Fixed Deposit Rates Chart of All Banks April 2024 | Choose wisely and Increase your Interest Income

The Reserve Bank of India (RBI) recently announced its decision to maintain the policy rate unchanged, marking the seventh consecutive time it has done so. This pause comes after a series of rate hikes totaling 250 basis points since May 2022, with the last increase occurring in April 2023

Impact on Fixed Deposit Rates

Fixed deposit (FD) interest rates are directly influenced by factors such as the RBI policies, particularly the repo rate. With the central bank opting for stability,s anticipated that FD interest rates will remain steady.

This stability holds significant advantages for FD investors, particularly those seeking reliable income streams, such as retirees and conservative investors prioritizing capital preservation and regular earnings.

Investor Strategy Going Forward

According to experts, the RBI may consider adjusting interest rates towards the end of this year, depending on inflation and food inflation rates. Therefore, now could be an opportune time to invest in FDs, capitalizing on the current higher interest rates.

Fixed Deposit Rates Chart (Compare and Choose Best for you)

Private Sector Banks

Below Table is having Bank wise, Highest Interest Rates offered by Bank

			Interest Rates (per annum)
S. No.	Bank Name	Time Period	General	Senior Citizens
1	Axis bank	17 months to less than 18 months	7%	7.85%
2	Bandhan bank	1 year 4 months 13 days	7.85%	8.35%
3	City Union Bank	400 days	7.00%	7.50%
4	CSB Bank	1 year 1 month 6 days	7.75%	7.75%
5	DBS Bank	376 days to 540 days	7.50%	8.00%
6	DCB Bank	25 months to 26 months	8.58%	8.60%
7	Federal Bank	500 days	7.50%	8.00%
8	HDFC Bank	18 months to < 21 months	7.25%	7.75%
9	ICICI Bank	18 months to 2 years	7.20%	7.75%
10	IDFC First Bank	500 days	8.00%	8.50%
11	Induslnd Bank	1 Year 7 Months upto 2 Years	7.65%	8.25%
12	Jammu&Kashmir Bank	1 Year to less than 2 years	7.10%	7.60%
13	Karur Vysya Bank	7 days to 6 years	7.50%	8.00%
14	Kotak Mahindra Bank	391 Days – Less than 23 Months	7.61%	8.14%
15	Nainital Bank	1 year 1 month 5 days	7.05%	7.55%
16	RBL Bank	18 months to 24 months	8.10%	8.60%
17	SBM Bank india	3 years 2 days	8.25	8.75
18	South Indian Bank	500 days	7.20%	7.20%
19	Tamilnad Mercantile Bank	444 days	7.75	8.25
Public Sector Banks: Below Table is having Bank wise, Highest Interest Rates offered by Bank Interest Rates (per annum) S. No. Bank Name Time Period General Senior Citizens 1 Bank of Baroda Above 2 Years and upto 3 Years 7.25% 7.75% 2 Bank of India 2 Years 7.25% 6.50% 3 Bank of maharashtra 365 days/1 year 6.50% 7% 4 Canara Bank 444 days 7.25% 7.75% 5 Central Bank of India 1 yr to less than 2 yrs 6.75% 7.25% 6 Indian Bank 2 years to less than 3 years 6.70% 7.20% 7 Indian Overseas Bank 1 year 2 months 17 days 6.90% 7.40% 8 Punjab National Bank 400 Days 7.25% 7.25% 9 punjab and Sind Bank 444 days 7.25% 7.75% 10 State Bank of India 400 days 7.10% 7.60% 11 Union bank of India 399 days 7.25 7.75 Foreign Banks: Below Table is having Bank wise, Highest Interest Rates offered by Bank Interest Rates (per annum) S. No. Bank Name Time Period General Senior Citizens 1 Citi Bank For 4 years 7.10% 7.60% 2 HSBC India Limited 732 days to less than 36 months 7.25% 7.75% 3 The Deutsche Bank Above 2 years to 3 years 8% 8% 4 DBS Financial 1 year 1 month 6 days 7.75% 7.75% 5 Standerd Chartered Bank 2 years<3 years 7.50% 8% Features of Fixed Deposits FDs offer various features catering to diverse investor needs: Minimum Deposit: As low as Rs 100, varying by institution. Tenure Flexibility: Ranges from 7 days up to 10 years. Interest Rate Stability: Generally fixed throughout the FD’s term, though some banks offer schemes with rates tied to external benchmarks. Interest Payout Choices: Options include monthly to yearly payouts or a cumulative option for compounding benefits. Early Withdrawal: Available with penalty charges. Loan Collateral: FDs can be used as collateral for loans, continuing to accrue interest.