Customers can select the reinvestment deposit option, which has the potential to earn compound interest, or they can choose the flexible interest payment option, which depends on their financial plan. For example, customers can choose periodic interest payments (monthly/quarterly) to help them manage their expenses.
Bank fixed-term deposit interest rates in August 2024
Fixed deposit interest rates vary depending on the bank, the age, the term and the amount, among other factors.
Fixed deposit interest rates of private banks versus public sector banks
Private banks in India are banks in which majority of the capital is owned by a private company or a group of persons, as opposed to the government in public sector banks.
In India, public sector undertakings (PSUs) are banks in which the government holds a majority of the shares. These banks receive government subsidies with the intention of expanding.
If you are a curious investor who wants to know if private banks offer higher interest rates than public sector banks, here is a quick comparison of fixed deposit interest rates of private and public sector banks for general citizens and senior citizens.
Private banks: fixed-term deposit interest rates for seniors
Fixed deposit rates for senior citizens | ||||||
Name of the bank | Interest rates (pa) | Additional rates offered to persons over 18 years of age* (in addition to senior rates) | ||||
Highest slab | 1 year stay (%) | 3 years of permanence (%) | 5 years of permanence (%) | |||
% | Tenure | |||||
PRIVATE SECTOR BANKS | ||||||
Axis Bank | 7.75 | 5 years to 10 years | 7.2 | 7.6 | 7.75 | — |
Bandhan Bank | 8.5 | 1 year 9 months | 7.75 | 7.75 | 6.6 | — |
Union City Bank | 7.75 | 400 days | 7.25 | 6.75 | 6.5 | — |
CSB Bank | 7.75 | 401 days | 5.5 | 6.25 | 6.25 | — |
DBS Bank | 8 | 376 days to 540 days | 7.5 | 7 | 7 | — |
DCB Bank | 8.55 | 19 months to 20 months | 7.6 | 8.05 | 7.9 | — |
Federal Bank | 7.9 | 50 months; 777 days | 7.3 | 7.5 | 7.25 | — |
HDFC Bank | 7.9 | 4 years 7 months (55 months) | 7.1 | 7.5 | 7.5 | — |
ICICI Bank | 7.8 | 15 months to less than 18 months | 7.2 | 7.5 | 7.5 | — |
First IDFC Bank | 8.25 | 500 days | 7 | 7.75 | 7.5 | — |
Industrial Bank | 8.25 | 1 year to 2 years | 8.25 | 7.75 | 7.75 | — |
Bank of Jammu and Kashmir | 7.5 | 1 year to less than 3 years | 7.5 | 7.25 | 7 | — |
Karur Vysya Bank | 8.1 | 760 days | 7.4 | 7.4 | 7.4 | — |
Bank of Karnataka | 7.65 | 375 days | 7.5 | 6.9 | 6.9 | — |
Kotak Mahindra Bank | 7.9 | 390 days to less than 23 months | 7.6 | 7.6 | 6.7 | — |
RBL Bank | 8.6 | 500 days | 8 | 8 | 7.6 | 0.25% on all holdings |
SBM Bank India | 8.75 | 3 years 2 days | 7.55 | 7.8 | 8.25 | — |
Bank of South India | 7.75 | 400 days | 7.2 | 7.2 | 6.5 | — |
Merchants Bank of Tamilnad | 8 | 400 days | 7.5 | 7 | 7 | — |
SI Bank | 8.5 | 18 months | 7.75 | 8 | 8 | — |
Public Sector Banks: Fixed Deposit Interest Rates for Senior Citizens
Fixed deposit rates for senior citizens | ||||||
Name of the bank | Interest rates (pa) | Additional rates offered to persons over 18 years of age* (in addition to senior rates) | ||||
Highest slab | 1 year stay (%) | 3 years of permanence (%) | 5 years of permanence (%) | |||
% | Tenure | |||||
PUBLIC SECTOR BANKS | ||||||
Bank of Baroda | 7.75 | 399 days | 7.35 | 7.65 | 7.15 | — |
Bank of India | 7.8 | 666 days | 7.3 | 7.25 | 6.75 | 0.15% for terms of 180 days to 10 years |
Bank of Maharashtra | 7.75 | 777 days | 7.25 | 7 | 7 | — |
Canara Bank | 7.75 | 444 days | 7.35 | 7.3 | 7.2 | 0.10% in 444 days |
Central Bank of India | 7.95 | 444 days | 7.35 | 7.25 | 7 | — |
Bank of India | 7.75 | 400 days – IND SUPER | 6.6 | 6.75 | 6.75 | 0.25% on all holdings |
Indian Overseas Bank | 7.8 | 444 days | 7.4 | 7 | 7 | 0.25% on all holdings |
National Bank of Punjab | 7.75 | 400 days | 7.3 | 7.5 | 7 | 0.30% for stays of up to 5 years |
Punjab and Sind Bank | 7.8 | 666 days | 6.8 | 6.5 | 6.5 | 0.15% for validity periods of 444 days, 222 days, 666 days and 999 days |
State Bank of India | 7.75 | 444 days | 7.3 | 7.25 | 7.5 | — |
Union Bank of India | 7.9 | 333 days | 7.3 | 7.2 | 7 | 0.25% on all holdings |
Bank of Jammu and Kashmir | 7.5 | 1 year to less than 3 years | 7.5 | 7.25 | 7 | — |
Karur Vysya Bank | 8.1 | 760 days | 7.4 | 7.4 | 7.4 | — |
Bank of Karnataka | 7.65 | 375 days | 7.5 | 6.9 | 6.9 | — |
Kotak Mahindra Bank | 7.9 | 390 days to less than 23 months | 7.6 | 7.6 | 6.7 | — |
RBL Bank | 8.6 | 500 days | 8 | 8 | 7.6 | 0.25% on all holdings |
SBM Bank India | 8.75 | 3 years 2 days | 7.55 | 7.8 | 8.25 | — |
Bank of South India | 7.75 | 400 days | 7.2 | 7.2 | 6.5 | — |
Merchants Bank of Tamilnad | 8 | 400 days | 7.5 | 7 | 7 | — |
SI Bank | 8.5 | 18 months | 7.75 | 8 | 8 | — |
Private banks: fixed deposit interest rates for general citizens
Bank fixed-term deposit rates | |||||
Name of the bank | Interest rates (pa) | ||||
Highest slab | 1 year stay (%) | 3 years of permanence (%) | 5 years of permanence (%) | ||
% | Tenure | ||||
PRIVATE SECTOR BANKS | |||||
Axis Bank | 7.2 | 17 months to less than 18 months | 6.7 | 7.1 | 7 |
Bandhan Bank | 8 | 1 year 9 months | 7.25 | 7.25 | 5.85 |
Union City Bank | 7.25 | 400 days | 7 | 6.5 | 6.25 |
CSB Bank | 7.75 | 401 days | 5 | 5.75 | 5.75 |
DBS Bank | 7.5 | 376 days to 540 days | 7 | 6.5 | 6.5 |
DCB Bank | 8.05 | 19 months to 20 months | 7.1 | 7.55 | 7.4 |
Federal Bank | 7.4 | 50 months; 777 days | 6.8 | 7 | 6.6 |
HDFC Bank | 7.4 | 4 years 7 months (55 months) | 6.6 | 7 | 7 |
ICICI Bank | 7.25 | 15 months to 2 years | 6.7 | 7 | 7 |
First IDFC Bank | 7.75 | 500 days | 6.5 | 7.25 | 7 |
Industrial Bank | 7.75 | 1 year to 2 years | 7.75 | 7.25 | 7.25 |
Bank of Jammu and Kashmir | 7 | 1 year to less than 3 years | 7 | 6.75 | 6.5 |
Karur Vysya Bank | 7.6 | 760 days | 7 | 7 | 7 |
Bank of Karnataka | 7.25 | 375 days | 7.1 | 6.5 | 6.5 |
Kotak Mahindra Bank | 7.4 | 390 days to less than 23 months | 7.1 | 7 | 6.2 |
RBL Bank | 8.1 | 500 days | 7.5 | 7.5 | 7.1 |
SBM Bank India | 8.25 | 3 years 2 days | 7.05 | 7.3 | 7.75 |
Bank of South India | 7.25 | 400 days | 6.7 | 6.7 | 6 |
Merchants Bank of Tamilnad | 7.5 | 400 days | 7 | 6.5 | 6.5 |
SI Bank | 8 | 18 months | 7.25 | 7.25 | 7.25 |
Public Sector Banks: Fixed Deposit Interest Rates for General Citizens
Bank Fixed Deposit Rates | |||||
Name of the bank | Interest rates (pa) | ||||
Highest slab | 1 year stay (%) | 3 years of permanence (%) | 5 years of permanence (%) | ||
% | Tenure | ||||
PUBLIC SECTOR BANKS | |||||
Bank of Baroda | 7.25 | 399 days | 6.85 | 7.15 | 6.5 |
Bank of India | 7.3 | 666 days | 6.8 | 6.5 | 6 |
Bank of Maharashtra | 7.25 | 777 days | 6.75 | 6.5 | 6.5 |
Canara Bank | 7.25 | 444 days | 6.85 | 6.8 | 6.7 |
Central Bank of India | 7.45 | 444 days | 6.85 | 6.75 | 6.5 |
Bank of India | 7.25 | 400 days – IND SUPER | 6.1 | 6.25 | 6.25 |
Indian Overseas Bank | 7.3 | 444 days | 6.9 | 6.5 | 6.5 |
National Bank of Punjab | 7.25 | 400 days | 6.8 | 7 | 6.5 |
Punjab and Sind Bank | 7.3 | 666 days | 6.3 | 6 | 6 |
State Bank of India | 7.25 | 444 days | 6.8 | 6.75 | 6.5 |
Union Bank of India | 7.4 | 333 days | 6.8 | 6.7 | 6.5 |
Source: Paisabazaar; interest rates as of August 14, 2024.
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