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FIXED DEPOSIT INTEREST RATES

 RBI has given the freedom to commercial banks to fix their own interest rates on domestic term deposits of various maturities with the prior approval of their respective Board of Directors/Asset Liability Management Committee (ALCO). Banks are, however, not allowed to discriminate in the matter of interest paid on deposits, between one deposit and another, accepted on the same date and for the same maturity, whether such deposits are accepted at the same office or at different offices of the bank. Interest rates paid by the bank should be as per the schedule and should not be subject to negotiation between the depositor and the bank. Banks are allowed to offer differential rate of interest on domestic term deposits on the basis of the following:    (a) Tenor of Deposits   (b) Size of Deposits  (c) Availability of early withdrawal option  

Hence Bank customers  , to get a better interest rate on deposits  ,have to get information on interest rates being offered by various banks  for the same tenor  and place the deposit . 

 HAVE YOU SUBMITTED  FORM 15G / 15H TO AVOID TDS  ON DEPOSIT INTEREST ? 
To know more about 15G / 15H  , CLICK HERE 

BANK FD RATES IN INDIA

COMPARITIVE FIXED DEPOSIT INTEREST RATES

offered by Indian Banks   

PLAN N PROGRESS compares    interest rates of various banks . 

1. We    have selected   periods of 1 year and 5 years     for comparison of interest rates offered by  Indian commercial banks  including   Public Sector banks  , Private Sector Banks and Foreign banks with a network of branches  and also  Small Finance banks , new breed of banks in India  .  Below tables  give information on interest  rates offered by various banks . 

2 . The interest rates are  on retail term deposits  for public and senior citizens . 

3. Normally interest   rates quoted are valid  for  an amount of less than Rs 2 crore  . 

4. For actual terms and conditions  and the latest  rates  , you may visit  the websites of the banks listed at the end alphabetically . 

5. The rates taken by us are   updated  on or about   23rd ,   November , 2023   and are subject to change  .   
​

Which bank provides maximum interest on FD?

​FOR ONE YEAR DEPOSITS 

 A. The public sector banks  are offering interest rates between 6.10 %   % to 6.80 %  for public  ( 6.60  %  to  7.35  %  to Senior Citizens )   .  

​B.  The private  sector banks  are offering interest rates between  5.00  % to  7.50 %   %   for public and between 5.50  %  to  8.25  %      for senior citizens  .   

C.       The  Small Finance banks  are paying  interest  now  in the range of 6.75 % to 8.25 %   for public  and  7.25  % to 8.75 %  for the senior   citizens 
 

FOR 5 YEAR DEPOSITS 

​A.  Public sector banks pay between  6.00  % to  6.70   % ( 6.50  %  to 7.50  %  for senior citizens ) ​​

B. Private  sector banks pay between  5.75 % to 7.25  %  ( 6.25  %  to  8.00  %  for senior citizens )   . 
​​
 C. Small finance banks pay    between  6.25  % to  8.25   % for public  ( 6.75  % to  8.75  %  for senior  citizens  ).​

There are NBFC companies , co-operative societies  and corporates who pay higher interest rates , but  have higher risk weight-ages . 

SPECIAL DEPOSITS  FOR SENIOR CITIZENS AND GENERAL PUBLIC

Some banks have  introduced special deposit schemes for senior citizens and general public   for special number of days  with  special interest rates  . Some also  are offering additional interest rates for deposits of period  above 5 years for the senior citizens . 
​
NOTE : 
1.   Depositors     get DICGC cover   of Rs 5.00 lakhs on  Bank Deposits as insurance . 
​​​​​​​

NON-CALLABLE DEPOSIT - MINIMUM  DEPOSIT   AMOUNT RAISED 

Dated 27.10.2023 : So far banks could take non-callable deposits  from the public  on a deposit amount of Rs 15 lakhs or more  . Non-callable deposits  fetch higher  rate of interest while  premature closure is not allowed . 

​Now , as per notification issued by  Reserve Bank of India  ( RBI )   . banks will not be able to receive such deposits for an amount less than Rupees  one crore .  The minimum amount for offering non-callable TDs  is  increased from Rupees fifteen lakh to Rupees one crore i.e., all domestic term deposits accepted from individuals for amount of Rupees one crore and below shall have premature-withdrawal-facility .   The instruction is  also  applicable for Non-Resident (External) Rupee (NRE) Deposit / Ordinary Non-Resident (NRO) Deposits.  . 

To read RBI NOTIFICATION DATED 26.10.2023 , CLICK HERE ​

Highest Rate of Interest for Senior Citizens

Best FD Rates In India

​​​​​​​SMALL FINANCE BANKS WHICH PAY  INTEREST RATES  OF 7 %  OR MORE  TO SENIOR  CITIZENS : 

Dated 23.11.2023  : Following banks are  paying   interest rates of 7 % or  more to  their  Senior Citizen customers for 5 years and above Fixed Deposits  as  of now : 

​1. SURYODAY SF BANK    :     8.75  %  pa 
2. UJJIVAN SF BANK          :     8.75 %  pa 
3. SHIVALIK SF BANK        :   7.50%  pa    
4. AU SF BANK :                 :    7 .75 % pa 
5. FINCARE SF BANK         :    8.60 % pa 
6. NORTHEAST SF BANK    :  8.75 % pa
7. UTKARSH SF                  :    8.10 % pa
8. EQUITAS SF                    :    7.75  % pa
9. CAPITAL SF BANK           :   7.60 %  pa
10 . UNITY SF BANK             :   8.15 % pa
11. JANA SF BANK.               :    7.75 % pa


Following banks  pay interest rates of 7 %  or more  for one year deposits to senior citizens 

1. UJJIVAN SF BANK          :     8.75 %  pa 
​2.  JANA SF BANK             :      8.50 % pa  
3. SURYODAYA  SF            :     7.35 % PA  
4. UTKARSH SF                  :     8.60  % pa  
5.  EQUITAS  SF                  :     8.70 % pa
6. SHIVALIK SF                    :    8.60  %  pa
7.  CAPITAL SF                       :   8.00 % pa
8. NORTH EAST SF              :   7.75 % PA
9 . UNITY SF BANK             :   7.85 % pa
10 . AU SF BANK                :     7.25 % pa 
11. FINCARE SF.                 :    8.10 % pa 
12. ESAF  SF BANK             :    8.50  %  pa

INDIAN PRIVATE BANKS INTEREST RATES

INTEREST RATES FOR 1 YEAR AND INTEREST RATES FOR 5 YEARS

Interest Rates for 1 year  for General public and Senior Citizens  :     
​                                                                                                                                                                
​
01.AXIS BANK                                                                                           6.70 % (    7.20  %  for the Senior Citizens )            

02.DBS  BANK  ( FORMERLY    LAKSHMI VILAS BANK LTD   )            6.25 % (    6.75 %  for the Senior Citizens )

03. CSB BANK  ( Formerly CATHOLIC SYRIAN BANK LTD )                5.00 % (    5.50 %  for the Senior Citizens )

04.INDUSIND BANK LIMITED                                                                 7.50 % (    8.25 %  for the Senior Citizens )

05.ICICI BANK                                                                                           6.70 % (    7.20 %  for the Senior Citizens )

06.IDBI BANK LIMITED                                                                           6.80 % (    7.30 %  for the Senior Citizens )

07.KOTAK MAHINDRA BANK LIMITED                                                 7.10 % (    7.60 %  for the Senior Citizens )

08.KARNATAKA BANK                                                                            6.95 % (    7.35 %  for the Senior Citizens )

09.KARUR VYSYA BANK LIMITED.                                                        7.00 % (    7.40 %  for the Senior Citizens )

10.RBL BANK LTD ( THE RATNAKAR BANK LTD.)                              7.00% (    7.50 %  for the Senior Citizens )

11.THE SOUTH INDIAN BANK LTD.                                                  6.60 % (    7.10  %  for the Senior Citizens )

12.TAMILNAD MERCANTILE BANK LTD.                                          7.00 % (    7.50 %  for the Senior Citizens )

13.THE DHANALAKSHMI BANK LIMITED.                                       6.80% (    7.30 %  for the Senior Citizens )

14.THE FEDERAL BANK LTD.                                                             6.80 % (    7.30 %  for the Senior Citizens )

15.THE HDFC BANK LTD.                                                                  6. 60 % (    7.10 %  for the Senior Citizens )
​
16.THE J & K BANK LTD.                                                                   7.10 % (    7.60  %  for the Senior Citizens )

17.  YES BANK                                                                                    7.25 % (    7.75 %  for the Senior Citizens )
                               
FOREIGN BANKS 

1. STANDARD CHARTERED BANK                                                 7.15 % (    7.65 %  for the Senior Citizens )

2.HONGKONG & SHANGHAI BANKING CORPORATION .          4.00 % (    4.50 %  for the Senior Citizens )                                                 
​​​

Interest Rates for 5 years  for General public and Senior Citizens  :     
​                                                                                                                                                                
​
01.AXIS BANK                                                                                           7.00 % (    7.75 %  for the Senior Citizens )            

02.DBS  BANK  ( FORMERLY    LAKSHMI VILAS BANK LTD   )            6.50 % (    7.00 %  for the Senior Citizens )

03. CSB BANK  ( Formerly CATHOLIC SYRIAN BANK LTD )                5.75 % (    6.25 %  for the Senior Citizens )

04.INDUSIND BANK LIMITED                                                               7.25 % (    8.00 %  for the Senior Citizens )

05.ICICI BANK                                                                                        7.00 % (    7.50  %  for the Senior Citizens )

06.IDBI BANK LIMITED                                                                         6.50 % (    7.00 %  for the Senior Citizens )

07.KOTAK MAHINDRA BANK LIMITED                                              6.20 % (    6.70 %  for the Senior Citizens )

08.KARNATAKA BANK                                                                          6.50 % (    6.90 %  for the Senior Citizens )

09.KARUR VYSYA BANK LIMITED.                                                       6.50 % (    6.90 %  for the Senior Citizens )

10.RBL BANK LTD ( THE RATNAKAR BANK LTD.)                             7.10 % (    7.60 %  for the Senior Citizens )

11.THE SOUTH INDIAN BANK LTD.                                                  6.00 % (    6.50 %  for the Senior Citizens )

12.TAMILNAD MERCANTILE BANK LTD.                                          6.50 % (    7.00 %  for the Senior Citizens )

13.THE DHANALAKSHMI BANK LIMITED.                                        6.60 % (    7.10 %  for the Senior Citizens )

14.THE FEDERAL BANK LTD.                                                              6.60 % (    7.25 %  for the Senior Citizens )

15.THE HDFC BANK LTD.                                                                    7.00 % (    7.50 %  for the Senior Citizens )

16.THE J & K BANK LTD.                                                                      6.50 % (    7.00 %  for the Senior Citizens )

17.  YES BANK                                                                                    7.25 % (      8.00 %  for the Senior Citizens )
                               
FOREIGN BANKS 

1.  STANDARD CHARTERED BANK                                                 6.75 % (    7.25 %  for the Senior Citizens )

2. HONGKONG & SHANGHAI BANKING CORPORATION .          6.00 % (    6.50 %  for the Senior Citizens )                                                 
​

FOR THE LATEST FD INTEREST RATES  OF PUBLIC SECTOR BANKS    , CLICK HERE   
For   NBFC  DEPOSITS ,   CLICK HERE 

 TAX PLANNING FOR FY 2023-24 ( AY 2024-25 ) 
Comprehensive   Article on Income tax changes in Rules, Rates , Slabs , Rebates  and Estimation 

CLICK HERE TO READ 
​

​HEALTH INSURANCE PLANS FOR SENIOR CITIZENS    WITH OR WITHOUT AGE RESTRICTIONS 
TO  READ THE ARTICLE                                                         CLICK HERE 
​

SMALL FINANCE BANKS INTEREST RATES

 FOR THE LATEST INTEREST RATES   OFFERED BY SMALL FINANCE BANKS    , CLICK HERE 

If you have earned  from stock market  or  from sale of properties to  know tax liability  Read  the  NEW ARTICLE ON   
                                                         CAPITAL GAIN AND  TAX 
                                         CLICK HERE  TO READ 

POPULAR WEB SEARCHES  :   Many  persons search for FD  rates of ICICI BANK & HDFC BANK .  Here we have given below links   for the  interest rates of  many private banks including ICICI Bank & HDFC Bank 

FD RATES IN ICICI BANK

FD RATES IN HDFC BANK

To  know the latest interest rates  offered by individual banks  for  various maturities  , click  on the name of the bank to reach their websites    .  ( Banks listed alphabetically    )
                                                                                                                                                                
​
01.AXIS BANK

02.CITIBANK N.A.    (  Since  merged with Axis Bank ) 

03. CSB BANK  ( Formerly CATHOLIC SYRIAN BANK LTD )

04.INDUSIND BANK LIMITED

05.ICICI BANK

06.IDBI BANK LIMITED

07.KOTAK MAHINDRA BANK LIMITED

08.KARNATAKA BANK

09.KARUR VYSYA BANK LIMITED.

10.STANDARD CHARTERED BANK

11.THE HONGKONG & SHANGHAI BANKING CORPORATION LTD.

12.TAMILNAD MERCANTILE BANK LTD.

13.THE DHANALAKSHMI BANK LIMITED.

14.THE FEDERAL BANK LTD.

15.THE HDFC BANK LTD.

16.THE J & K BANK LTD.

17.THE SOUTH INDIAN BANK LTD.
​
18.  RBL BANK LTD ( THE RATNAKAR BANK LTD.) 

19.   DBS  BANK  ( FORMERLY    LAKSHMI VILAS BANK LTD   ) 

20 YES BANK

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