FD Interest Rates For 2024

Fixed Deposits (FDs) are one of the most popular investment options in India, that offer safe and steady returns.  

A Fixed Deposit is a financial instrument provided by banks and non-banking financial companies (NBFCs) where you deposit a lump sum for a fixed tenure at a predetermined interest rate. Once the plan matures, you receive the principal amount along with the accrued interest. 

The FD interest rates play a critical role in determining the returns you earn, making it essential to stay updated on the latest rates. The interest rate directly impacts the growth of your investment in an FD. 

Higher interest rates result in some of the best FD returns. In 2024, keeping track of FD interest rates becomes even more crucial, given the evolving economic environment and market trends.

On Bajaj Markets, you can compare FD interest rates offered by different banks and NBFCs. Maximise your earning potential by choosing between interest rates ranging from 3.75% p.a. to 9.40% p.a., with tenures from 7 days to 120 months. Explore the Fixed Deposits that meet your investment goals and ensure financial stability.

Investing through Bajaj Markets allows you to compare a wide range of Fixed Deposit rates and tenures, including some of the highest interest rates available. Here is a list of banks and NBFCs available to you and the cumulative FD interest they offer:

Banks and NBFCs provide competitive interest rates curated for general citizens, ensuring a steady growth of your investment. Here are the latest FD rates for general citizens and tenure ranges available for several banks and NBFCs on Bajaj Markets:

If you are 60 years or older, you qualify for higher interest rates on Fixed Deposits. Banks and NBFCs usually offer an additional 0.25% p.a. to 0.50% p.a. over the rates for regular citizens. This helps you get maximum interest rate on FD and thus maximise your returns during retirement while keeping your investment low-risk. The exact interest rate depends on the FD provider you finalise. Therefore, it's important to compare options across different banks or NBFCs before deciding. 

Here are the current FD rates for senior citizens and tenure ranges available for several banks and NBFCs on Bajaj Markets:

Some banks and NBFCs offer special interest rates exclusively for women. They can opt for these rates to earn higher returns compared to regular FDs. The table below lists the additional interest rates available for women:

Non-Resident Indians (NRIs) who have resided outside India for more than 182 days in a financial year often seek investment opportunities in India to grow their savings. NRIs can choose NRE or NRO accounts and open Fixed Deposits with Indian banks and NBFCs, which are known for offering competitive interest rates. Here is a list of banks and NBFCs that offer competitive FD rates for NRIs:

5-year tax saving FDs allow you to claim a deduction of up to ₹1.5 Lakhs per financial year under Section 80C of the Income Tax Act, 1961. Issued only by banks, it has a 5-year lock-in period during which withdrawals are not allowed. The interest earned is taxable and must be declared as income. Below are the interest rates offered by leading banks on tax-saving FDs:

You can use the FD calculator on Bajaj Markets to estimate your potential returns. Additionally, you can compare and book an FD directly through our website. 

Here is an example of the same:

Let's assume you qualify for the higher interest rates as a senior citizen and plan to invest ₹1,00,000 in a Fixed Deposit for a tenure of 4 years, with interest paid at maturity. In this scenario, here's what your details would look like when entered into the calculator:

When you withdraw your Fixed Deposit before its maturity, the interest is typically recalculated. As a result, you may have to lose out on a portion of the interest that would have been earned had the deposit remained intact until maturity.

For instance, if you decide to withdraw your FD of ₹1 Lakh after 3 years, the following may apply:

• Revised Interest Rate: Typically, a 1% penalty may apply, reducing the interest rate from 8% p.a. to 7% p.a.

• Adjusted Interest Earned: The interest earned would be ₹22,504 at 7% p.a. for 3 years

• Final Amount Received: ₹1,22,504 (Principal ₹1,00,000 + Adjusted Interest ₹22,504)

   

This example demonstrates how you can estimate your returns and see the impact of premature withdrawal of FD using the calculator on Bajaj Markets, tailored to your user type.

• Principal Amount- The initial deposit in the FD

• Tenure- The duration of the FD, ranging from days to years

• Interest Rate- The rate at which your deposit grows

• CRISIL AAA- Highest credit rating, indicating excellent creditworthiness and minimal risk of default

• Maturity Amount- The total sum received at the end of the tenure, including interest

• Cumulative & Non-Cumulative- Cumulative FDs pay interest at maturity, while non-cumulative FDs pay periodically

• Annual FD interest rate- Percentage of return earned on the FD interest rates for 1 year

• Premature Withdrawal- Early withdrawal, often with penalties

• TDS- Tax deducted on interest earned above a specified limit

• Lock-in Period- The period during which withdrawal is restricted

• Auto-Renewal- Automatic reinvestment of the maturity amount in a new FD

• Fixed Deposit interest rates are subject to change at the discretion of the bank/NBFC without prior notice.

• Interest payouts on fixed deposits are subject to Tax Deducted at Source (TDS) as per prevailing tax laws.

• The revised FD interest rates will apply to both new and renewed fixed deposits.

• In the event of a change in account status from Non-Resident to Resident, the applicable interest rates will align with those for Resident Deposits.

• Senior Citizen FD interest rates are exclusively applicable to Domestic Fixed Deposits.

• NRE Fixed Deposit rates are applicable only for tenures of one year or longer.