Investing in Fixed Deposits is one of the best ways to earn interest on your saved money. Banks periodically revise their FD interest rates and the competitive FD interest rates of Banks help the depositors to bag a good return on their FD investment.
Highest FD Interest Rates
The Fixed deposit scheme allows depositors to put their money in their account when they open the account and receive the interest at a fixed agreed-upon rate throughout the tenure.
The new depositors or persons who renew the FD are subjected to the revised interest rates, making it essential to know the highest FD interest rates of banks to make the best of our investments.
As of now, the FD interest rates of top banks range from 2.0 % per annum to 9.05% annually for regular 7 days to 10 years of tenure. The interest rate can be higher for senior citizens than the rate offered to the general public.
Usually, Non-Banking Financial Companies and Small Finance Banks offer high FD interest rates. The public sector banks (PSU) and private banks also offer profitable FD interest rates to allow users to grow their funds without taking additional risks. Â Â
As of 15 April 2024, five banks have revised their FD interest rates, we will discuss the rates further in the article.
Banks who revised their FD Interest Rates in April 2024
According to reports, the following banks have revamped the FD interest rates at the beginning of the new financial year:
- IDBI Bank: IDBI Bank has revamped the FD interest rates on the amounts below Rd 2 Crore and cut down the FD interest rates of Utsav Callable FD on selected tenures. The new FD interest rates of IDBI are effective from 15 April 2024.
- According to the announcement, the bank provides 3% to 7% FD interest rates for 7 days to 10 years tenures to the general public.
- The new FD interest rates for senior citizens are 3.5 % to 7.5% on callable deposits below 2 crore.
- Bank of India: BOI has also revamped the FD interest rates for amounts below 2 crore, effective from 1 April 2024.
- BOI offers FD interest rates between 3% and 7.25% for FDs maturing in 7 days and 10 years of tenure.
- The Bank announced the deposit under the maturity bucket of 175 days would discontinue for the amount less than rs 50 crore.
- Finance Small Finance Bank: According to the announcement, the bank revamped the FD and saved bank deposits interest rates, effective from 17 April 2024.
- The Banks offer FD rates of 8% for the general public and 8.50% for senior citizens of India.
- Federal Bank: The Federal Bank has revised the FD interest rates for non-resident and resident accounts. The new rates will be in effect from 18 April 2024.
- The offered highest interest rates of 7.40% on a tenure of 400 days for the general public.
- The FD interest rates for senior citizens have been updated from 3.50% to 7.90%.
- Suryoday Small Finance Banks: The new FD interest rates of SSFB have come into effect from 1 April 2024.
- The bank has updated the FD interest rates to 9.01% for the general public and 9.25% for elderly citizens.
Top Banks’ Highest FD Interest Rates in India
According to the Paisabazaar analysis, here are the top banks offering the highest FD interest rates for senior citizens:
| Bank Name | General Public | Senior Citizen |
| AU Small Finance Bank | 7.25% | 7.75% |
| Bandhan Bank | 7.85% | 8.35% |
| Capital Small Finance Bank Limited | 7.10% | 7.60% |
| DCB Bank | 7.40% | 7.90% |
| IDFC Banks | 7.00% | 7.50% |
Highlights of FD Interest Rates
FD investments benefit senior citizens the most as it is less risky to invest, here are some highlights of FD that you must know:
- The FD interest rates remain the same till the FD matures.
- You can withdraw the FD at the time of emergency by paying a penalty for premature withdrawal.
- FD interest rates offer greater interest rates than regular saving accounts, so let your money grow with time.
- The guaranteed returns of FD and flexibility of FD make it feasible for senior citizens.
- It would be great to put a portion of your money in different baskets to gain maximum profit.
The Fixed deposit investment has many benefits to offer, however, it depends on you and your decision to make the best out of your hard-earned money.