Best FD Rates in India: Banks Offering 8% to 9.1% Interest in 2024

In July 2024, several banks in India raised their FD interest rates, presenting attractive returns for investors. Fixed deposits have become increasingly appealing to investors seeking stable and high-yield investments, ranging from 8% to 9.1%. This article comprehensively examines the banks that provide higher fixed deposit rates. It includes details about the different tenures available, giving you the information you need to make wise investment choices and maximise your savings.

State Bank of India

The current SBI FD interest rates range from 3.50% to 7.00% per annum, depending on the tenure of the deposit. Here is a breakdown of the current interest rates:

7 days to 45 days: 3.50% – 5.25% p.a.
46 days to 179 days: 5.50% – 6.25% p.a.
180 days to 210 days: 6.00% – 6.60% p.a.
211 days to less than 1 year: 6.25% – 6.75% p.a.
1 year to less than 2 years: 6.80% – 7.00% p.a.
2 years to less than 3 years: 7.00% p.a.
3 years to less than 5 years: 6.75% – 6.25% p.a.
5 years and above: 6.50% – 6.00% p.a.

Features and Benefits

SBI FDs offer several features and benefits, including:

Competitive interest rates
Flexible tenure options
Minimum deposit amount of Rs. 1,000
No upper limit on the deposit amount
Loan facility available against FD
Nomination facility available
Tax benefits under Section 80C

Senior Citizen FD Interest Rates

SBI offers a higher interest rate of 4.00%—7.50% p.a. on selected FD schemes for senior citizens (60+ years).

Yes Bank

The current Yes Bank FD interest rates range from 3.25% to 8.00% per annum, depending on the tenure of the deposit. Here is a breakdown of the current interest rates:

General Public

7 days to 14 days: 3.25% p.a.
15 days to 45 days: 3.70% p.a.
46 days to 90 days: 4.10% p.a.
91 days to 120 days: 4.75% p.a.
121 days to 180 days: 5.00% p.a.
181 days to 271 days: 6.10% p.a.
272 days to
1 year: 7.25% p.a.
1 year 1 day to
18 months: 8.00% p.a.

Senior Citizens

7 days to 14 days: 3.75% p.a.
15 days to 45 days: 4.20% p.a.
46 days to 90 days: 4.60% p.a.
91 days to 120 days: 5.25% p.a.
121 days to 180 days: 5.50% p.a.
181 days to 271 days: 6.60% p.a.
272 days to
1 year: 7.75% p.a.
1 year 1 day to
18 months: 8.50% p.a.

Features and Benefits

Yes Bank FDs offer several features and benefits, including:

Competitive interest rates
Flexible tenure options
Minimum deposit amount of Rs. 10,000
No upper limit on the deposit amount
Loan facility available against FD
Nomination facility available benefits under Section 80C

DCB Bank

Before we dive into the interest rates, let’s take a look at some of the key features of DCB Bank FDs:

Higher Interest Rates: DCB Bank offers competitive interest rates on its FDs, ensuring your savings grow steadily.
Flexible Tenure: The bank provides flexible tenures for its FDs, ranging from 7 days to 120 months, so you can select the investment period that best suits your requirements.
Minimum Deposit: A minimum deposit of ₹5,000 is required to open an FD account with DCB Bank.
No Penalties for Premature Withdrawal: DCB Bank does not charge any penalties for premature withdrawal of FDs.
Additional Interest for Senior Citizens: Senior citizens can earn an extra 0.25% interest rate on their FDs.

DCB Bank FD Interest Rates

The interest rates offered by DCB Bank on its FDs are as follows:

For Resident Indian Deposits

7 days to 45 days: 3.75% p.a.
46 days to 90 days: 4.00% p.a.
91 days to less than 6 months: 4.75% p.a.
6 months to less than 10 months: 6.20% p.a.
10 months to less than 12 months: 7.25% p.a.
12 months: 7.10% p.a.
More than 12 months to 12 months 10 days: 7.75% p.a.
12 months 11 days to 17 months: 7.15% p.a.
17 months 1 day to 18 months 5 days: 7.10% p.a.
18 months 6 days to less than 19 months: 7.40% p.a.
19 months to 20 months: 8.05% p.a.
20 months 1 day to less than 700 days: 7.40% p.a.
700 days to 26 months: 7.50% p.a
More than 26 to less than 37 months: 7.55% p.a.
37 months to 38 months: 7.75% p.a.
More than 38 months to less than 61 months: 7.40% p.a.
61 months: 7.65% p.a.
More than 61 months to 120 months: 7.25% p.a.

For NRE (Non-Resident External) Deposits

12 months: 7.10% p.a.
More than 12 months to 12 months 10 days: 7.75% p.a.
12 months 11 days to 17 months: 7.15% p.a.
17 months 1 day to 18 months 5 days: 7.10% p.a.
18 months 6 days to less than 19 months: 7.40% p.a.
19 months to 20 months: 8.05% p.a.
20 months 1 day to less than 700 days: 7.40% p.a.
700 days to 26 months: 7.50% p.a.
More than 26 months to less than 37 months: 7.55% p.a.
37 months to 38 months: 7.75% p.a.
More than 38 months to less than 61 months: 7.40% p.a.
61 months: 7.65% p.a.
More than 61 months to 120 months: 7.25% p.a.

How to Invest in a DCB Bank FD

Investing in a DCB Bank FD is a straightforward and hassle-free process that can be done online or offline. These are the steps you should follow:

Visit the DCB Bank website or mobile app.
Click on the “Fixed Deposit” option.
Choose the tenure and amount you want to invest.
Fill in your personal details and bank account information.
Apply and receive the FD receipt.

IDFC First Bank

Before we dive into the interest rates, let’s take a look at some of the key features of IDFC First Bank FDs:

Higher Returns: IDFC First Bank FDs offer higher returns than savings accounts.
Low Risk: FDs are low-risk investments.
Flexibility: IDFC First Bank offers flexible tenures and payout options.
Guaranteed Returns: FDs offer guaranteed returns.
Liquidity: FDs can be easily liquidated in case of an emergency.
Tax Savings: Investing in tax-saving FDs can result in tax savings of up to ₹1.5 lakh per year.

IDFC First Bank FD Interest Rates

The interest rates offered by IDFC First Bank on its FDs are as follows:

7 – 14 days: 3.00% (general public), 3.50% (senior citizens)
15 – 29 days: 3.00% (general public), 3.50% (senior citizens)
30 – 45 days: 3.00% (general public), 3.50% (senior citizens)
46 – 90 days: 4.50% (general public), 5.00% (senior citizens)
91 – 180 days: 4.50% (general public), 5.00% (senior citizens)
181 days – less than 1 year: 5.75% (general public), 6.25% (senior citizens)
1 year: 6.50% (general public), 7.00% (senior citizens)
1 year 1 day – 499 days: 7.50% (general public), 8.00% (senior citizens)
500 days: 7.90% (general public), 8.40% (senior citizens)
501 days – 548 days: 7.50% (general public), 8.00% (senior citizens)
549 days- 2 years: 7.75% (general public), 8.25% (senior citizens)
2 years 1 day – 3 years: 7.25% (general public), 7.75% (senior citizens)
3 years 1 day – 5 years: 7.00% (general public), 7.50% (senior citizens)
5 year 1 day – 10 years: 7.00% (general public), 7.50% (senior citizens)

How to Invest in IDFC First Bank FD

Investing in an IDFC First Bank FD is a simple and convenient process that can be quickly completed online or offline. Here are the steps you should follow:

Visit the IDFC First Bank website or mobile app.
Click on the “Fixed Deposit” option.
Choose the tenure and amount you want to invest.
Fill in your personal details and bank account information.
Apply and receive the FD receipt.

Ujjivan Small Finance Bank

The interest rates offered by Ujjivan Small Finance Bank on its FDs are as follows:

General Public

7 days to 29 days: 3.75%
30 days to 89 days: 4.25%
90 days to 179 days: 4.75%
6 months to < 12 months: 7.00%
12 months: 8.25%
12 months 1 day to 560 days (80 weeks): 8.00%
561 days to 990 days: 7.75%
991 days to 60 months: 7.20%
60 months 1 day to 120 months: 6.50%

Senior Citizens

7 days to 29 days: 4.25%
30 days to 89 days: 4.75%
90 days to 179 days: 5.25%
6 months to < 12 months: 7.50%
12 months: 8.75%
12 months 1 day to 560 days (80 weeks): 8.50%
561 days to 990 days: 8.25%
991 days to 60 months: 7.70%
60 months 1 day to 120 months: 7.00%

Bajaj Finance

Here are the interest rates provided by Bajaj Finance for its FDs:

For customers below the age of 60:

12-14 months: 7.40% p.a.
15-23 months: 7.50% p.a.
24-35 months: 7.80% p.a.
36-60 months: 8.10% p.a.
42 months (Digital FD): 8.40% p.a.

For senior citizens:

12-14 months: 7.65% p.a.
15-23 months: 7.75% p.a.
24-35 months: 8.20% p.a.
36-60 months: 8.35% p.a.
42 months (Digital FD): 8.65% p.a.

How to Invest in a Bajaj Finance FD

Investing in a Bajaj Finance FD is easy and quick both online and offline. You should follow these guidelines:

Visit the Bajaj Finance website or mobile app.
Click on the “Fixed Deposit” option.
Choose the tenure and amount you want to invest.
Fill in your personal details and bank account information.
Apply and receive the FD receipt.

RBL Bank

Before we dive into the interest rates, let’s take a look at some of the key features of RBL Bank FDs:

Higher Returns: RBL Bank FDs offer higher returns than savings accounts.
Low Risk: FDs are low-risk investments.
Flexibility: RBL Bank offers flexible tenures and payout options.
Guaranteed Returns: FDs offer guaranteed returns.
Liquidity: FDs can be easily liquidated in case of an emergency.
Tax Savings: Investing in tax-saving FDs can result in tax savings of up to ₹1.5 lakh per year.

RBL Bank FD Interest Rates

RBL Bank provides the following interest rates on its FDs:

7 – 14 days: 3.50% (general public), 4.00% (senior citizens)
15 – 29 days: 3.75% (general public), 4.25% (senior citizens)
30 – 45 days: 4.00% (general public), 4.50% (senior citizens)
46 – 90 days: 4.50% (general public), 5.00% (senior citizens)
91 – 180 days: 5.00% (general public), 5.50% (senior citizens)
181 days – less than 1 year: 5.75% (general public), 6.25% (senior citizens)
1 year: 6.50% (general public), 7.00% (senior citizens)
1 year 1 day – 499 days: 7.00% (general public), 7.50% (senior citizens)
500 days: 7.25% (general public), 7.75% (senior citizens)
501 days – 548 days: 7.00% (general public), 7.50% (senior citizens)
549 days- 2 years: 7.25% (general public), 7.75% (senior citizens)
2 years 1 day – 3 years: 7.00% (general public), 7.50% (senior citizens)
3 years 1 day – 5 years: 6.75% (general public), 7.25% (senior citizens)
5 year 1 day – 10 years: 6.50% (general public), 7.00% (senior citizens)

How to Invest in RBL Bank FD

Investing in an RBL Bank FD is a straightforward process that can be done online or offline. These are the steps you need to follow:

Visit the RBL Bank website or mobile app.
Click on the “Fixed Deposit” option.
Choose the tenure and amount you want to invest.
Fill in your personal details and bank account information.
Apply and receive the FD receipt.

Utkarsh Small Finance Bank

Before we dive into the interest rates, let’s take a look at some of the key features of Utkarsh Small Finance Bank FDs:

Higher Returns: Utkarsh Small Finance Bank FDs offer higher returns than savings accounts.
Low Risk: FDs are low-risk investments.
Flexibility: Utkarsh Small Finance Bank offers flexible tenures and payout options.
Guaranteed Returns: FDs offer guaranteed returns.
Liquidity: FDs can be easily liquidated in case of an emergency.
Tax Savings: Investing in tax-saving FDs can result in tax savings of up to ₹1.5 lakh per year.
Utkarsh Small Finance Bank FD Interest Rates

Here are the interest rates provided by Utkarsh Small Finance Bank for its fixed deposits:

7 – 14 days: 4.00% (general public), 4.50% (senior citizens)
15 – 29 days: 4.25% (general public), 4.75% (senior citizens)
30 – 45 days: 4.50% (general public), 5.00% (senior citizens)
46 – 90 days: 5.00% (general public), 5.50% (senior citizens)
91 – 180 days: 5.50% (general public), 6.00% (senior citizens)
181 days – less than 1 year: 6.00% (general public), 6.50% (senior citizens)
1 year: 7.00% (general public), 7.50% (senior citizens)
1 year 1 day – 499 days: 7.25% (general public), 7.75% (senior citizens)
500 days: 7.50% (general public), 8.00% (senior citizens)
501 days – 548 days: 7.25% (general public), 7.75% (senior citizens)
549 days- 2 years: 7.50% (general public), 8.00% (senior citizens)
2 years 1 day – 3 years: 7.25% (general public), 7.75% (senior citizens)
3 years 1 day – 5 years: 7.00% (general public), 7.50% (senior citizens)
5 year 1 day – 10 years: 6.75% (general public), 7.25% (senior citizens)

How to Invest in Utkarsh Small Finance Bank FD

Completing a simple and hassle-free online or offline method, investing in a Utkarsh Small Finance Bank FD is easy. These are the guidelines you should apply:

Visit the Utkarsh Small Finance Bank website or mobile app.
Click on the “Fixed Deposit” option.
Choose the tenure and amount you want to invest.
Fill in your personal details and bank account information.
Apply and receive the FD receipt.

Conclusion

Several banks’ recent increase in FD interest rates offers a lucrative chance for investors who prioritise both high returns and low risk. By carefully choosing the right bank and tenure, you can benefit from the highly competitive rates available, which range from 8% to 9.1%. This trend emphasises the significance of staying informed about the latest financial offerings to maximise investments. Protect your savings with these appealing FD options and experience the reassurance of a guaranteed return.