Fixed deposits (FDs) are a preferable saving option for investors who seek protection for their money and assured returns. Your investment in fixed deposits should be based on your financial goal. You can open an FD account easily by visiting the bank or through mobile banking and net banking applications. Most banks offer preferential rates of up to 0.5% p.a. (0.75% in some cases) to senior citizen depositors. Before investing in FDs, you should compare various banks’ interest rates on offer. Bank FD rates are rising after the Reserve Bank of India hiked the key repo rate by 40 basis points (bps).
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So, if you’re looking to invest in a fixed deposit of 3-5 years tenure, here is a list of the latest interest rates advertised by some of India’s prominent public sector and private banks.
| Public Sector Bank | Private Sector Bank | ||
| Bank Name | Interest Rate On 3 to 5 years (in % p.a.) | Bank Name | Interest Rate On 3 to 5 years (in % p.a.) |
| Bank of Maharashtra | 4.9 | Axis Bank | 5.75 |
| Bank of Baroda | 5.35 | Bandhan Bank | 6.25 |
| Bank of India | 5.2 | Catholic Syrian | 5.5 |
| Canara Bank | 5.75 | City Union Bank | 5 |
| Central Bank of India | 5.5 | DCB Bank | 6.25 |
| Indian Bank | 5.25 | Dhanlaxmi Bank | 5.45 |
| Indian Overseas Bank | 5.45 | Federal Bank | 5.6 |
| Punjab National Bank | 5.25 | HDFC Bank | 5.45 |
| Punjab & Sind Bank | 5.4 | ICICI Bank | 5.45 |
| State Bank of India | 5.5 | IDBI Bank | 5.6 |
| UCO Bank | 5.6 | IDFC First Bank | 6.25 |
| Union Bank | 5.5 | IndusInd Bank | 6.5 |
| J & K Bank | 5.5 | ||
| Karnataka Bank | 5.4 | ||
| Kotak Bank | 5.75 | ||
| Karur Vysya Bank | 5.9 | ||
| RBL Bank | 6.3 | ||
| South Indian Bank | 5.65 | ||
| Tamilnad Mercantile Bank | 5 | ||
| TNSC Bank | 6 | ||
| Yes Bank | 6.25 |
Disclaimer: Data as on respective banks’ websites on May 13, 2022. All rates for normal FDs amounting to less than Rs.1 crore.
