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 . 

BANK FD RATES IN INDIA

COMPARITIVE FIXED DEPOSIT INTEREST RATES

offered by Indian Banks   

PLAN N PROGRESS compares    interest rates of various banks . 

 20.11.2020 :  Since our last review   , Interest rates have gone  further south  and  many    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 3rd , January , 2021   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 
  A.  The public sector banks  are offering interest rates between 4.90  % to 5.25 %  1 year deposits for public and  normally 0.5 % more  for senior citizens  .   

B.  The private  sector banks  are offering interest rates between  4.50   % to  6.50 %   %  1 year deposits for public and between 5.00  %  to 7.00 %      for senior citizens  .   Indusind Bank  , RBL Bank &  Yes Bank   is   paying highest interest rate of  6.50   % for the public and  at  7.00 % for the senior citizens . ​
 
C.  The highest yield on Bank Deposits come   generally  from Small Finance banks . Northeast SF  Bank  pays  7.00 %  for 1 year public deposit  and 7.50 % for senior citizens ​
​

FOR 5 YEAR DEPOSITS 

A.  Public sector banks pay between 4.90  % to  5.40  %  for 5 year term deposits ( 5.00 %  to 6.20  %  for senior citizens )   .    State Bank of India  is  paying highest interest rate  of 5. 40  %  for the public and   6.20 %  for the senior citizens  . 

B. Private  sector banks pay between 4.50  % to 6.75  %  for 5 year term deposits ( 5.00 %  to  7.50  %  for senior citizens )   .    Yes Bank   is paying highest interest rate  of  6.75 %  for the public  and   7.50  %  for the senior citizens  . 

 C. Small finance banks pay    between  6.50  % to  7.50 % for public and 7.00 % to  8.00   %  for senior  citizens  .  Suryuodaya SF Bank pays highest of  7.50 %  for the public and  8.00  % 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 dor deposits of period  above 5 years 
​
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. 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

PUBLIC SECTOR BANKS INTEREST RATES

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

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	5.15	5.80	5.50	6.00	6.00
ICICI BANK	4.90	5.40	5.35	5.85	6.15
HDFC BANK	4.90	5.40	5.30	5.80	6.25
KARNATAKA BANK	5.30	5.70	5.55	5.95	6.10
KARUR VYSYA BANK	5.50	6.00	5.65	6.15	6.15
​KOTAK MAHINDRA BANK	4.50	5.00	4.50	5.00	5.00
TAMILNADU MERCANTILE BANK ​	5.75	6.25	5.50	5.50	5.50
DHANALAKSHMI BANK	5.25	5.75	5.50	6.00	6.10
FEDERAL BANK	5.10	5.60	5.50	6.00	6.00
J & K BANK	5.10	5.60	5.30	5.80	5.80
CSB BANK ( Formerly ​CATHOLIC SYRIAN BANK  )	5.00	5.00	5.25	5.25	5.25
​INDUSIND BANK	6.50	7.00	6.50	7.00	6.75
SOUTH INDIAN BANK	5.40	5.90	5.50	6.00	6.00
RBL BANK	6.50	7.00	6.40	6.90	6.90
DBS BANK  ( FORMERLY   ​LAKSHMI VILAS BANK   ) ​	5.00	5.50	5.50	6.00​	6.00
YES BANK	6.50	7.00	6.75	7.50	7.50
IDBI BANK	5.00	5.50	5.10	5.60	5.60

 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	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	5.35	5.85

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 

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

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