated 12th May 2021

Currently, Equitas Small Finance Bank provides the highest returns on fixed deposits ranging upto 6.80% and hence, is one of the best banks for investing in a fixed deposit. You can invest in Equitas Small Finance Bank FD for a tenure ranging between 7 days to 10 years. It also provides attractive interest rates on fixed deposits to Senior Citizens at 7.30%.

Banks Bank FD Rate of Interest Senior Citizen FD Rates Tenure
Equitas Small Finance Bank 3.60% - 6.80% 4.10% - 7.30% 7 days to 10 years
DCB Bank 4.25% - 6.75% 4.75% - 7.25% 7 days to 36 months
Jana Small Finance Bank 2.50% - 6.75% 3.00% - 7.25% 7 days to 10 years
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Highest FD Interest Rates in Banks

Banks determine the FD Rates based on changes in RBI monetary policy such as repo rate, base rate, the internal liquidity position of banks, economic conditions and the level of credit demand.The fixed deposits interest rates also vary by deposit amount, deposit tenure and type of depositor. You can invest in banks fixed deposits for a tenure ranging between 7 days to 10 years. Further, several banks offer the highest FD rates for a specific tenure. Thus, you must carefully determine the tenure of fixed deposits as per your financial goal. Here is a list of 10 top banks with the highest FD rates for a 5-year duration.

Bank FD Rate of Interest Senior Citizen FD Rates
Jana Small Finance Bank 6.00% 6.50%
Axis Bank 5.75% 6.25%
South Indian Bank 5.65% 6.15%
Karur Vysya Bank 5.75% 6.15%
LIC Housing Finance 5.60% 5.85%
Federal Bank 5.50% 6.00%
Bandhan Bank 5.50% 6.25%
DBS Bank 5.50% 5.50%
SBI 5.40% 6.20%
Standard Chartered Bank 5.35% 5.85%

Currently, Jana Small Finance Bank offer highest FD rates ranging between 6.00% for a tenure of 5 years and can be considered the best choice to open FD for a 5 year period.

Latest FD Schemes for Senior Citizens

Senior Citizens who are above the age of 60 years can invest in FD schemes for Senior Citizens. The rate of interest offered on FD schemes for senior citizens is higher by 0.25% to 0.75% than a normal fixed deposit. Here is a list of top banks that offer FD schemes for senior citizens.

Bank Senior Citizen FD Rates Tenure
Equitas Small Finance Bank 4.10 - 7.30% 7 days to 10 years
DCB Bank 4.75 - 7.25% 7 days to 36 months
Jana Small Finance Bank 3.00 - 7.25% 7 days to 10 years
Yes Bank 4.00 - 7.50% 7 days to 10 years
India Post Office 5.50 - 6.70% 7 days to 5 years

Currently, Equitas Small Finance Bank provides highest rates on Senior Citizens fixed deposits at an interest ranging between 4.10 to 7.30%.

Current NBFC FD Rates

If you are planning to invest in FD schemes of NBFCs (Non-Banking Financial Companies), you must invest in fixed deposits that are highly credible to reduce risks on your investments. Most of the NBFCs are AAA rated by highly authorized credit agencies, have a lower risk of default and offer high-interest rates than banks. Here is a list of the top 5 NBFCs that offer the highest interest rates on fixed deposits.

Bank FD Rate of Interest Senior Citizen FD Rates Tenure
PNB Housing Finance 5.90 - 6.70% 6.15 - 6.95% 12 months to 120 months
Bajaj Finserv 5.65 - 6.50% 5.90 - 6.75% 12 months to 60 months
ICICI Home Finance 4.30 - 6.45% 4.55 - 6.70% 12 months to 120 months
HDFC 5.75 - 6.25% 6.00 - 6.50% 33 months to 99 months
LIC Housing Finance 5.50 - 5.60% 5.75 - 5.85% 1 year to 5 years

Small Finance Bank FD Rates

While banks are considered as a more reliable option to invest in schemes like fixed deposits, investing in a Small Finance Bank, FD is also a good option. Several small finance banks are also covered under the depositor insurance program of Deposit Insurance and Credit Guarantee Corporation (DICGC). Hence, you can invest in the FD schemes of small finance banks.

Bank FD Rate of Interest Senior Citizen FD Rates Tenure
Equitas Small Finance Bank 3.60 - 6.80% 4.10 - 7.30% 7 days to 10 years
Jana Small Finance Bank 2.50 - 6.75% 3.00 - 7.25% 7 days to 10 years
AU Small Finance Bank 3.50 - 6.50% 4.25 - 7.25% 7 days to 120 months
ESAF Small Finance Bank 4.50 - 6.50% 5.00 - 7.00% 7 days to 3653 days
Fincare Small Finance Bank 3.00 - 6.50% 3.50 - 7.00% 7 days to 84 months

As per the current rates, Equitas Small Finance Bank offers the highest rate ranging between 3.60% to 6.80% on fixed deposits. You can invest in Equitas Small Finance Bank FD scheme for a tenure upto 7 days to 10 years.

Current Tax-Saving FD rates

Investing in fixed deposits provides good returns on your investment; however, you have to pay tax on your investment as per your Income Tax slab rate. A Tax-saving Fixed deposit is a special type of deposit that allows depositors to claim tax deductions up to ₹ 1,50,000 on interest earned on the fixed deposit. The tax-free FD allows you to invest for a minimum lock-in period of 5 years. Here is a list of top 5 banks that provides maximum interest on tax-saving FD.

Bank FD Interest Rates
Jana Small Finance Bank 2.50% - 6.75%
Yes Bank 3.50% - 6.75%
RBL Bank 3.25% - 6.60%
AU Small Finance Bank 3.50% - 6.50%
Bajaj Finserv 5.65% - 6.50%

FAQs

Which bank is best for investing in fixed deposits?

As per the current rates, Equitas Small Finance Bank offers the highest interest rate on fixed deposits ranging upto 6.80% and can be considered one of the best banks for investing in Fixed deposits.

Which bank is best for investing in tax-saving Fixed Deposits?

Presently, Yes Bank, Dena Bank, Jana Small Finance Bank can be considered the best bank for investing in tax-saving fixed deposits as it offers the highest interest rate ranging upto 6.75%.

Which NBFC or HFC is best for investing in a fixed deposit?

As per the current rates, PNB Housing Finance offers the highest interest rate on fixed deposits, up to 6.70%, and can thus be considered one of the best HFC for investing in Fixed deposits.

What are the factors you must consider to invest in the Best Fixed Deposit Scheme?

The interest rate on FD schemes offered by Banks and Non-Banking Financial Institutions depend on factors like amount deposited, tenure of deposits and type of depositors.Several institutions offer the highest FD rates for a specific tenure. You must compare the FD rates of different institutions for different tenures before investing in a fixed deposit.

What is the highest rate of interest in the post office?

As per the current rates, the highest rate offered on India Post Office FD is 6.70%. On the other hand, the latest India Post Office FD interest rate for senior citizens ranges between 5.50% to 6.70%.

Does fixed deposit interest change?

Yes, the banks change FD Rates based on changes in RBI monetary policy, repo rate, base rate, the internal liquidity position of banks, economic conditions and the level of credit demand.

How can I get the maximum interest rate on FD?

To get the maximum Interest Rate on FD, you must compare the highest Fixed Deposit Interest Rates of all banks and NBFCs for different tenures. It is advisable to split your deposit across different types of FD providers to earn the maximum benefit.

What is the minimum and maximum amount I can deposit in Fixed Deposit?

To invest in a Fixed Deposit, you need to invest a minimum of ₹ 50, However, there is No Limit on the maximum deposit amount. This however may vary across all FD providers.

What will happen to my fixed deposit if my FD interest rate goes up and down?

The fixed deposit allows you to invest your money for a fixed tenure at a fixed interest rate. Thus, there will be no change in the Fixed Deposit if the FD rate goes up and down.


*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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