Comparison Chart for Bank Fixed Deposit Interest rates of Public Sector and Private Sector Banks
A comparison Chart for Bank Fixed Deposit Interest rates of Public Sector and Private Sector Banks would help investors to quickly make a choice of bank for best interest rate on their Fixed deposits .
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.
| Bank Name | Effective date | Term | Rate of interest |
| Indian Bank of India | 04/03/2023 | Super 400 Days (w.e.f 03.05.24 -30.06.24) | 7.25 |
| Union Bank | 25/04/2024 | 399 days | 7.25 |
| Bank of Baroda | 15/01/2024 | 360 days | 7.10 |
| Bank of India | 01/04/2024 | 2 Years | 7.25 |
| Canara Bank | 19/02/2024 | 444 days | 7.25 |
| Central Bank of India | 10/01/2024 | 2-3 Years | 7.00 |
| IDBI Bank | 01/04/2024 | 2-3 Years | 7.00 |
| Punjab & Sind Bank | 02/04/2024 | 444 days | 7.25 |
| Punjab National Bank | 12/04/2024 | 400 days | 7.25 |
| State Bank of India | 15/05/2024 | 400 days | 7.10 |
| J&K Bank | 11/04/2024 | 1-2 Years | 7.05 |
| Bank Name | Effective date | Term | Rate of interest |
| Axis Bank | 13/05/2024 | 17 months < 18 months | 7.20 |
| HDFC Bank | 09/02/2024 | 18 months to < 21 months | 7.25 |
| ICICI Bank | 13/05/2024 | 15 months to < 18 months | 7.20 |
| Indusind Bank | 06/02/2024 | 1-2 Years | 7.75 |
| Yes Bank | 21/11/2023 | 18 months to < 24 months | 7.75 |
| Kotak Mahindra Bank | 27/02/2024 | 390 days | 7.40 |
| Bank Name | Effective date | Rate of interest |
| Union Bank | 25/04/2024 | 6.75 |
| Bank of Baroda | 15/01/2024 | 6.85 |
| Bank of India | 01/04/2024 | 6.80 |
| Canara Bank | 19/02/2024 | 6.85 |
| Central Bank of India | 10/01/2024 | 6.75 |
| IDBI Bank | 01/04/2024 | 6.80 |
| Punjab & Sind Bank | 02/04/2024 | 6.20 |
| Punjab National Bank | 12/04/2024 | 6.75 |
| State Bank of India | 15/05/2024 | 6.80 |
| Union Bank of India | 25/04/2024 | 6.75 |
| J&K Bank | 11/04/2024 | 7.05 |
| Bank Name | Effective date | Rate of interest |
| Axix Bank | 13/05/2024 | 6.70 |
| HDFC Bank | 09/02/2024 | 6.60 |
| ICICI Bank | 13/05/2024 | 6.70 |
| Indusind Bank | 06/02/2024 | 7.75 |
| Yes Bank | 21/11/2023 | 7.25 |
| Kotak Mahindra Bank | 27/02/2024 | 7.10 |
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.
ITAT allowed increased exemption of Rs. 25 lakhs u/s 10(10A) to non-government employees in view of CBDT retrospective notification. In…
PCIT has revisionary jurisdiction u/s 263 over the cases irrespective of the fact that the relevant assessment was completed physical…
Appellate court interfering with Motor Accidents Claims Tribunal findings on assessment of disability and loss of earning capacity must undertake…
When period of delay is not very huge and involve huge monetary liability on the assessee, a lenient approach should…
Ratification by EoGM of the company can not give legality of the diversion of the fund raised by preferential issue.…
CBIC prescribes procedures for return of export cargo from international waters due to closure of the Strait of Hormuz where…