Fix Deposit Interest Rates 2023: Bank Fixed Deposit ensures that your earnings grow steadily and effortlessly. Its key features like attractive interest rates, multiple interest payout options, and zero penalty on premature closure make it the ideal investment for your hard-earned money.
A fixed deposit is a financial instrument provided by banks or NBFCs which provides investors a higher rate of interest than a regular savings account, until the given maturity date. It may or may not require the creation of a separate account. Wikipedia
The Banks offers a wide range of Fixed Deposits (FDs) that offer a good rate of return and come with various other benefits. Some of the features of Bank FDs include nomination facility, flexible tenure options, auto renewal facility, different interest payout options, loan/overdraft facility, Etc. It is very easy to open an Bank FD online and this can be done at the click of a button in a paper-free manner.
Top 10 Banks FD Rates 2023
Fixed Deposit Interest Rates of Small Finance Banks
| Bank Name | Interest Rates (% p.a.) | |||
| Highest slab | 1-year tenure | 3-year tenure | 5-year tenure | |
| AU Small Finance Bank | 7.75 | 6.75 | 7.75 | 7.00 |
| Capital Small Finance Bank Limited | 7.60 | 7.60 | 7.15 | 7.10 |
| Equitas Small Finance Bank | 8.50 | 8.20 | 8.00 | 7.25 |
| ESAF Small Finance Bank | 8.50 | 6.00 | 6.75 | 6.25 |
| Fincare Small Finance Bank | 8.51 | 7.50 | 8.00 | 8.00 |
| Jana Small Finance Bank | 8.50 | 7.25 | 7.35 | 6.00 |
| North East Small Finance Bank | 8.50 | 6.50 | 7.25 | 6.25 |
| Shivalik Small Finance Bank Limited | 8.00 | 7.50 | 8.00 | 7.00 |
| Suryoday Small Finance Bank | 9.10 | 6.85 | 8.60 | 9.10 |
| Ujjivan Small Finance Bank | 8.25 | 8.25 | 7.20 | 7.20 |
| Unity Small Finance Bank | 9.00 | 7.35 | 7.65 | 8.25 |
| Utkarsh Small Finance Bank | 8.25 | 7.75 | 8.25 | 7.50 |
FD Interest Rates of Private Sector Banks
| Bank Name | Interest Rates (% p.a.) | |||
| Highest slab | 1-year tenure | 3-year tenure | 5-year tenure | |
| Axis Bank | 7.10 | 6.75 | 7.00 | 7.00 |
| Bandhan Bank | 7.85 | 7.25 | 7.25 | 5.85 |
| City Union Bank | 7.75 | 6.75 | 7.25 | 6.90 |
| CSB Bank | 7.35 | 5.00 | 5.75 | 5.75 |
| DBS Bank | 7.50 | 6.25 | 6.50 | 6.50 |
| DCB Bank | 8.00 | 7.25 | 8.00 | 7.75 |
| Dhanlaxmi Bank | 7.25 | 6.75 | 6.50 | 6.60 |
| Federal Bank | 7.25 | 6.80 | 6.60 | 6.60 |
| HDFC Bank | 7.25 | 6.60 | 7.00 | 7.00 |
| ICICI Bank | 7.10 | 6.70 | 7.00 | 7.00 |
| IDBI Bank | 7.15 | 6.80 | 6.50 | 6.50 |
| IDFC First Bank | 7.50 | 6.50 | 7.25 | 7.00 |
| IndusInd Bank | 7.75 | 7.75 | 7.50 | 7.25 |
| Jammu & Kashmir Bank | 7.10 | 7.10 | 6.50 | 6.50 |
| Karnataka Bank | 7.30 | 7.00 | 6.50 | 6.50 |
| Karur Vysya Bank | 7.30 | 7.00 | 7.00 | 6.25 |
| Kotak Mahindra Bank | 7.20 | 7.10 | 6.50 | 6.20 |
| Nainital Bank | 7.05 | 6.70 | 6.25 | 5.75 |
| RBL Bank | 7.80 | 7.00 | 7.10 | 7.10 |
| SBM Bank India | 7.75 | 7.05 | 7.30 | 7.75 |
| South Indian Bank | 7.40 | 6.60 | 6.50 | 6.00 |
| Tamilnad Mercantile Bank | 8.00 | 7.25 | 6.50 | 6.50 |
| Yes Bank | 7.75 | 7.50 | 7.25 | 7.00 |
FD Rates for Public Sector Banks
| Bank Name | Interest Rates (% p.a.) | |||
| Highest slab | 1-year tenure | 3-year tenure | 5-year tenure | |
| Bank of Baroda | 7.25 | 6.75 | 7.05 | 6.50 |
| Bank of India | 7.00 | 7.00 | 6.50 | 6.00 |
| Bank of Maharashtra | 7.00 | 6.35 | 6.00 | 5.75 |
| Canara Bank | 7.25 | 7.00 | 6.80 | 6.70 |
| Central Bank of India | 7.10 | 6.75 | 6.25 | 6.25 |
| Indian Bank | 7.25 | 6.10 | 6.25 | 6.25 |
| Indian Overseas Bank | 7.25 | 6.50 | 6.50 | 6.50 |
| Punjab & Sind Bank | 7.35 | 6.40 | 6.25 | 6.25 |
| Punjab National Bank | 7.25 | 6.75 | 7.00 | 6.50 |
| State Bank of India | 7.10 | 6.80 | 6.50 | 6.50 |
| UCO Bank | 7.05 | 6.50 | 6.30 | 6.20 |
| Union Bank of India | 7.00 | 6.30 | 6.50 | 6.70 |
TDS on Bank Fixed Deposit Interest?
Remember, that Bank FDs attract a TDS, if the interest amount is over Rs 10,000. Therefore, it is imperative that you plan your FDs accordingly. You can submit tax saving form 15g or 15h, if you do not want tax to be deducted by the bank on the interest income of the fixed deposits.
Apply Through Mobile Banking:
- Step I: Login to Mobile Banking and select the deposit option.
- Setp II: Select option Open FD
- Step III: Fill in the required account and nominee details
- Step IV: On confirmation, the selected amount will be debited from your Savings Account and your Fixed Deposit will be created instantly. You will get a web receipt of the Fixed Deposit booked instantly. The value for opening of the deposit and the rate applicable will be as per the date of request i.e. the day on which the Savings Account is debited.
- Step V: Post creation, the Fixed Deposit advice will be mailed to your registered e-mail id if you are registered for e-statement. In case you are not registered for e-statements, physical advice will be dispatched to your communication address. Also, you will be able to view the Fixed Deposit advice in Mobile Banking after one working day of deposit booking.