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Compare Bank FD Interest Rates 2024

Updated on April 15, 2024 , 5667 views

Fixed Deposits are a wonderful tool through which one can grow their idle savings into a sizable amount of money. It is an investment that guarantees (nearly!) a Fixed Interest Rate on the tenure for which one wishes to deposit their money. Investors who are risk-averse can invest in FDs as they are amongst the safest investment options in India. But, before you invest, it is advisable to look for banks that offer best FD rates, so that you can earn better returns.

One should also know the Bank or financial institution that they choose and look at its reputation/credit standing. Hence, to make it easy for you, we have listed below the best FD rates offered by various banks.

Best Fixed Deposit Rates 2024

Here is a list of best FD rates offered by various banks. You can compare, analyse and pick the right bank Offering the best rates as per your needs.

Banks	Deposit Tenure	Interest Rate For General	Interest Rate for Senior Citizens
SBI Bank	7 days-10 years	3.00% -6.66%	3.50%-7.71%
HDFC Bank	7 days - 10 years	3.00%-7.00%	3.50%-7.75%
ICICI Bank	7 days to 10 years	3.00% – 7.00%	3.50% - 7.00%
Axis Bank	7 days-10 years	3.00%-7.00%	3.50%-7.75%
PNB Bank	7 days - 10 years	3.50%-6.50%	4.00%-7.50%
Canara Bank	7 days - 10 years	4.00% to 6.87%	4.00% to 7.40%
Bank of India	7 days to 10 years	3.00% - 6.00%	3.00% - 6.90%
Union Bank	7 days to 10 years	3.00% - 6.70%	3.50% - 6.10%
Indian Bank	7 days to above 5 years	2.90% - 6.00%	2.90% - 7.55%
IOB Bank	7 days to 3 years & above	4.00% - 6.50%	3.90% - 6.80%
Kotak Bank	7 days to 10 years	2.75% - 6.35%	3.25% - 6.87%
AU Small Finance Bank	7 days to 120 months	3.75% - 7.45%	4.25% - 7.98%
Bandhan Bank	7 days to 10 years	3.00% - 5.85%	3.75% - 6.60%
Bajaj Finance	15 months - 44 months	7.45% - 8.35%	7.70% - 8.60%
BOB Bank	7 days to above 10 years	3.00% - 7.65%	3.35% - 8.00%
IDBI Bank	7 days to 20 years	3.00% - 4.80%	3.50% - 5.30%
YES Bank	7 days to 10 years	3.25% - 7.19%	3.75% - 7.98%
IndusInd Bank	7 days to 10 years	3.50% - 7.25%	4.25% - 8.00%
Federal Bank	7 days to 10 years	3.00% - 6.60%	3.50% - 7.25%
IDFC Bank	7 days-10 years	3.00% - 7.00%	3.50% - 7.50%
UCO Bank	7 days- above 5 years	2.90% - 7.07%	5.90% - 7.07%
Bank of Maharashtra	7 days- above 5 years	2.75% - 6.00%	2.75% - 6.50%
DBS Bank	7 days-10 years	2.50% - 6.50%	2.50% - 7.00%
HSBC Bank	7 days-5 years	2.85% - 7.00%	3.35% - 7.75%
Deutsche Bank	7 days-5 years	3.00% - 8.00%	3.00% - 8.00%
SBM Bank	7 days-10 years	4.25% - 8.00%	7.05% - 8.05%
Central Bank of India	7 days-10 years	4.75% - 6.92%	5.25% - 7.45%
RBL Bank	7 days-5 years	3.50% - 8.00%	4.00% - 8.50%
LIC Housing Finance	1 year - 5 years	7.25% to 7.75%	7.25% to 7.75%
PNB Housing Finance	1 year - 10 years	7.00% to 7.85%	7.30% to 8.15%
ICICI Home Finance	1 year - 10 years	7.00% to 7.65%	7.30% to 7.70%
Shriram City Union Finance	1 year - 5 years	7.53% to 8.27%	8.03% to 8.73%
Jana Small Finance Bank	7 days - 10 years	3.00% to 8.50%	3.50% to 9.00%
Utkarsh Small Finance Bank	7 days - 10 years	4.00% to 8.25%	4.60% to 8.85%
Equitas Small Finance Bank	7 days - 10 years	3.50% to 8.77%	3.50% to 8.77%

Disclaimer- The FD Interest Rates are subject to frequent change. Before starting a Fixed Deposit scheme, do inquire with the concerned banks or visit their websites.

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Earn Better Returns by Investing in Liquid Funds

Liquid Funds invest in short-term investment instruments like commercial papers, certificates of deposit, treasury bills etc.
With Liquid Mutual Funds one gets the flexibility to invest or withdraw whenever one wants to without any penalty or exit load.
When investing in Mutual Funds, some fund houses also offer ATM card to withdraw money. This further adds on to your convenience.
Some of the Best Liquid Funds offer much better interest rate than that of Savings Account.

Liquid Funds Vs Savings Account

Based on certain parameters, we can figure out the difference between liquid funds and savings account. Let’s figure out those parameters.

Factors	Liquid Funds	Savings Account
Rate of Return	7-8%	4%
Tax Implications	Short-term Capital gains tax is levied based on investors' applicable income tax slab Tax Rate	Interest rate earned are taxable as per investors' applicable Income tax slab
Ease of Operation	No need to go to a bank to get cash. If there is same amount that needs to be paid, it can be done online	Money gets deposited to the bank account first
Suitable for	Who want to invest their surplus to earn higher return than saving account	Who want to just park their surplus amount

Top 5 Liquid Funds to Invest 2024

Fund	NAV	Net Assets (Cr)	1 MO (%)	3 MO (%)	6 MO (%)	1 YR (%)	3 YR (%)	5 YR (%)	2023 (%)
Principal Cash Management Fund Growth	₹2,120.66 ↑ 0.45	₹5,413	0.7	1.9	3.7	7.2	5.4	5	7
PGIM India Insta Cash Fund Growth	₹312.763 ↑ 0.06	₹376	0.7	1.9	3.7	7.2	5.5	5.2	7
JM Liquid Fund Growth	₹65.6248 ↑ 0.01	₹1,628	0.7	1.8	3.7	7.2	5.5	5.1	7
Indiabulls Liquid Fund Growth	₹2,322.87 ↑ 0.49	₹191	0.7	1.9	3.7	7.2	5.2	5	6.8
Axis Liquid Fund Growth	₹2,674.28 ↑ 0.56	₹33,841	0.7	1.9	3.7	7.3	5.5	5.2	7.1
Note: Returns up to 1 year are on absolute basis & more than 1 year are on CAGR basis. as on 16 Apr 24

Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.