May 2020: The Franklin Templeton debt funds fiasco just unravelled and valuations of all debt funds are in a tizzy. Investors are seeking safe havens for their money. Several have withdrawn their investments and kept their money in a savings account. Others have invested in gold which is currently increasing in price as more and more invest in it.
Some prefer the security of having their money in banks with additional interest, yes, I’m talking about fixed deposits (FD). But different banks offer different interest rates on fixed deposits. In general, larger banks tend to offer more security (peace of mind as volumes and banking activity, in general, is greater) but a lesser rate of interest. Conversely, smaller banks tend to offer higher rates of FD interest but arguably, lesser security.
We have compiled a list of FD interest rates that all major banks in India are offering, so you can compare them, at a glance.
Please note that this comparison is based on the following conditions:
- The volume of deposit is less than Rs. 1 cr
- The term of deposit is between 2 years and 3 years (we chose this term as interest rates were the highest for this term/ period of deposit, in general)
- The rates are applicable for persons who are not senior citizens i.e. for regular age individuals
- The date of comparison is the date of writing this article i.e. 8 May, 2020
The comparison has been split into top 10 banks and other banks, for ease of reference.
Below is the data for top 10 banks:
The above image is based on the following interest rate data:
| S. No. | Bank name | Interest rate (p.a.) |
|---|---|---|
| 1 | Kotak Mahindra Bank | 5.00% |
| 2 | SBI | 5.70% |
| 3 | Bank of Baroda | 5.70% |
| 4 | Punjab National Bank | 5.75% |
| 5 | Canara Bank | 5.75% |
| 6 | Bank of India | 5.80% |
| 7 | HDFC Bank | 6.00% |
| 8 | ICICI Bank | 6.00% |
| 9 | Axis Bank | 6.10% |
| 10 | Yes Bank | 7.25% |
Following is the data for other banks in India:
The above image is based on the following interest rate data:
| S. No. | Bank name | Interest rate (p.a.) |
|---|---|---|
| 1 | HSBC Bank | 4.00% |
| 2 | DBS Bank | 5.50% |
| 3 | Central Bank of India | 5.65% |
| 4 | Indian Overseas Bank | 5.70% |
| 5 | Syndicate Bank | 5.75% |
| 6 | UCO Bank | 5.85% |
| 7 | Andhra Bank | 5.90% |
| 8 | Bandhan Bank | 6.75% |
| 9 | Indusind Bank | 6.75% |
| 10 | Deustche Bank | 6.75% |
| 11 | IDFC Bank | 7.25% |
| 12 | AU Small Finance Bank | 7.53% |
| 13 | Equitas Bank | 8.00% |
| 14 | Utkarsh Small Finance Bank | 9.00% |
 interest rates of all major banks in India (like SBI, ICICI, HDFC etc.) compared in one page along with easy to understand charts.){kind=link}