Comparison Chart for Bank Fixed Deposit Interest rates of Public Sector and Private Sector Banks
By the end of October, 1997, Banks have been given full freedom to set their domestic term deposit interest rates.
Bank Term or Fixed Deposits have always been considered as safe and steady income yielding options equally popular among salaried employees or businessmen. Although after de-regularisation in 1997, the average rates of interest on term deposits of banks of more than one year of maturity had come down from 12.50% in March, 1996 (Source RBI) to average of 4.80% in March, 2004 but since then it risen steadily and in 2014 the average interest rate was around 9.00% approx. For Senior Citizens interest rates are generally half percent more than the normal interest rates.
However, since 2014, the rate of interest is consistently falling and currently in view of the Covid-19 Pandemic situation in India, the interest rates have fallen to nearly 2004 level.
In the current situation, when income is also falling, finding out the bank that gives the maximum return of deposits is very important.
Despite recent bank mergers, with so many banks, comparing rate of interest on term deposits of each of them is easy unless you have a comparative and updated chart of major banks. The following table help you compare and choose the best rate of major Banks for term deposits.
Comparison Chart for Bank Fixed Deposit Interest rates updated on 12/05/2021
Comparison Chart of Highest Fixed Deposit Rates of Public Sector banks for Term deposits of more than 1 year maturity but up to 5 Years
| Bank Name | Effective date | Term | Rate of interest |
| Indian Bank | 05/02/2021 | 3-5 Years | 5.25 |
| Union Bank | 15/12/2020 | 3-5 Years | 5.55 |
| Bank of Baroda | 16/11/2020 | 3-5 Years | 5.25 |
| Bank of India | 01/10/2020 | 2-10 Years | 5.30 |
| Canara Bank | 08/02/2021 | 3-10 Years | 5.50 |
| Central Bank of India | 08/01/2021 | 3-10 Years | 5.10 |
| IDBI Bank | 16/04/2021 | 3-10 Years | 5.25 |
| Punjab & Sind Bank | 12/11/2020 | 3-10 Years | 5.25 |
| Punjab National Bank | 01/03/2021 | 3-10 Years | 5.25 |
| State Bank of India | 08/01/2021 | 3-5 Years | 5.30 |
| Union Bank of India | 15/12/2020 | 3-5 Years | 5.55 |
| J&K Bank | 11/10/2020 | 3-5 Years | 5.30 |
Comparison Chart of Highest Fixed Deposit Rates of Private Sector banks for Term deposits of more than 1 year maturity but up to 5 Years
| Bank Name | Effective date | Term | Rate of interest |
| Axix Bank | 06/05/2021 | 3-5 years | 5.40 |
| HDFC Bank | 13/11/2020 | 3-5 years | 5.30 |
| ICICI Bank | 21/10/2020 | 3-5 Years | 5.35 |
| Indusind Bank | 26/04/2021 | 3-5 Years | 6.50 |
| Yes Bank | 10/05/2021 | 3-5 Years | 6.50 |
| Kotak Mahindra Bank | 26/04/2021 | 3-5 Years | 5.25 |
Comparison Chart of Highest Fixed Deposit Rates of Public Sector banks for Term deposits of 1 year maturity:
| Bank Name | Effective date | Rate of interest |
| Indian Bank | 05/02/2021 | 5.00 |
| Union Bank | 15/12/2020 | 5.25 |
| Bank of Baroda | 16/11/2020 | 4.90 |
| Bank of India | 01/10/2020 | 5.25 |
| Canara Bank | 08/02/2021 | 5.20 |
| Central Bank of India | 08/01/2021 | 4.90 |
| IDBI Bank | 16/04/2021 | 4.90 |
| Punjab & Sind Bank | 12/11/2020 | 5.25 |
| Punjab National Bank | 01/03/2021 | 5.10 |
| State Bank of India | 08/01/2021 | 5.00 |
| Union Bank of India | 15/12/2020 | 5.25 |
| J&K Bank | 11/10/2020 | 5.10 |
Comparison Chart of Highest Fixed Deposit Rates of Private Sector banks for Term deposits of 1 year maturity:
| Bank Name | Effective date | Rate of interest |
| Axix Bank | 06/05/2021 | 5.10 |
| HDFC Bank | 13/11/2020 | 4.90 |
| ICICI Bank | 21/10/2020 | 4.90 |
| Indusind Bank | 26/04/2021 | 6.50 |
| Yes Bank | 10/05/2021 | 6.50 |
| Kotak Mahindra Bank | 26/04/2021 | 4.50 |
Note: All FDR rates are given for Individual deposits of Less than Rs. 2 crores. For Senior Citizens interest rates are generally half percent more than the normal interest rates.
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