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Highest Fixed Deposit Rates: Private vs Public sector banks FD interest rates compared – check list

Highest Fixed Deposit Interest Rates: Fixed deposits (FDs) offered by banks are secure and interest-generating investment options. With FDs, you can expect a guaranteed return on your invested funds, which remain unaffected by market fluctuations. This is the reason that FDs are a go to investment option for most risk averse investors.

Interest rates for fixed deposits are near all time highs, with RBI pausing the rate cycle for several monetary policy meetings now.

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Investors have the flexibility to choose between the re-investment deposit option, which allows for the accumulation of compound interest, or the option to receive interest payments at regular intervals (monthly/quarterly) to support their financial planning and budgeting needs, notes an ET report.

The interest rates offered on fixed deposits in August 2024 can vary based on several factors, including the specific bank, the age of the depositor, the tenure of the deposit, and the amount invested.

In India, private banks are financial institutions where private companies or individuals hold the majority of the equity, in contrast to public-sector banks where the government is the primary shareholder.

Public Sector Undertaking (PSU) banks are ones where the government owns the majority of the shares. These banks receive government subsidies with the aim of facilitating their growth and expansion.

For investors interested in comparing fixed deposit interest rates between private and public sector banks, a brief analysis of the fixed deposit rates offered to both general citizens and senior citizens is provided below.

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PSU Banks: Latest Fixed Deposit Interest Rates For General Citizens

Bank Fixed Deposit Rates
Bank NameInterest Rates (p.a.)
Highest slab1-year tenure (%)3-year tenure (%)5-year tenure (%)
%Tenure
PUBLIC SECTOR BANKS
Bank of Baroda7.25399 days6.857.156.5
Bank of India7.3666 days6.86.56
Bank of Maharashtra7.25777 days6.756.56.5
Canara Bank7.25444 days6.856.86.7
Central Bank of India7.45444 days6.856.756.5
Indian Bank7.25400 days – IND SUPER6.16.256.25
Indian Overseas Bank7.3444 days6.96.56.5
Punjab National Bank7.25400 days6.876.5
Punjab & Sind Bank7.3666 days6.366
State Bank of India7.25444 days6.86.756.5
Union Bank of India7.4333 days6.86.76.5

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Private Banks: Latest Fixed Deposit Interest Rates For General Citizens

Bank Fixed Deposit Rates
Bank NameInterest Rates (p.a.)
Highest slab1-year tenure (%)3-year tenure (%)5-year tenure (%)
%Tenure
PRIVATE SECTOR BANKS
Axis Bank7.217 months to less than 18 months6.77.17
Bandhan Bank81 year 9 months7.257.255.85
City Union Bank7.25400 days76.56.25
CSB Bank7.75401 days55.755.75
DBS Bank7.5376 days to 540 days76.56.5
DCB Bank8.0519 months to 20 months7.17.557.4
Federal Bank7.450 months ; 777 days6.876.6
HDFC Bank7.44 Year 7 Months (55 months)6.677
ICICI Bank7.2515 months to 2 years6.777
IDFC First Bank7.75500 days6.57.257
IndusInd Bank7.751 year to 2 years7.757.257.25
Jammu & Kashmir Bank71 year to less than 3 years76.756.5
Karur Vysya Bank7.6760 days777
Karnataka Bank7.25375 days7.16.56.5
Kotak Mahindra Bank7.4390 days to less than 23 months7.176.2
RBL Bank8.1500 days7.57.57.1
SBM Bank India8.253 years 2 days7.057.37.75
South Indian Bank7.25400 Days6.76.76
Tamilnad Mercantile Bank7.5400 days76.56.5
YES Bank818 months7.257.257.25

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PSU Banks: Latest Fixed Deposit Interest Rates For Senior Citizens

Senior Citizen Fixed Deposit Rates
Bank NameInterest Rates (p.a.)Additional rates offered to Super Senior Citizen* (over and above to senior citizen rates)
Highest slab1-year tenure (%)3-year tenure (%)5-year tenure (%)
%Tenure
PUBLIC SECTOR BANKS
Bank of Baroda7.75399 days7.357.657.15
Bank of India7.8666 days7.37.256.750.15% on tenures of 180 days to 10 years
Bank of Maharashtra7.75777 days7.2577
Canara Bank7.75444 days7.357.37.20.10% on 444 days
Central Bank of India7.95444 days7.357.257
Indian Bank7.75400 days – IND SUPER6.66.756.750.25% on all tenures
Indian Overseas Bank7.8444 days7.4770.25% on all tenures
Punjab National Bank7.75400 days7.37.570.30% for tenures up to 5 years
Punjab & Sind Bank7.8666 days6.86.56.50.15% on tenure of 444 days, 222 days, 666 days, & 999 days
State Bank of India7.75444 days7.37.257.5
Union Bank of India7.9333 days7.37.270.25% on all tenures
Jammu & Kashmir Bank7.51 year to less than 3 years7.57.257
Karur Vysya Bank8.1760 days7.47.47.4
Karnataka Bank7.65375 days7.56.96.9
Kotak Mahindra Bank7.9390 days to less than 23 months7.67.66.7
RBL Bank8.6500 days887.60.25% on all tenures
SBM Bank India8.753 years 2 days7.557.88.25
South Indian Bank7.75400 Days7.27.26.5
Tamilnad Mercantile Bank8400 days7.577
YES Bank8.518 months7.7588

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Private Banks: Latest Fixed Deposit Interest Rates For Senior Citizens

Senior Citizen Fixed Deposit Rates
Bank NameInterest Rates (p.a.)Additional rates offered to Super Senior Citizen* (over and above to senior citizen rates)
Highest slab1-year tenure (%)3-year tenure (%)5-year tenure (%)
%Tenure
PRIVATE SECTOR BANKS
Axis Bank7.755 years to 10 years7.27.67.75
Bandhan Bank8.51 year 9 months7.757.756.6
City Union Bank7.75400 days7.256.756.5
CSB Bank7.75401 days5.56.256.25
DBS Bank8376 days to 540 days7.577
DCB Bank8.5519 months to 20 months7.68.057.9
Federal Bank7.950 months ; 777 days7.37.57.25
HDFC Bank7.94 Year 7 Months (55 months)7.17.57.5
ICICI Bank7.815 months to less than 18 months7.27.57.5
IDFC First Bank8.25500 days77.757.5
IndusInd Bank8.251 year to 2 years8.257.757.75
Jammu & Kashmir Bank7.51 year to less than 3 years7.57.257
Karur Vysya Bank8.1760 days7.47.47.4
Karnataka Bank7.65375 days7.56.96.9
Kotak Mahindra Bank7.9390 days to less than 23 months7.67.66.7
RBL Bank8.6500 days887.60.25% on all tenures
SBM Bank India8.753 years 2 days7.557.88.25
South Indian Bank7.75400 Days7.27.26.5
Tamilnad Mercantile Bank8400 days7.577
YES Bank8.518 months7.7588

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