FD Interest Rates For 2024

Compare interest rates on FDs offered by various banks and NBFC. Get highest FD interest rates of up to @9.40% p.a. and tenures up to 120 months.

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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 8.97% p.a., with tenures from 7 days to 120 months. Explore the fixed deposits that meet your investment goals and ensure financial stability.

Compare the Latest FD Interest Rates

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

Bank/NBFC	Interest Rate Range (p.a.)	Minimum Deposit Amount (₹)	Tenure Range Offered (Months)	Special Interest Rates
Shriram Finance Limited	7.59% to 8.97%	₹5,000	12 Months to 60 Months	Additional 0.10% offered to women depositors
Ujjivan Small Finance Bank	3.75% to 8.75%	₹1,000	7 Days to 120 Months	0.50% for senior citizens
Bajaj Finance Ltd.	7.40% to 8.65%	₹15,000	12 Months to 60 Months	Up to 8.65% for Digital FDs
RBL Bank	3.50% to 8.85%	₹5,000	7 Days to 120 Months	0.75% for super senior citizens
YES Bank	3.25% to 8.50%	₹10,000	7 Days to 120 Months	0.50% for senior citizens
Mahindra Finance Ltd.	7.50% to 8.35%	₹5,000	12 Months to 60 Months	0.25% p.a. for senior citizens
PNB Housing Finance Limited	7.06% to 7.95%	₹10,000	12 Months to 60 Months	0.30% for senior citizen for a 12–35 month tenure

Note: The above rates are as of 19th August, 2024 and are subject to change at the discretion of the bank or NBFC without prior notice. Please verify the latest rates on the provider's website before investing.

Senior Citizens FD Interest Rates

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 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 senior citizens' FD rates and tenure ranges available for several banks and NBFCs on Bajaj Markets:

Bank/NBFC	Interest Rate for Senior Citizens (p.a.)	Tenure Range Offered
Shriram Finance Limited	Up to 8.97%	12 - 60 months
Ujjivan Small Finance Bank	Up to 8.75%	7 days - 120 months
Bajaj Finance Ltd.	Up to 8.65%	12 - 60 months
YES Bank	Up to 8.50%	7 days - 120 months
Mahindra Finance Ltd.	Up to 8.35%	12 - 60 months
PNB Housing Finance Limited	Up to 7.95%	12 - 60 months

Fixed Deposit Interest Rates for Women

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:

Bank/NBFC	Highest Regular Interest Rate (p.a.)	Additional Interest Rate for Women (p.a.)
Shriram Finance	8.47%	0.10%

Note: The above rates are valid as of 19th August, 2024 and are subject to change at the discretion of the bank or NBFC without prior notice. Please verify the latest rates on the provider's website before investing.

Interest Rates for NRI Fixed Deposit

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:

Bank/NBFC	Interest Rate (p.a.)
Bajaj Finance Ltd.	Up to 8.35% for NRIs using NRO accounts
Ujjivan Small Finance Bank	Up to 8.25% for NRIs using NRO/NRE accounts
RBL Bank	Up to 8.10% for NRIs using NRO/NRE accounts
YES Bank	Up to 8.00% for NRIs using NRE accounts
PNB Housing Finance Limited	Up to 7.75% for NRIs using NRO accounts

Note: The above rates are as of 19th August 2024 and are subject to change at the discretion of the bank or NBFC without prior notice. Please verify the latest rates on the provider's website before investing.

Interest Rates on Tax-saving FDs

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:

Bank/NBFC	Interest Rate ( p.a.)
RBL Bank	7.85%
YES Bank	8.00%
Ujjivan Small Finance Bank	7.20%

Tax-saving FDs may come with lower interest rates compared to regular FDs. Be sure to check with your bank/NBFC for the latest rates before investing.

How Can You Calculate FD Returns?

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:

User Type	Deposit Amount	Tenure	Payout Frequency
Senior Citizen	₹1,00,000	4 Years	At Maturity

Once you have entered the details into the calculator, the following results will be displayed:

Maximum Interest Rate: 8% p.a. (as offered by one of the Bank or NBFC based on the calculator)
Total Interest Earned: ₹36,049

Maturity Amount: ₹1,36,049 (Principal + Interest)

Premature Withdrawal of an FD

If you decide to withdraw your FD 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 effects of premature withdrawal of FD using the calculator on Bajaj Markets, tailored to your user type.

What factors should you consider when choosing an FD provider?

You can consider the following:

Interest rate
Credit rating
Terms of premature withdrawal
Deposit insurance

How does the tenure of an FD impact the interest rate?

The tenure of an FD directly impacts the interest rates offered. Generally, longer tenures tend to provide higher returns because the funds are locked in for an extended period. However, this can vary across different banks and NBFCs, with some offering favourable rates for medium-term deposits.

Is interest on a fixed deposit taxable?

Yes, the returns you earn from an FD are taxable. Tax is deducted at source (known as TDS) if the interest income earned in a financial year exceeds ₹40,000 for regular citizens and ₹50,000 for senior citizens. The TDS rate is 10% of the interest income if the PAN is provided and 20% if the PAN is not provided. The interest earned must be declared as income when filing your income tax returns.

What is Tax Deducted at Source (TDS) on FD interest?

Applicable tax is deducted by the bank or NBFC on the interest earned from an FD. This is done if the interest earned in a financial year exceeds ₹40,000 for regular citizens or ₹50,000 for senior citizens. This tax is calculated and deducted when the interest is credited to your account, either periodically or at the time of maturity.

How can I minimise tax deductions on FD interest?

You can minimise tax deductions on FD interest by submitting Form 15G for regular citizens and Form 15H for senior citizens. By submitting these self-declaration forms, you inform the bank or NBFC that your income is below the taxable threshold, and thus tax should not be deducted. Individuals with an income up to ₹2.5 Lakhs are completely exempt from TDS.

What is an NRE (Non-Resident External) Account?

An NRE account is for NRIs to invest foreign earnings in Indian fixed deposits. Both the principal and interest are fully repatriable, making it a favourable option for NRIs.

What is an NRO (Non-Resident Ordinary) Account?

An NRO account allows NRIs to invest income earned within India, like rent or dividends, into fixed deposits. The interest earned is non-taxable in India, and the funds can be repatriated, though up to a specified limit.

What is an FCNR (Foreign Currency Non-Resident) Account?

An FCNR account allows NRIs to hold fixed deposits in foreign currencies, protecting their investments from exchange rate fluctuations. The interest earned is tax-free in India, and both the principal and interest are fully repatriable.

What is the premature withdrawal penalty on FDs?

If you withdraw your fixed deposit before its maturity, a penalty is imposed. This usually results in a reduction of the interest rate by 0.50% to 1%, depending on the FD provider. Consequently, your overall returns will be lower.

What is a credit card against an FD?

A credit card against an FD is issued by banks or NBFCs with a limit typically ranging from 75% to 90% of your FD's value. It’s ideal for those with limited or no credit history, helping them build credit while the FD continues to earn interest. These cards usually have lower interest rates than unsecured credit cards. If you default on payments, the bank or NBFC can recover the dues by liquidating the FD.

What is a loan against an FD?

A loan against an FD allows you to borrow money by using your fixed deposit as collateral, giving you quick access to funds without breaking your FD. You can typically borrow 75% to 90% of your FD's value, depending on the bank or NBFC's policies. The interest rate on this loan is lower than that of personal loans but slightly higher than the interest earned on your FD.