Fixed Deposits (FD) have long held a sense of security amongst the general citizens of India as it is a safe bet. With an FD account, one gains access to much more flexibility of tenure and give a wide range of investment options. In terms of a timeframe, customers of banks can invest for their short-term, mid-term or even long-term financial purposes. Even with all this room to invest and the fixed returns that this type of savings generate, it is still dependent on the FD rates that the banks charge. Most banks charge under two separate umbrellas. The first category is for the general citizens and the second is for senior citizens who get a higher rate of interest on their returns. Thanks to the flexibility of FD, the tenure can range anywhere from a week to a decade.
In recent times FD rates have been plummeting in the wake of the pandemic and the blows that the financial systems have suffered. Despite this, there are still some banks in India that offer customers good investment rates on their FD. Here are the top 5 banks that offer the best 1-Year Fixed Deposit Rates.
Check the Fixed Deposit Rates Offered by the Top 5 Banks Here
State Bank of India
Being one of the country’s leading commercial banks, the State Bank of India is giving its customers a 2.9 per cent to 5.4 per cent to general citizens and 3.40 per cent to 6.20 per cent to the senior citizens. This came into practice on January 8, 2021.
FD Interest Rate Brackets for Under Rs 2 Crore:
7 to 45 Days: 2.9 per cent (general citizens)/ 3.4 per cent (senior citizens)
46 to 179 Days: 3.9 per cent (general citizens)/ 4.4 per cent (senior citizens)
180 to 210 Days: 4.4 per cent (general citizens)/ 4.9 per cent (senior citizens)
211 days to Less than 1 Year: 4.4 per cent (general citizens)/ 4.9 per cent (senior citizens)
1 year to less than 2 years: 5 per cent (general citizens)/ 5.5 per cent (senior citizens)
2 years to less than 3 years: 5.1 per cent (general citizens)/ 5.6 per cent (senior citizens)
3 years to less than 5 years: 5.3 per cent (general citizens)/ 5.8 per cent (senior citizens)
5 to 10 years: 5.4 per cent (general citizens)/ 6.2 per cent (senior citizens)
HDFC Bank
This bank put its new FD rates into motion from May 21 of this year. HDFC offers general citizens an interest rate of 2.5 per cent to 5.5 per cent to the general public and 3 per cent to 6.25 per cent to senior citizens.
FD Interest Rate Brackets for Under Rs 2 Crore:
7 to 14 Days: 2.5 per cent (general citizens)/ 3 per cent (senior citizens)
15 to 29 Days: 2.5 per cent (general citizens)/ 3 per cent (senior citizens)
30 to 45 Days: 3 per cent (general citizens)/ 3.5 per cent (senior citizens)
46 to 60 Days: 3 per cent (general citizens)/ 3.5 per cent (senior citizens)
61 to 90 Days: 3 per cent (general citizens)/ 3.5 per cent (senior citizens)
91 days to 6 months: 3.5 per cent (general citizens)/ 4 per cent (senior citizens)
6 months, 1 day to 9 months: 4.4 per cent (general citizens)/ 4.9 per cent (senior citizens)
9 months, 1 day to less than 1 year: 4.4 per cent (general citizens)/ 4.9 per cent (senior citizens)
1 year: 4.9 per cent (general citizens)/ 5.4 per cent (senior citizens)
1 year, 1 day to 2 years: 4.9 per cent (general citizens)/ 5.4 per cent (senior citizens)
2 years, 1 day to 3 years: 5.15 per cent (general citizens)/ 5.65 per cent (senior citizens)
3 years, 1 day to 5 years: 5.3 per cent (general citizens)/ 5.8 per cent (senior citizens)
5 years, 1 day to 10 years: 5.5 per cent (general citizens)/ 6.25 per cent (senior citizens)
ICICI Bank
This bank gives its customer base a deposit rate of 3.00 per cent to 6.30 per cent to senior citizens while general citizens retain an FD rate of 2.50 per cent to 5.50 per cent at the upper limit. This FD rate change came into function on October 21, 2020.
FD Interest Rate Brackets for Under Rs 2 Crore:
7 to 14 Days: 2.5 per cent (general citizens)/ 3 per cent (senior citizens)
15 to 29 Days: 2.5 per cent (general citizens)/ 3 per cent (senior citizens)
30 to 45 Days: 3 per cent (general citizens)/ 3.5 per cent (senior citizens)
46 to 60 Days: 3 per cent (general citizens)/ 3.5 per cent (senior citizens)
61 to 90 Days: 3 per cent (general citizens)/ 3.5 per cent (senior citizens)
91 days to 120 days: 3.5 per cent (general citizens)/ 4 per cent (senior citizens)
121 days to 150 days: 3.5 per cent (general citizens)/ 4 per cent (senior citizens)
151 days to 184 days: 3.5 per cent (general citizens)/ 4 per cent (senior citizens)
185 days to 210 days: 4.4 per cent (general citizens)/ 4.9 per cent (senior citizens)
211 days to 270 days: 4.4 per cent (general citizens)/ 4.9 per cent (senior citizens)
271 days to 289 days: 4.4 per cent (general citizens)/ 4.9 per cent (senior citizens)
290 days to less than 1 year: 4.4 per cent (general citizens)/ 4.9 per cent (senior citizens)
1 year to 389 days: 4.9 per cent (general citizens)/ 5.4 per cent (senior citizens)
390 days to less than 18 months: 4.9 per cent (general citizens)/ 5.4 per cent (senior citizens)
18 months to 2 years: 5 per cent (general citizens)/ 5.5 per cent (senior citizens)
2 years, 1 day to 3 years: 5.15 per cent (general citizens)/ 5.65 per cent (senior citizens)
3 years, 1 day to 5 years: 5.35 per cent (general citizens)/ 5.85 per cent (senior citizens)
5 years, 1 day to 10 years: 5.5 per cent (general citizens)/ 6.30 per cent (senior citizens)
5 years (8oC FD): 5.35 per cent (general citizens)/ 5.85 per cent (senior citizens)
Axis Bank
The general citizen gets an interest rate of 2.50 per cent to 5.75 per cent towards the upper limit on their FDs while senior citizens get 2.50 per cent to 6.50 per cent on the higher end for their FDs. This was made effective as of June 22, 2021.
FD Interest Rate Brackets for Under Rs 2 Crore:
7 to 14 Days: 2.5 per cent (general citizens)/ 2.5 per cent (senior citizens)
15 to 29 Days: 2.5 per cent (general citizens)/ 2.5 per cent (senior citizens)
30 to 45 Days: 3 per cent (general citizens)/ 3 per cent (senior citizens)
46 to 60 Days: 3 per cent (general citizens)/ 3 per cent (senior citizens)
61 to 3 months: 3 per cent (general citizens)/ 3 per cent (senior citizens)
3 months to 4 months: 3.5 per cent (general citizens)/ 3.5 per cent (senior citizens)
4 months to 5 months: 3.5 per cent (general citizens)/ 3.5 per cent (senior citizens)
5 months to 6 months: 3.5 per cent (general citizens)/ 3.5 per cent (senior citizens)
6 months to 7 months: 4.4 per cent (general citizens)/ 4.65 per cent (senior citizens)
7 months to 8 months: 4.4 per cent (general citizens)/ 4.65 per cent (senior citizens)
8 months to 9 months: 4.4 per cent (general citizens)/ 4.65 per cent (senior citizens)
9 months to 10 months: 4.4 per cent (general citizens)/ 4.65 per cent (senior citizens)
10 months to 11 months: 4.4 per cent (general citizens)/ 4.65 per cent (senior citizens)
11 months to 11 months, 25 days: 4.4 per cent (general citizens)/ 4.65 per cent (senior citizens)
11 months, 25 days to 1 year: 4.4 per cent (general citizens)/ 4.65 per cent (senior citizens)
1 year to 1 year, 5 days: 5.1 per cent (general citizens)/ 5.75 per cent (senior citizens)
1 year, 5 days to 1 year, 11 days: 5.15 per cent (general citizens)/ 5.8 per cent (senior citizens)
1 year, 11 days to 1 year, 25 days: 5.1 per cent (general citizens)/ 5.75 per cent (senior citizens)
1 year, 25 days to 13 months: 5.1 per cent (general citizens)/ 5.75 per cent (senior citizens)
13 months to 14 months: 5.1 per cent (general citizens)/ 5.75 per cent (senior citizens)
14 months to 15 months: 5.1 per cent (general citizens)/ 5.75 per cent (senior citizens)
15 months to 16 months: 5.1 per cent (general citizens)/ 5.75 per cent (senior citizens)
16 months to 17 months: 5.1 per cent (general citizens)/ 5.75 per cent (senior citizens)
17 months to 18 months: 5.1 per cent (general citizens)/ 5.75 per cent (senior citizens)
18 months to 2 years: 5.25 per cent (general citizens)/ 5.9 per cent (senior citizens)
2 years to 30 months: 5.4 per cent (general citizens)/ 6.05 per cent (senior citizens)
30 months to 3 years: 5.4 per cent (general citizens)/ 5.9 per cent (senior citizens)
3 years to 5 years: 5.4 per cent (general citizens)/ 5.9 per cent (senior citizens)
5 years to 10 years: 5.75 per cent (general citizens)/ 6.5 per cent (senior citizens)
Yes Bank
Yes Bank offers customers a deposit rate of 3.25 per cent to 6.5 per cent to the general public category and 3.75 per cent to 7.25 per cent to senior citizens demographic. The new interest rates were effective from June 3, 2021.
FD Interest Rate Brackets for Under Rs 2 Crore:
7 to 14 Days: 3.25 per cent (general citizens)/ 3.75 per cent (senior citizens)
15 to 45 Days: 3.50 per cent (general citizens)/ 4 per cent (senior citizens)
46 to 90 Days: 4 per cent (general citizens)/ 4.5 per cent (senior citizens)
3 months to less than 6 months: 4.5 per cent (general citizens)/ 5 per cent (senior citizens)
6 months to less than 9 months: 5 per cent (general citizens)/ 5.5 per cent (senior citizens)
9 months to less than 1 year: 5.25 per cent (general citizens)/ 5.75 per cent (senior citizens)
1 year to less than 3 years: 6 per cent (general citizens)/ 6.5 per cent (senior citizens)
3 years to less than 5 years: 6.25 per cent (general citizens)/ 7 per cent (senior citizens)
5 to 10 years: 6.5 per cent (general citizens)/ 7.25 per cent (senior citizens)
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