In August 2024, the Monetary Policy Committee (MPC) of the Reserve Bank of India convened, resulting in changes to fixed deposit (FD) interest rates at various banks. With growing interest in FD investments, many banks have raised their rates. Find out which bank offers the highest FD interest rates.

FD Interest Rates at Small Banks

Interest rates on fixed deposits (FDs) at small banks vary as follows:

•    Unity Small Finance Bank: 7.85% to 9%
•    North East Small Finance Bank: 6.25% to 9%
•    Suryoday Small Finance Bank: 6.85% to 8.65%
•    Utkarsh Small Finance Bank: 7.75% to 8.50%
•    Equitas Small Finance Bank: 7.25% to 8.50%
•    AU Small Finance Bank: 7.25% to 8%

These rates apply to FDs with terms ranging from 1 to 5 years.

What are the FD interest rates at private banks?

Yes Bank offers interest rates of 7.25% to 8% for 18-month FDs. DCB Bank provides rates of 7.10% to 8.05% for deposits with terms of 19 to 20 months. SBM Bank India offers 7.05% to 8.25% for a deposit period of 3 years and 2 days. IndusInd Bank has rates of 7.25% to 7.75% for terms of 1 to 2 years. Karur Vysya Bank provides 7% to 7.60% on special deposits with a term of 760 days. Tamil Nadu Mercantile Bank provides 6.50% to 7.50% for a 400-day deposit.

What are the interest rates on FD at government banks?

•    Union Bank of India: 6.50% to 7.40%
•    State Bank of India: 6.50% to 7.25%
•    Punjab & Sind Bank: 6% to 7.30%
•    Punjab National Bank: 6.50% to 7.25%
•    Indian Overseas Bank: 6.50% to 7.30%
•    Bank of Baroda: 6.50% to 7.25%

These rates apply to fixed deposits with terms ranging from 1 to 5 years.

What are the FD interest rates at foreign banks?

•    Deutsche Bank: 7% to 8%
•    Standard Chartered Bank: 6.75% to 7.50% for terms of 1 to 3 years
•    HSBC Bank: 4% to 7.50% for deposits with terms of 601 to 699 days