Banks Offering the Highest Fixed Deposit Interest Rates

Fixed deposits are a great way to put your savings to good use and earn interest on the same. This is the reason why FDs are the most popular financial instruments for the people of India to park their funds. But then one question arises – which bank to choose to create an FD? Well, this article is the answer to this question. Here you will find details about all the banks offering the best FD interest rates in India. So, without any further ado, let us begin. 

Bank of Baroda – The highest Bank of Baroda fixed deposit interest rates for regular and senior citizens stand at 5.50 percent and 6.50 percent, respectively. Please note that these interest rates are for deposits of up to INR two crores. 


HDFC Bank – Unarguably the biggest private sector bank in India, HDFC Bank offers you 6.10 percent annual returns for FDs (up to INR two crores) for a tenure of three years and one day to five years. 


Axis Bank – One of the biggest private banks in India, Axis Bank is offering the highest interest rate of 5.75 percent and 6.80 for regular and senior citizens, respectively. 


Bank of India – Bank of India FD interest rates go up to 5.40 percent for a deposit of INR two crores. Senior citizens can earn up to 6.25 annual returns on their deposits.  


SBI Bank – SBI Bank is the preferred banker for many in India. This PSU offers up to 6.10 interest rates on fixed deposits to its customers who are regular citizens. People above the age of 60 years can earn up to 6.45 percent interest rates on their SBI Bank FDs. 


ICICI Bank – You can earn 6.10 percent interest if you are a regular citizen and 6.60 percent interest if you are a senior citizen on a FD of up to INR two crores with ICICI Bank. 


If you are looking to open a fixed deposit account, then banks are not the only option available to you. Various NBFCs or non-bank financial companies also offer fixed deposit solutions offering great interest rates to depositors. These include Shriram Transport Finance, Mahindra Finance, and more. Since fixed deposits are usually for a long period of time, we advise you to choose wisely before opening one.


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