Below is the list of top banks Term Deposit or fixed deposit (FD) rates for tenure of 6 Months – 1 Year, 1 – 2 Years, 2 – 3 Years, 3 – 5 Years and more than 5 years.Click for Best Interest Rate on FDs for Senior Citizens
- The best fixed deposit rates for 6 months to less than a year is offered by Corporation Bank at 9.75% per annum.
- For 1 – 2 years the highest FD rate offered is 10.5% by Lakshmi Vilas Bank.
- For 2 – 3 years the highest FD rate is 9.90% by South Indian Bank.
- For 3 -5 years the highest fixed deposit rate is 10.10% by Dhanlaxmi Bank
- For more than 5 years too the highest fixed deposit rate is 10.10% by Dhanlaxmi Bank
The best fixed deposit rates for each tenure have been highlighted.
|Bank||6 Months – 364 Days||1 – 2 Years||2 – 3 Years||3 – 5 Years||5 Years +|
|Bank of Baroda||7.25-8.00||9.25-9.35||9.25||9.00||8.50|
|Bank of India||8.00-8.25||9.25||9.25||9.25||9.25|
|Bank of Maharashtra||7.00-8.80||9.30||9.30||9.00-9.35||9.00|
|Central Bank of India||9.10||9.25||9.30||9.25||9.09|
|City Union Bank||7.50-9.00||9.75-10.00||9.50||9.50||9.00|
|Development Credit Bank||6.75||8.00-9.75||8.00-9.30||8.00-9.30||8.00-9.30|
|Indian Overseas Bank||8.00-8.50||9.50||9.25||9.25||9.00|
|ING Vysya Bank||8.70 – 9.00||9.75||9.50||9.00||9.00|
|Karur Vysya Bank||7.80-8.50||10.00||9.75||9.50||9.00|
|Kotak Mahindra Bank||7.50-8.75||9.25-9.40||9.00-9.25||9.00||9.00|
|Lakshmi Vilas Bank||8.00-8.25||10.00||9.75||9.50||9.00|
|Oriental Bank of Commerce||9.00||9.50||9.25||9.25||9.25|
|South Indian Bank||8.50-10.00||9.75||9.60-9.90||9.60-10.00||9.60|
|State Bank of India||7.25-7.50||9.00||9.00||8.75||8.75|
|Tamilnad Mercantile Bank||9.25||10.25||9.75||9.75||10.00|
|The Federal Bank||7.00-9.50||9.50-9.75||9.50||9.25||9.25|
|Union Bank of India||8.60-8.75||9.25||9.25||9.25||8.50-9.40|
|United Bank of India||8.00-8.75||9.25||9.25||9.25||9.00|
All the Rates are in % per annum. Rates for deposits up to Rs. 15 lakhs.
Source: Bank Websites
Update: April 24, 2012
- 1 State Bank of India (SBI) cuts Term Deposit Rates up to 1%
- 2 Lakshmi Vilas Bank, Kotak Mahindra Bank, Allahabad Bank and United Bank of India reduced its FD rates on select maturities by 0.25%
- 3 PNB, ICICI, IDBI Bank reduce lending, deposit rates
- 4 OBC cuts lending, deposit rates by up to 0.5%
- 5 Federal Bank hikes interest rate on Fixed Deposits (FD) & NRE Term Deposits
State Bank of India (SBI) cuts Term Deposit Rates up to 1%
State Bank of India (SBI), today cut interest rates on loans and deposits up to 1%, following reduction in the short-term policy rates by Reserve Bank last week. The largest lender of the country’s SBI slashed interest rates up to 1% on fixed deposits of all but one maturity. With these changes, the peak rate on SBI fixed deposits would come down to 9% a year, from tomorrow.
Lakshmi Vilas Bank, Kotak Mahindra Bank, Allahabad Bank and United Bank of India reduced its FD rates on select maturities by 0.25%
Update: April 20, 2012
PNB, ICICI, IDBI Bank reduce lending, deposit rates
Update: April 11, 2012
OBC cuts lending, deposit rates by up to 0.5%
Oriental Bank of Commerce (OBC) slashed base rate or minimum lending rate by a marginal 0.1% while fixed deposit rates on select maturities by up to 0.5%. The bank has reduced the base rate by 10 basis points to 10.65% from 10.75%. The reduction in base rate will make all kind of loans, including housing, auto loans cheaper by at least 0.1%.
As far as deposit rates are concerned, the bank reduced interest rate on fixed deposits with maturity between 1-2 years by 0.25% to 9.50%.
For term deposits worth Rs 15 lakh to Rs 1 crore with maturity between 46-90 days, the new interest rate will be 0.5% lower than the existing 9%.
Further the bank has increased its rate of interest applicable for senior citizens from 0.5% to 0.6% over and above the card rate.
The new fixed deposit rates would be effective from April 16, 2012.
Update: April 3, 2012
Federal Bank hikes interest rate on Fixed Deposits (FD) & NRE Term Deposits
Federal Bank has hiked the rate of interest on both – Domestic Fixed Deposit as well as NRE term deposits for a period of 1 year to 10% effective from April 3, 2012.
The rates of interest for resident deposits of other maturity periods are as follows:
- 7 days to 45 days – 5.00%
- 46 days to 180 days – 7.00%
- 181days to 199 days-8.50%
- 200 days-9.50%
- 201 days to less than 1 year – 8.50%
- above1 year to less than 3 years – 9.50%
- 3 years and above-9.25%
The rate of interest for NRE term deposits for a period of 1 year to less than 3 years is 9.50% and for a period of 3 years and above is 9.25%.
Senior citizens are eligible for additional interest of 0.50% on resident term deposits.