Fixed deposit rates: Despite the ongoing fluctuations in the global financial landscape, fixed deposits (FDs) remain a favoured option for conservative investors in India who prioritise stability and reliable returns. Whether aiming for short-term parking of funds or strategizing for long-term investments, numerous banks in the country offer appealing fixed deposit rates.
A fixed deposit offers the opportunity to invest a lump sum amount for a specified period known as the tenure. Generally, the interest rate on an FD is higher than that of a regular savings account.
In October, the Reserve Bank of India (RBI) maintained the repo rate for the tenth consecutive time, marking a significant moment in the interest rate cycle. This is an advantageous time for individuals considering fixed deposits. By securing higher rates now, you can protect your returns and ensure financial stability as interest rates fluctuate.
Banks’ interest rates on term deposits can change periodically. The interest rates offered by banks on fixed deposits depend on factors such as the deposit’s tenure, amount, depositor’s age (i.e. senior citizens or non-senior citizens), and the specific bank.
Here are the new fixed deposit rates of three banks that were revised in November:
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YES Bank
Effective November 5, 2024, YES Bank revised interest rates on fixed deposits of less than Rs 3 crore. As part of the revision, the bank has lowered the fixed deposit interest rate on a tenure of 18 months from 8% to 7.75% per annum, representing a decrease of 25 basis points.
Following this change, regular citizens, excluding senior citizens, are now eligible to earn interest rates ranging from 3.25% to 7.75% per annum on their fixed deposits.
Meanwhile, senior citizens can earn interest rates varying between 3.75% and 8.25% per annum. The highest interest rates of 7.75% and 8.25% per annum are available for general and senior citizens, respectively, on fixed deposit tenures of 18 months.
Highest slab rate 7.75% p.a. (for 18 months to less than 24 months)
For 1 year 7.25% p.a.
For 2 years 7.25% p.a.
For 3 years 7.25% p.a.
For 4 years 7.25% p.a.
For 5 years 7.25% p.a.
Tax-Saving FD 7.25% p.a.
Fixed deposit rates (all tenures)
Tenure Interest Rates (% p.a.)
Regular Citizens Senior Citizens
7 days to 14 days 3.25 3.75
15 days to 45 days 3.70 4.20
46 days to 90 days 4.10 4.60
91 days to 120 days 4.75 5.25
121 days to 180 days 5.00 5.50
181 days to 271 days 6.10 6.60
272 days to < 1 year 6.35 6.85
1 year 7.25 7.75
1 year 1 day -18 months 7.50 8.00
18 months 7.75 8.25
18 months – < 24 months 7.75 8.25
24 months – < 36 months 7.25 7.75
36 months – < 60 months 7.25 8.00
60 months 7.25 8.00
60 months – 120 months 7.00 7.75
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Punjab & Sind Bank
Punjab & Sind Bank has recently adjusted its fixed deposit interest rates to offer special limited-time fixed deposits with increased interest rates. These revised rates will be in effect starting November 14, 2024.
According to the Punjab & Sind Bank website, “Senior citizens shall be given benefit of additional interest of 0.50% on term deposits of less than Rs. 3 crore, over and above the mentioned rates for the maturity of 180 days & above on fresh as well as on renewal of term deposits but same shall not be available to NRE, NRO deposits, capital gain and Bulk deposits.”
Highest slab rate 7.45% (for 555 days)
For 1 year 6.30%
For 2 years 6.30%
For 3 years 6.00%
For 4 years 6.00%
For 5 years 6.00%
Tax-Saving FD 6.00%
Fixed deposit rates (all tenures)
Tenure Interest Rates (% p.a.)
Regular Citizens Senior Citizens
7 days – 14 days 4.00* 4.00
15 days – 30 days 4.00 4.00
31 days – 45 days 4.25 4.25
46 days – 90 days 4.50 4.50
91 days – 120 days 4.50 4.50
121 days – 150 days 4.75 4.75
151 days – 179 days 6.00 6.00
180 days – 221 days 5.25 5.75
222 days 6.30 6.80
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Bank of Maharashtra
Bank of Maharashtra has recently adjusted its fixed deposit interest rates, with the new rates ranging from 2.75% to 7.35% per annum for general citizens and 2.75% to 7.85% per annum for senior citizens. These rates are applicable for fixed deposit tenures varying from 7 days to 10 years. The changes took effect on November 14, 2024. Additionally, special FD schemes have been introduced for general citizens, offering attractive interest rates of 6.90% for 200 days, 7.35% for 333 days, 7.10% for 400 days, and 7.75% for 777 days
Highest slab rate 7.35% (for 333 days)
For 1 year 6.75%
For 2 years 6.50%
For 3 years 6.50%
For 4 years 6.50%
For 5 years 6.50%
Tax-Saving FD 6.50%
Fixed Deposits Interest Rates on Domestic/NRO of less than Rs 3 crore w.e.f. 14 November 2024
Tenure Interest Rates (% p.a.)
Regular Citizens Senior Citizens
7 days to 30 days 2.75 2.75
31 days to 45 days 3.00 3.00
46 days to 90 days 4.75 4.75
91 days to 119 days 5.00 5.50
120 days to 180 days 5.25 5.75
181 days to 270 days 5.75 6.25
271 days to 364 days 5.75 6.25
365 days/1 year 6.75 7.25
Above 1 year to 2 years 6.50 7.00
Above 2 years to 3 years 6.50 7.00
Above 3 years to 5 years 6.50 7.00
Above 5 years 6.50 7.00
Data: Paisabazaar.com
