FOR FD RATES OF SMALL FINANCE BANKS , click here
BANKS IN INDIA 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 dates for the same tenor and place the deposit .
Hence Bank customers , to get a better interest rate on deposits ,have to get information on interest rates being offered by various dates for the same tenor and place the deposit .
RBI HIKES REPO RATE :
Dated 07.05.2022 : RBI has hiked its Repo Rate by 0.40 % on 04.05.2022 . It is expected that , as a consequence of the RBI move , Indian banks will enhance both their lending and deposit rates . If the interest rate of a loan / deposit is directly linked to Repo rate , the rates will be adjusted to the new repo rate automatically . Otherwise banks will have liberty to announce fresh rates as and when they feel right time .
TO KNOW WHAT IS REPO RATE , CLICK HERE
Dated 07.05.2022 : RBI has hiked its Repo Rate by 0.40 % on 04.05.2022 . It is expected that , as a consequence of the RBI move , Indian banks will enhance both their lending and deposit rates . If the interest rate of a loan / deposit is directly linked to Repo rate , the rates will be adjusted to the new repo rate automatically . Otherwise banks will have liberty to announce fresh rates as and when they feel right time .
TO KNOW WHAT IS REPO RATE , CLICK HERE
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 15th , May , 2022 and are subject to change .
6. Reserve Bank of India hiked its Repo Rate by 0.40 % on 04.-5 2022 . Subsequently , as a follow on effect , many banks have also raised their Deposit and Advance rates . Many of the banks have already hiked their deposit rates , but not as much as 0.40 % . Some banks may take more to decide up on the fresh rate they would like to offer .
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 15th , May , 2022 and are subject to change .
6. Reserve Bank of India hiked its Repo Rate by 0.40 % on 04.-5 2022 . Subsequently , as a follow on effect , many banks have also raised their Deposit and Advance rates . Many of the banks have already hiked their deposit rates , but not as much as 0.40 % . Some banks may take more to decide up on the fresh rate they would like to offer .
Which bank provides maximum interest on FD?
FOR ONE YEAR DEPOSITS
A. The public sector banks are offering interest rates between 5.00 % % to 5.30 % 1 year deposits for public (5.50 % 5.80 % to Senior Citizens ) Canara Bank & Uco Bank are paying the highest rates of 5.30 % to public and Canara bank @ 5.80 % for the senior citizens .
B. The private sector banks are offering interest rates between 4.90 % to 6.25 % % 1 year deposits for public and between 5.40 % to 6.75 % for senior citizens . RBL Bank is paying highest interest rate of 6.25 % for the public and at 6.75 % for the senior citizens .
C. The Small Finance banks are paying interest now in the range of 5% to 6.90 % for public and 5.50 % to 7.65 % for the senior citizens . Ujjivan SF Bank pays 6.90 % for 1 year public deposit 7.65 % for senior citizens
FOR 5 YEAR DEPOSITS
A. A. Public sector banks pay between 4.90 % to 5.75 % for 5 year term deposits ( 5.40 % to 6.30 % for senior citizens ) . Canara Bank is paying highest interest rate of 5.75 % for the public and State Bank of India is paying highest interest rate @ 6.30 % for the senior citizens
B. Private sector banks pay between 5.00 % to 6.50 % for 5 year term deposits ( 5.50 % to 7.00 % for senior citizens ) . Indusind Bank is paying highest interest rate of 6.50 % for the public and Yes Bank & Indusind Bank are paying @ 7. 00 % for the senior citizens .
C. Small finance banks pay between 5.25 % to 6.75% for public and 5.75 % to 7.55 % for senior citizens . Suryoday SF Bank , Utkarsh SF Bank , Jana SF , AU SF Bank & Fincare SF Bank pay highest of 6.75 % for the public and Jana SF Bank pays 7.55 % for the 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 for deposits of period above 5 years
NOTE :
1. Depositors get DICGC cover of Rs 5.00 lakhs on Bank Deposits as insurance .
A. The public sector banks are offering interest rates between 5.00 % % to 5.30 % 1 year deposits for public (5.50 % 5.80 % to Senior Citizens ) Canara Bank & Uco Bank are paying the highest rates of 5.30 % to public and Canara bank @ 5.80 % for the senior citizens .
B. The private sector banks are offering interest rates between 4.90 % to 6.25 % % 1 year deposits for public and between 5.40 % to 6.75 % for senior citizens . RBL Bank is paying highest interest rate of 6.25 % for the public and at 6.75 % for the senior citizens .
C. The Small Finance banks are paying interest now in the range of 5% to 6.90 % for public and 5.50 % to 7.65 % for the senior citizens . Ujjivan SF Bank pays 6.90 % for 1 year public deposit 7.65 % for senior citizens
FOR 5 YEAR DEPOSITS
A. A. Public sector banks pay between 4.90 % to 5.75 % for 5 year term deposits ( 5.40 % to 6.30 % for senior citizens ) . Canara Bank is paying highest interest rate of 5.75 % for the public and State Bank of India is paying highest interest rate @ 6.30 % for the senior citizens
B. Private sector banks pay between 5.00 % to 6.50 % for 5 year term deposits ( 5.50 % to 7.00 % for senior citizens ) . Indusind Bank is paying highest interest rate of 6.50 % for the public and Yes Bank & Indusind Bank are paying @ 7. 00 % for the senior citizens .
C. Small finance banks pay between 5.25 % to 6.75% for public and 5.75 % to 7.55 % for senior citizens . Suryoday SF Bank , Utkarsh SF Bank , Jana SF , AU SF Bank & Fincare SF Bank pay highest of 6.75 % for the public and Jana SF Bank pays 7.55 % for the 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 for deposits of period above 5 years
NOTE :
1. Depositors get DICGC cover of Rs 5.00 lakhs on Bank Deposits as insurance .
Highest Rate of Interest for Senior Citizens
SMALL FINANCE BANKS WHICH PAY INTEREST RATES OF 7 % OR MORE TO SENIOR CITIZENS :
Dated 15.05.2022 : 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 : 7.25 % pa
2. UJJIVAN SF BANK : 7.40 % pa
3. JANA SF BANK : 7.55 % pa
4. AU SF BANK : : 7 .25 % pa
5. FINCARE SF BANK : 7.25 % pa
6. NORTHEAST SF BANK : 7.25 %
7. UTKARSH SF : 7.25 % pa
Following banks pay interest rates of 7 % or more for one year deposits to senior citizens
1. UJJIVAN SF BANK : 7.65 % pa
2. JANA SF BANK : 7.30 % pa
3. SURYODAYA SF : 7.00 % PA
4. UTKARSH SF : 7.40% pa
5. SURYODAYA SF : 7.00 %
Dated 15.05.2022 : 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 : 7.25 % pa
2. UJJIVAN SF BANK : 7.40 % pa
3. JANA SF BANK : 7.55 % pa
4. AU SF BANK : : 7 .25 % pa
5. FINCARE SF BANK : 7.25 % pa
6. NORTHEAST SF BANK : 7.25 %
7. UTKARSH SF : 7.25 % pa
Following banks pay interest rates of 7 % or more for one year deposits to senior citizens
1. UJJIVAN SF BANK : 7.65 % pa
2. JANA SF BANK : 7.30 % pa
3. SURYODAYA SF : 7.00 % PA
4. UTKARSH SF : 7.40% pa
5. SURYODAYA SF : 7.00 %
INTEREST RATES FOR 1 YEAR AND INTEREST RATES FOR 5 YEARS
PUBLIC SECTOR BANKS INTEREST RATES
INDIAN PRIVATE 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 |
AXIS BANK |
5.25 |
5.90 |
5.75 |
6.50 |
6.50 |
ICICI BANK |
5.00 |
5.50 |
5.45 |
5.95 |
6.35 |
HDFC BANK |
5.10 |
5.60 |
5.45 |
5.95 |
6.35 |
KARNATAKA BANK |
5.10 |
5.50 |
5.40 |
5.80 |
6.00 |
KARUR VYSYA BANK |
5.40 |
5.90 |
5.80 |
6.15 |
- |
KOTAK MAHINDRA BANK |
5.40 |
5.90 |
5.75 |
6.25 |
6.25 |
TAMILNADU MERCANTILE BANK |
5.25 |
5.75 |
5.00 |
5.50 |
5.50 |
DHANALAKSHMI BANK |
5.15 |
5.65 |
5.40 |
5.90 |
6.00 |
FEDERAL BANK |
5.15 |
5.65 |
5.60 |
6.25 |
6.25 |
J & K BANK |
5.20 |
5.70 |
5.50 |
6.00 |
6.00 |
CSB BANK ( Formerly CATHOLIC SYRIAN BANK ) |
5.00 |
5.50 |
5.25 |
5.75 |
6.00 |
INDUSIND BANK |
6.00 |
6.50 |
6.50 |
7.00 |
6.50 |
SOUTH INDIAN BANK |
4.90 |
5.40 |
5.65 |
6.15 |
6.00 |
RBL BANK |
6.25 |
6.75 |
6.30 |
6.80 |
6.25 |
DBS BANK ( FORMERLY LAKSHMI VILAS BANK ) |
5.10 |
5.60 |
5.75 |
6.25 |
6.25 |
YES BANK |
5.75 |
6.25 |
6.25 |
7.00 |
7.00 |
IDBI BANK |
5.15 |
5.65 |
5.60 |
6.10 |
6.10 |
TAX PLANNING FOR FY 2021-22 ( AY 2022-23 )
Comprehensive Article on Income tax changes in Rules, Rates , Slabs , Rebates and Estimation
CLICK HERE TO READ
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
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 |
2.75 |
3.25 |
3.50 |
4.00 |
HSBC BANK |
3.10 |
3.60 |
4.00 |
4.50 |
STANDARD CHARTERED BANK |
5.30 |
5.80 |
5.60 |
6.10 |
SMALL FINANCE BANKS INTEREST RATES
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
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.AXIS BANK
02.CITIBANK N.A.
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
01.AXIS BANK
02.CITIBANK N.A.
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
