A Bank branch in India

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BANK FD RATES IN INDIA

COMPARITIVE FIXED DEPOSIT INTEREST RATES

offered by Indian Banks 

PLAN N PROGRESS compares    interest rates of various banks . 

 Since our last review in the second week  of  May 2020  , Interest rates have gone  further south  and  most of the    banks have   reduced their Deposit Rates 

 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  06th  June , 2020   and are subject to change  .   

6 . We have noted that interest rates are   going down steadily in recent periods . 

Which bank provides maximum interest on FD?

FOR ONE YEAR DEPOSITS 

 The public sector banks  are offering interest rates between 5.10  % to 5.85  %  1 year deposits for public and  0.5 % more  for senior citizens  . Among the   private  sector banks ,  RBL Bank    pays highest rate of   7.20   % for 1 year deposits for public and  7.70  % for senior citizens  . Among Foreign Banks listed by us , Standard  Chartered Bank  pays highest rate of  6.30 %   for 1 year for public and  6.80 %  for senior citizens  . The highest yield on Bank Deposits come   generally  from small finance banks .  Utkarsh   Small finance Bank  pays  8.20  %  for 1 year public deposit  and 8.70 % for senior citizens 

FOR 5 YEAR DEPOSITS 

 Mostly banks pay less  or equal  for 5 year term deposits compared to 1 year deposits  .  Public sector banks pay between 5.50 % to  5.85  %  for 5 year term deposits ( 6.0 %  to 6.35  %  for senior citizens ) while  private sector banks pay  5.00 % to 7.15 % to public (   5.50  %  to 7.65  %  for senior citizens )  . Small finance banks pay    between  6.50  % to 9.00 % for public and 7.00 % to  9.25  %  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 

Some banks have  introduced special deposit schemes for senior citizens  and are offering additional interest rates dor deposits of period  above 5 years 
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NOTE : 
1.  After budget announcement  by FM , DICGC cover   have  since been increased   to maximum of Rs 5.00 lakhs on  Bank Deposits as insurance . 
2.  Reserve Bank of India   has  lowered Repo Rate  by 0.75 %  and Reverse Repo rate by 0.90  %  recently .
3. Mega Merger of public sector Banks have taken place on 01.04.2020  and 6 public sector banks have been merged with  other banks  .  

 

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INTEREST RATES FOR 1 YEAR AND INTEREST RATES FOR 5 YEARS

 
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PUBLIC SECTOR BANKS INTEREST RATES

BANK NAME	INTEREST FOR 1 YEAR PUBLIC	INTEREST FOR 1 YEAR  SENIOR CITIZENS	INTEREST FOR 5 YEAR PUBLIC	INTEREST FOR 5 YEAR  SENIOR CITIZENS	SPECIAL RATES FOR SENIORS ABOVE 5 YEARS UP TO 10 YEARS
STATE BANK OF INDIA ​​	5.10	5.60	5.40	6.20	6.20
UCO BANK ​​	5.75	​6.00	5.70	​6.20	6.20
​BANK OF BARODA	5.10	5.60	5.30	5.80	6.30
BANK OF INDIA	5.65	6.15	5.55	6.05	6.30
BANK OF MAHARASHTRA	​5.25	5.75	5.25	5.75	5.75
UNION BANK OF INDIA ​	5.75​	6.25	5.70​	​6.20	6.20
​CANARA BANK	5.50	6.00	5.45	5.95	5.95
CENTRAL BANK OF INDIA	5.35	​5.35	5.35	​5.35	5.35
​INDIAN BANK	5.50	6.00	5.40	5.90	5.90
​INDIAN OVERSEAS BANK	5.70	6.20	5.70	6.20	6.20
​​PUNJAB NATIONAL BANK ​	5.50	6.25	5.40​	6.15	6.15
​PUNJAB & SIND BANK	5.85	6.35	5.85	6.35	6.35

INDIAN PRIVATE BANKS INTEREST RATES
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​BANK NAME	​INTEREST FOR 1 YEAR PUBLIC	​INTEREST FOR 1 YEAR  SENIOR CITIZENS	​INTEREST FOR 5 YEAR PUBLIC	​INTEREST FOR 5 YEAR  SENIOR CITIZENS	​SPECIAL RATES FOR SENIORS ABOVE 5 YEARS UP TO 10 YEARS
AXIS BANK	5.80	6.45	5.75	6.25	6.25
ICICI BANK	5.55	6.05	5.75	6.25	6.55
HDFC BANK	5.60	6.10	5.75	6.25	6.50
KARNATAKA BANK	5.75	6.15	5.65	6.05	6.05
KARUR VYSYA BANK	5.80	6.30	6.00	6.50	6.50
​KOTAK MAHINDRA BANK	5.10	5.60	4.50	5.00	5.00
TAMILNADU MERCANTILE BANK ​	6.10	6.60	5.90	6.40	6.40
DHANALAKSHMI BANK	6.10	6.60	6.00	6.50	6.50
FEDERAL BANK	5.80	6.30	6.00	6.50	6.50
J & K BANK	5.70	6.20	5.50	6.00	6.00
CSB BANK ( Formerly ​CATHOLIC SYRIAN BANK  )	6.00	6.00	6.00	6.00	6.00
​INDUSIND BANK	7.00	7.50	6.75	7.25	7.15
SOUTH INDIAN BANK	6.15	6.65	6.00	6.50	6.50
RBL BANK	7.20	7.70	7.15	7.65	7.65
LAKSHMI VILAS BANK	​6.50	7.00	6.25	6.75	6.75
YES BANK	7.00	7.50	7.00	7.50	7.50
IDBI BANK	5.80	6.30	5.90	6.40	6.40

 TAX PLANNING FOR FY 2019-20 ( AY 2020-21 ) 
Comprehensive   Article on Income tax changes in Rules, Rates , Slabs , Rebates  and Estimation 

CLICK HERE TO READ 
​

​UNION BUDGET 2020-21 AND SENIOR CITIZENS  
In our new blog article , we have explored what the new IT regime means to senior citizens and what extent senior citizens / retirees / pensioners are gaining / losing from the new regime .As the new regime is optional , one can take studied decisions before opting either of the new or old scheme .

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

 FOREIGN BANKS INTEREST RATES 
​

BANK NAME	​INTEREST FOR 1 YEAR PUBLIC	​INTEREST FOR 1 YEAR  SENIOR CITIZENS	INTEREST FOR 5 YEAR PUBLIC	​INTEREST FOR 5 YEAR  SENIOR CITIZENS
CITI BANK	3.00	4.00	4.00	4.50
HSBC BANK	3.25	3.75	4.00	4.50
STANDARD CHARTERED BANK	6.30	6.80	6.00	6.50

SMALL FINANCE BANKS INTEREST RATES

​BANK NAME	​INTEREST FOR 1 YEAR PUBLIC ​	​​INTEREST FOR 1 YEAR  SENIOR CITIZENS	​INTEREST FOR 5 YEAR PUBLIC	​​INTEREST FOR 5 YEAR  SENIOR CITIZENS
CAPITAL  SF BANK	6.50	7.00	6.50	6.75
SURYODAY SF BANK	7.25	7.75	9.00	9.25
UJJIVAN SF BANK	6.95	7.45	6.25	6.75
UTKARSH SF BANK	8.25	8.75	8.25	8.75
EQUITAS SF BANK	7.10	7.70	​6.75	7.35
ESAF SF BANK	7.50	8.00	6.50	7.00
JANA SF BANK	​7.50	8.00	7.50	8.00
AU SF BANK	6.50	7.00	7.00	7.50
FINCARE SF BANK	6.95	7.45	6.50	7.00
NORTH EAST SF BANK	7.50	8.00	6.50	7.00

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 

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.ALLAHABAD BANK   (  Since  merged with Indian Bank  )

02.ANDHRA BANK     (  Since  merged with   Union Bank  of India  )
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03.AXIS BANK

04.BANK OF BARODA

05.BANK OF INDIA

06.BANK OF MAHARASHTRA

07. CANARA BANK

08.CENTRAL BANK OF INDIA

09.CITIBANK N.A.

10.CORPORATION BANK    (  Since  merged with   Union Bank  of India  )

11. CSB BANK  ( Formerly CATHOLIC SYRIAN BANK LTD )

12.INDUSIND BANK LIMITED

13.ICICI BANK

14.IDBI BANK LIMITED

15.INDIAN BANK

16.INDIAN OVERSEAS BANK

17.KOTAK MAHINDRA BANK LIMITED

18.KARNATAKA BANK

19.KARUR VYSYA BANK LIMITED.

20.ORIENTAL BANK OF COMMERCE    (  Since  merged with   Punjab National Bank   )

21.PUNJAB & SIND BANK

22.PUNJAB NATIONAL BANK

23.STANDARD CHARTERED BANK

24.STATE BANK OF INDIA

25.SYNDICATE BANK       (  Since  merged with  Canara Bank  )

26.THE HONGKONG & SHANGHAI BANKING CORPORATION LTD.

27.TAMILNAD MERCANTILE BANK LTD.

28.THE DHANALAKSHMI BANK LIMITED.

29.THE FEDERAL BANK LTD.

30.THE HDFC BANK LTD.

31.THE J & K BANK LTD.

32.THE SOUTH INDIAN BANK LTD.
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33.  RBL BANK LTD ( THE RATNAKAR BANK LTD.) 

34.THE LAKSHMI VILAS BANK LTD

35.UCO BANK

36.UNION BANK OF INDIA

37.UNITED BANK OF INDIA  (  Since merged with Punjab national Bank  ) 

38 YES BANK

SMALL FINANCE BANKS 


1.   CAPITAL SMALL FINANCE BANK  

2.  SURYODAY SMALL FINANCE BANK  

​3.​ UJJIVAN SMALL FINANCE BANK 

4. UTKARSH SMALL FINANCE BANK 

5.  EQUITAS SMALL FINANCE BANK  

6 . ESAF SMALL FINANCE BANK

7.  JANA SMALL FINANCE BANK   

​8. AU SMALL FINANCE BANKS 

9. FINCARE SMALL FINANCE BANK 

​10. NORTH EAST SMALL FINANCE BANK 

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