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5 Leading Banks That Offer Higher Interest Rates On Retail FDs

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FDs are investment vehicles provided by banks and NBFCs (non-banking financial companies) that only offer higher interest rates across varying tenures for investors than standard savings accounts. Based on their tenure, amount, and type of depositor, FD interest rates vary from bank to bank. Senior citizens aged 60 years old enjoy additional interest rates on their fixed deposits, often 0.5% higher than the general public. Before investing, it is also often important to compare them. Below are the current interest rates provided by SBI, Punjab National Bank, Bank of Baroda, HDFC Bank, and Canara Bank for deposits below Rs 2 crore and tenure ranging from 7 days to 10 years respectively.

SBI FD Rates

SBI FD Rates

For seven to 45 days of deposit, SBI provides FD rates at 2.9 per cent interest. Term deposits offer 3.9 percent interest between 46 days to 179 days. Deposits from 180 days to less than one year attract 4.4% interest. Similarly, 4.9% interest and 5.1% interest is provided on fd for the maturity period between one year up to two year and two years or less than three years. Three-year or less than five-year tenor FDs offer 5.3% interest and for five years and up to 10 years tenure it is 5.4 per cent respectively. SBI also provides an additional interest rate of 50 bps across all tenors to senior citizens. On FDs maturing in 7 days to 10 years, they can receive 3.4-6.2 per cent interest.

Tenure General Public FD Rate Senior Citizens FD Rate
7 - 45 days 2.90% 3.40%
46 - 179 days 3.90% 4.40%
180 - 210 days 4.40% 4.90%
211 days - upto 1 yr 4.40% 4.90%
1 yr - upto 2 yrs 4.90% 5.40%
2 yrs - upto 3 yrs 5.10% 5.60%
3 yrs - upto 5 yrs 5.30% 5.80%
5 - 10 yrs 5.40% 6.20%
Punjab National Bank FD Rates
 

Punjab National Bank FD Rates

An interest rate of 3 percent on 7-45-day term deposits, up to 4.5 percent on deposits of less than one year is currently provided by the bank. PNB offers a 5.20 percent interest rate on deposits maturing in one up to three years and 5.25 percent interest on deposits maturing in 5 years but less than 10 years. These rates are all valid as of 1 December 2020.

Tenure General Public FD Rate Senior Citizens FD Rate
7 to 14 days 3% 3.50%
15 to 29days 3% 3.50%
30 to 45 days 3% 3.50%
46 to 90 days 3.25% 3.75%
91 to 179 days 4% 4.50%
180 days to 270 Days 4.40% 4.90%
271 days to less than 1 year 4.50% 5%
1 year 5.20% 5.70%
above 1 year & upto 2 years 5.20% 5.70%
above 2 year & upto 3 years 5.20% 5.70%
above 3 year & upto 5 years 5.25% 5.75%
above 5 years & upto 10 years 5.25% 5.75%
HDFC Bank FD Rates

HDFC Bank FD Rates

HDFC Bank provides interest of 2.50 percent on deposits within seven and 29 days, and 3 percent on deposits between 30 and 90 days. The bank offers 3.5% interest on FDs maturing between 91 days and six months, 4.4% on those maturing within six months between one day and less than 9 months, and 4.9% on those maturing within 1 year and 1 year 1 day - 2 years. For maturity periods of two years and two years to three years the bank is currently providing 5 per cent and 5.15 per cent interest on FDs. Deposits of three years to five years will offer an interest rate of 5.30 percent, and 5.50 percent interest will be offered for five years to ten years. All these rates are valid as of 13 November 2020.

Tenure General Public FD Rate Senior Citizens FD Rate
7 - 14 days 2.50% 3.00%
15 - 29 days 2.50% 3.00%
30 - 45 days 3.00% 3.50%
46 - 60 days 3.00% 3.50%
61 - 90 days 3.00% 3.50%
91 days - 6 months 3.50% 4.00%
6 mnths 1 days - 9 mnths 4.40% 4.90%
9 mnths 1 day < 1 Year 4.40% 4.90%
1 Year 4.90% 5.40%
1 year 1 day - 2 years 4.90% 5.40%
2 years 1 day - 3 years 5.15% 5.65%
3 year 1 day- 5 years 5.30% 5.80%
5 years 1 day - 10 years 5.50% 6.25%
Bank Of Baroda FD Rates

Bank Of Baroda FD Rates

BoB is promising 2.8 percent interest on seven-day to 45-day duration, and 3.7 percent interest on 46 to 180-day deposits. The bank provides an interest rate of 4.4% on short-term deposits with a maturity period of 271 days or more and less than one year. One-year FDs will receive 4.9% interest, 5% for maturity period in excess of one year, and up to three years. Deposits with maturity periods of three and up to 10 years provide an interest of 5.25 percent. All these rates are in effect from 16 Nov 2020. For all tenors up to 5 years, senior citizens can earn an interest rate of 0.50 percent and for all tenors up to 5 years, up to 10 years, 1.00 percent respectively.

Tenure General Public FD Rate
7 days to 14 days 2.80%
15 days to 45 days 2.80%
46 days to 90 days 3.70%
91 days to 180 days 3.70%
181 days to 270 days 4.30%
271 days & above and less than 1 year 4.40%
1 year 4.90%
Above 1 year to 400 days 5%
Above 400 days and upto 2 Years 5%
Above 2 Years and upto 3 Years 5.10%
Above 3 Years and upto 5 Years 5.25%
Above 5 Years and upto 10 Years 5.25%
Above 10 years 5.10%
Canara Bank FD Rates

Canara Bank FD Rates

Canara Bank is providing a 2.95 percent interest rate on FDs with a maturity period of seven to 45 days. In the case of term deposits with a maturity period of 46-90 days, 91 days to 179 days and 180 days to less than one year, the interest rate is 3.90, 4.00 and 4.45 per cent respectively. Whereas it is 5.20 per cent and 5.50 per cent interest rate for FDs maturing in one year to less than two years and three to 10 years. These rates are all effective as of 27 November 2020.

Tenure General Public FD Rate Senior Citizens FD Rate
7 days to 45 days* 2.95% 2.95%
46 days to 90 days 3.90% 3.90%
91 days to 179 days 4% 4%
180 days to less than 1 Year 4.45% 4.95%
1 year only 5.25% 5.75%
Above 1 year to less than 2 years 5.20% 5.70%
2 years & above to less than 3 years 5.40% 5.90%
3 years & above to less than 5 years 5.50% 6%
5 years & above to 10 Years 5.50% 6%
Read more about: fd fixed deposits
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