Earn up to 9.5% on FDs. Check out the latest fixed deposit rates

Fixed deposits vary depending on banks, tenures, etc. As the stock market turns volatile, the banks are increasing their fixed deposit (FD) interest rates for some time. Additionally, the RBI has begun hiking the interest rates, which is a good news for fixed investors who are looking to park their funds in fixed deposits and take advantage of this regime. This trend is likely to continue due to rising crude oil prices and falling rupee. It is more interesting to know that the government has also increased small saving interest rates for October to December quarter. In lieu of this, banks have also increased the interest rates are which are now on par with the small saving interest rates.

In a rising interest rate scenario, senior citizens are now investing more in FDs as they get more returns than the regular FD. Moreover, they do not more avenues left to save tax under Sec 80C as they do not opt for home loans, life insurance policies, education loan etc. The introduction of Sec 80 TTB, grating a deduction up to INR 50,000 to senior citizens, banks FDs have become more attractive. Investing in FDs makes more sense for senior citizens in case the limit has already exhausted as these investments are safe and easy to liquidate. Currently, the leading banks are offering interest rates ranging from 6.85 per cent to 8.25 per cent. The maximum interest rates are offered by small finance banks ranging from 8 per cent to 9 per cent. However, investing in these small finance banks might be risky compared to FDs with leading banks.

Here are top FD rates offered by leading and small finance banks:

Top FD rates offered by major banks
Bank Name Tenure Regular interest rate Interest rate for Senior citizens
Axis Bank 1 year 5 days to less than 1 year 11 days 7.50% 7.70%
ICICI Bank 2 years 1 day upto 5 years 7.25% 7.75%
HDFC Bank 1 year to 2 years 7.25% 7.75%
State Bank of India 5 years to 10 years 6.85% 7.35%
Punjab National Bank 1 year upto 3 years 6.75% 7.25%
Bank of Baroda Above 1 year to 400 days 6.75% 7.25%
IDFC Bank 3 years 1 Day to 10 years 8.25% 8.75%
DCB Bank 36 months to 60 months 7.75% 8.25%
RBL Bank 12 months to less than 36 months 7.75% 8.25%
IndusInd Bank 1 Year to below 1 Year 2 Months 7.65% 8.15%
Yes Bank 18 months 8 days to 18 months 18 days 7.50% 8.00%
Bandhan bank Above 18 months to less than 5 years 7.40% 8.15%
Top FD rates offered by small finance banks
Bank Name Tenure Regular interest rate Interest rate for Senior citizens
Fincare Small Finance Bank 24 months 1 day to 36 months 9.00% 9.50%
Utkarsh Small Finance Bank 456 Days to less than 2 years 9.00% 9.50%
Suryoday Small Finance Bank 950 days 9.00% 9.50%
ESAF Small Finance Bank 365 days to 727 days 8.75% 9.25%
Ujjivan Small Finance Bank 799 days 8.50% 9.00%
Jana Small finance Bank More than 2 years up to 3 years 8.50% 9.10%
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