Fixed deposits (FDs) are a popular investment choice in India due to their safety and guaranteed returns. The interest rates offered on FDs can vary significantly depending on the bank, tenure, and type of FD. As of 2024, here are ten banks and financial institutions offering some of the best fixed deposit rates in India:
Top 10 Best Fixed Deposit Rates in India
1. IDFC FIRST Bank
Interest Rate: Up to 8.00% per annum
IDFC FIRST Bank offers competitive FD rates with additional benefits for senior citizens and special tenures. Their rates are among the highest in the industry, making them an attractive option for fixed deposit investors.
2. HDFC Bank
Interest Rate: Up to 7.75% per annum
HDFC Bank provides attractive FD rates with flexible tenure options and regular interest payouts. They offer higher rates for senior citizens, making them a popular choice for fixed deposit investments.
3. ICICI Bank
Interest Rate: Up to 7.50% per annum
ICICI Bank offers competitive FD rates with various tenure options. They also provide higher interest rates for senior citizens and special FD schemes.
4. Axis Bank
Interest Rate: Up to 7.50% per annum
Axis Bank provides attractive fixed deposit rates with benefits such as flexible tenures and higher rates for senior citizens. Their FD options cater to both short-term and long-term investment needs.
5. Punjab National Bank (PNB)
Interest Rate: Up to 7.25% per annum
PNB offers competitive rates on fixed deposits with various tenure options. They also provide additional benefits for senior citizens, making their FDs a viable choice for conservative investors.
6. Canara Bank
Interest Rate: Up to 7.25% per annum
Canara Bank offers attractive FD rates with the advantage of strong customer service and a wide range of FD products. They also offer higher rates for senior citizens.
7. State Bank of India (SBI)
Interest Rate: Up to 7.10% per annum
SBI, being one of the largest banks in India, offers stable and competitive FD rates with various tenure options. Their rates are generally lower compared to some private banks but offer safety and reliability.
8. Kotak Mahindra Bank
Interest Rate: Up to 7.00% per annum
Kotak Mahindra Bank provides attractive FD rates with a focus on customer convenience and flexible investment options. They offer higher rates for senior citizens and longer tenures.
9. Yes Bank
Interest Rate: Up to 7.00% per annum
Yes Bank offers competitive fixed deposit rates with flexible tenures and higher rates for senior citizens. They also provide a range of FD products to suit different investment needs.
10. Bank of Baroda
Interest Rate: Up to 6.75% per annum
Bank of Baroda provides reliable FD rates with various tenure options and benefits for senior citizens. Their fixed deposits are a good choice for conservative investors seeking stable returns.
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