Bank

Comparison Chart for Bank Fixed Deposit Interest rates of Public/Private Sector Banks  

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.

Comparison Chart for Bank Fixed Deposit Interest rates updated on 17/05/2024

 

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 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

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
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

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
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

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 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.

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