Fixed Deposit, also called Term Deposit is an investment where the interest rate is guaranteed not to change for the nominated term, so you know exactly what your investment is worth. A fixed deposit is a great way to save money for a period of time, if you are looking at getting your invested money safely along with good earning through it then fixed deposit is the way to go.
Bank Name | Maturity Period | Deposit Amount | Interest Rate | |
---|---|---|---|---|
General | Senior Citizen | |||
DBS Bank | 2 years 6 months 1 day & less than 3 years | Less than Rs 2 Crore | 7.50 | 8.00 |
Deutsche Bank | DB Tax Saver Deposits - 5 years | Upto Rs. 1 lakh | 8.25 | 8.25 |
Bharat Co-operative Bank | Bharat Co-operative Tax Savings Scheme - 5 Years | Upto Rs. 1 lakh | 7.65 | 8.10 |
Abu Dhabi Commercial Bank | 1234 days | Rs. 1 cr to 5 crs | 7.60 | 8.10 |
Indus Ind Bank | Indus Tax Saver Scheme (5 year) | Upto Rs. 1 lakh | 7.50 | 9.00 |
Federal Bank | Federal Tax Savings Deposit Scheme (FTSD) - 5 Years | Upto Rs. 1 lakh | 7.40 | 7.90 |
The Ratnakar Bank | Ratnakar Tax Savings Term Deposit Scheme - 60 months to 120 months | Upto Rs. 1 lakh | 7.35 | 8.08 |
Kotak Bank | 12 months to less than 15 months | Rs. 100 cr and above | 7.35 | - |
ICICI Bank | Tax Saver FD 80C - 5 year | Upto Rs. 1 lakh | 7.25 | 7.75 |
Janakalyan Sahakari Bank | JankarBachatYojana (Tax Benefit 60 months) | Upto Rs. 1 lakh | 7.25 | 7.25 |
Shamrao Vithal Co-operative Bank | Shamrao Vithal Tax Savings Scheme - 5 Years | Upto Rs. 1 lakh | 7.25 | 7.25 |
J&K Bank | JankarBachatYojana (Tax Benefit 60 months) | Upto Rs. 1 lakh | 7.25 | 7.25 |
Punjab National Bank | PNB Tax Saver Fixed Deposit Scheme - 5 years to10 years | Upto Rs. 1 lakh | 7.20 | - |
Yes Bank | Tax Saver Deposits - 5 years | Upto Rs. 1 lakh | 7.10 | 7.60 |
Thane Janata Sahakari Bank | KAR-BACHAT - Tax Savings Scheme - 5 Years | Upto Rs. 1 lakh | 7.00 | 7.50 |
State Bank of India (SBI) | 2 years to less than 3 years | Less than Rs. 2 cr | 7.00 | 7.50 |
Punjab & Maharashtra Co-operative Bank | PMCB Kar-Mukt Yojna - Tax Saver | Upto Rs. 1 lakh | 7.00 | 7.25 |
Bombay Mercantile Co-operative Bank | Mercantile Co-operative Tax Savings Scheme - 5 Years | Upto Rs. 1 lakh | 7.00 | 7.00 |
Lakshmi Vilas Bank | Tax Saver Deposits - 5 years | Upto Rs. 1 lakh | 7.00 | 7.00 |
Kapole Co-operative Bank | Tax Savings Scheme - 5 Years | Upto Rs. 1 lakh | 7.00 | - |
IDBI Bank | Suvidha Tax Saving Fixed Deposits - 5 YEARS | Upto Rs. 1 lakh | 6.85 | 7.35 |
Union Bank of India | Union Tax Saver Scheme - 5 years to 10 Years | Upto Rs. 1 lakh | 6.85 | - |
Punjab and Sind Bank | PSB Fixed Deposit Tax Saver Scheme | Upto Rs. 1 lakh | 6.80 | 7.30 |
Small Industries Development Bank of India | 14 months to 36 months | Rs. 50 cr and above | 6.75 | 7.25 |
Bank of Baroda | Above 5 years to up to 10 years | Less than Rs. 1 cr | 6.70 | 6.50 |
Saraswat Co-operative Bank | Madhukar Tax Saving - 5 years | Up to Rs. 1 lakh | 6.60 | 6.85 |
Central Bank of India | CENT Tax Saving Deposit - 5 Years | Upto Rs. 1 lakh | 6.50 | 7.00 |
HDFC Bank | HDFC Bank Tax Saver Deposits - 5 years | Upto Rs. 1 lakh | 6.50 | 7.00 |
Karnataka Bank | KBL - Tax Planner - 5 years | Upto Rs. 1 lakh | 6.50 | 7.00 |
Nainital Bank | Naini Tax Saver Scheme - 5 years to 10 Years | Less than Rs. 2 crore | 6.50 | 7.00 |
Bank of Maharashtra | Mahabank Tax Saving Scheme - 5 Years | Upto Rs. 1 lakh | 6.50 | 7.00 |
Bank of India | Star Sunidhi Tax-Saving Deposit Scheme - 5 years to 10 Years | Upto Rs. 1 lakh | 6.50 | 7.00 |
Allahabad Bank | Tax Benefit Term Deposit Scheme - 5 years | Less than Rs. 1 cr | 6.50 | - |
Catholic Syrian Bank | CSB Tax Savings Support - Income - 5 Years | Upto Rs. 1 lakh | 6.50 | - |
UCO Bank | UCO Tax Saver Deposit Scheme 2006 | Upto Rs. 1 lakh | 6.30 | 6.80 |
Bandhan Co-operative Bank | 1 year to 18 months | Less than Rs. 2 cr | 6.25 | 7.00 |
Bandhan Bank | 1 year to 18 months | Less than Rs. 2 cr | 6.25 | 7.00 |
Axis Bank | Axis Tax Saver Deposits - 5 years | Upto Rs. 1 lakh | 6.25 | 6.75 |
Bassein Catholic Co-operative Bank | Above 12 Months to 18 Months | Less than Rs. 15 lakh | 6.25 | 6.50 |
Canara Bank | Canara Tax Saver Scheme - 5 years | Upto Rs. 1 lakh | 6.20 | 6.70 |
Abhyudaya Co-operative Bank | Above 60 months and upto and inclusive of 120 months | Less than Rs. 2 cr | 6.10 | 6.35 |
Indian Overseas Bank | IOB Tax Saver Deposit Scheme - 5 Years | Upto Rs. 1 lakh | 6.00 | 6.50 |
HSBC | 732 days to less than 36 months | Less than Rs. 2 cr | 6.00 | 6.50 |
DCB Bank | 36 months | Less than Rs. 2 cr | 5.95 | 6.45 |
Karur Vysya Bank | KVB - Tax Shield - 5 years | Less than Rs. 2 cr | 5.90 | 5.90 |
Citi Bank | Tax Saver Deposits - 5 years | Upto Rs. 1 lakh | 5.75 | - |
South Indian Bank | South Indian Bank Tax Gain - 5 years | Less than Rs. 2 cr | 5.65 | 6.15 |
Dhanalakshmi Bank | Above 5 years and upto and inclusive of 10 years | Less than Rs. 2 cr | 5.60 | 6.10 |
Standard Chartered Bank | 18 Months to less than 21 months | Less than Rs. 2 cr | 5.40 | 5.90 |
Tamilnad Mercantile Bank | 2 years to less than 3 years | Less than Rs. 2 cr | 5.35 | 5.85 |
Zoroastrian Co-operative Bank | Above 3 years upto 5 years | Less than Rs. 15 lakh | 5.25 | 5.50 |
City Union Bank (CUB) | City Union Bank Tax Saver Scheme - 5 years | Less than Rs. 2 cr | 5.00 | 5.00 |
Royal Bank of Scotland | 15 days upto 30 days | Less than Rs. 1 cr | 4.00 | 4.25 |
There are different kind of banks that are available in India, like public sector or nationalized banks, Indian private sector banks, foreign banks and cooperative banks. Each category of banks have different interest rates and every bank have their own set of interest rate and it varies from bank to bank.
Banks are free to set their own interest rates, according to their own asset liability match. Banks therefore will hike deposit interest rates, if they need additional deposits. On the other hand they will reduce the interest rates, when they are not in need. They can also borrow from the RBI.
These days you can book a fixed deposit online, which means you do not have to bother to go to the nearest branch. What this means you can compare bank interest rates and book an FD online that offers the best or the highest interest rates. This makes comparison of interest rates imperative. We have given the below interest rates of all of the banks, which will help to compare interest rates on bank deposits and than invest. We urge readers to take a look before investing.
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.
Bank deposits are relatively secure, unless you go for the smaller cooperative banks, some of which may not be very secure. So, you would probably only need to compare interest rates. There is no rating that is given to bank deposits, as they are more or less secure deposits. You can opt for both private and public sector banks, though the interest rates on these bank deposits hardly vary between these banks.
�