Highest Fixed Deposit Interest Rates in July 2020

The post lists down the rate of Fixed Deposit Interest Rates as of July 5, 2020. You might want to bookmark this page as the FD interest rates would be updated every month. Would help you in better decision making.

Fixed Deposit Interest Rates Highlights

  1. Most big banks like SBI have lowered their FD rates.
  2. Most banks offer FDs for tenure of 7 Days to 10 Years.
  3. The Ratnakar Bank IDBI Bank & Karnataka Bank (for minors) do offer fixed deposits up to 20 years too.
  4. For very short Term Deposits the interest rate is similar to that of Savings Account and so you should not worry about FD. Also Interest up to Rs 10,000 in Saving Account is Tax free.
  5. Most banks compound interest quarterly
  6. Banks offer Loan/Overdraft against the amount available in Fixed Deposit. The interest is generally 0.5% to 1% more than that offered to FD.
  7. TDS (Tax deduction at source) at the rate of 10% is deducted, if the interest income is more than Rs 40,000 in financial year per bank (changed from Rs 10,000 limit in Budget 2019)
  8. In case of Senior citizens TDS would be deducted at the rate of 10%, if the interest income exceeds Rs 50,000
  9. There might be penalty for pre-mature withdrawal of Fixed Deposits

Fixed Deposit Interest Rates

The highest interest rate on fixed deposit is offered by RBL Bank (36 months to 36 months 1 day) at 7.50%.

For comparing the best interest rates on fixed deposits over different duration of investment, we have it divided into following 5 slabs:

  • FD for Less than 1 Year
  • FD for 1 to 2 years
  • FD for 2 to 5 Years
  • FD for 5 to 10 years
  • FD for More than 10 years

We show the highest interest rates on fixed deposits for the above duration buckets. We have also compared the best interest rates on offer by that being offered by State Bank of India (SBI), ICICI Bank and Post Offices.

Interest Rate for FD of Less than 1 Year

The highest interest rate is offered by IDFC First Bank (181 days – less than 1 year) at 7.00%.

BankDescriptionInterest Rate
IDFC First Bank181 days – less than 1 year7.00%
IDFC First Bank91 – 180 days6.75%
RBL Bank181 days to 364days6.65%
DCB Bank6 months to less than 12 months6.60%
IDFC First Bank46 – 90 days6.50%
Yes Bank6 months to < 1 Year6.50%
RBL Bank91 days to 180 days6.40%
Bandhan Bank1 year to 18 months6.25%
IDFC First Bank30 – 45 days6.25%
IndusInd Bank270 days or below 1 years6.25%
RBL Bank46 days to 90 days6.15%
Standard Charted Bank210 to 364 days6.10%
DCB Bank91 days to less than 6 months6.00%
IndusInd Bank181 days to 269 days6.00%
Standard Charted Bank90 to 210 days6.00%
Yes Bank3 months to < 6 months6.00%
Lakshmi Vilas Bank181 – 364 Days5.80%
IndusInd Bank91 days to 180 days5.75%
Tamilnad Mercantile Bank271 days to less than 1 year5.75%
Lakshmi Vilas Bank91-180 Days5.70%
South Indian Bank361 days to 10 Years5.70%
Indian Overseas Bank 270 days to < 1 year5.60%
Karnataka Bank91 days to 364 days5.60%
Tamilnad Mercantile Bank180 – 270 days5.60%
DCB Bank15 days to 90 days5.50%
Dhanlaxmi Bank180 days to less than one year5.50%
IndusInd Bank61 days to 90 days5.50%
Standard Charted Bank45 to 89 days5.50%
Tamilnad Mercantile Bank91 to 179 days5.50%
RBL Bank15 days to 45 days5.50%
Axis Bank11 months 25 days < 1 year 5 days5.45%
Karur Vysya Bank91 Days to less than 1 year5.45%
Indian Overseas Bank 180-269 days5.35%
Tamilnad Mercantile Bank46 – 90 Days5.25%
South Indian Bank91 days to 360 days5.20%
Bandhan Bank6 months to less than 1 year5.15%
Indian Overseas Bank 121-179 days5.10%
Punjab and Sind Bank 270 – 364 Days5.10%
Bank of India180 days to less than 1 year5.00%
CSB Bank181 days to less than 1 Year5.00%
City Union Bank271 days to 364 days5.00%
Dhanlaxmi Bank91 days to 179 days5.00%
IDFC First Bank15 – 29 days5.00%
Punjab and Sind Bank 180 – 269 Days5.00%
Canara Bank 180 days to less than 1 Year4.85%
Central Bank of India 180 – 364 days4.80%
ICICI Bank290 days to less than 1 year4.75%
State Bank of India 211 days to less than 1 year4.40%

Also Read: 21 Hidden Charges in Saving Bank Account

Interest Rate for Fixed Deposit of 1 – 2 Years

The highest interest rate is offered by DCB Bank (18 Months) and IDFC First Bank (1 Year to 10 Years) at 7.25%.

BankDescriptionInterest Rate
DCB Bank18 months7.25%
IDFC First Bank1 year – 10 years7.25%
DCB BankMore than 18 months to less than 36 months7.20%
RBL Bank12 months to less than 24 months7.20%
DCB Bank15 months to less than 18 months7.00%
DCB Bank12 months 1 day to less than 15 months6.90%
Lakshmi Vilas Bank400 Days6.75%
Yes Bank1 year to 10 years6.75%
Standard Charted Bank1 Year – 375 days6.30%
Bandhan Bank1 year to 18 months6.25%
IndusInd Bank1 Years to below 3 years6.25%
Lakshmi Vilas Bank365 Days to less than 3 Years6.25%
Bandhan BankAbove 18 months to less than 3 years6.15%
Tamilnad Mercantile Bank1 Year to less than 2 years6.10%
Tamilnad Mercantile Bank2 years to less than 3 years6.00%
South Indian Bank18 months5.90%
Tamilnad Mercantile Bank3 years to 10 years5.90%
Dhanlaxmi Bank640 days5.85%
Federal Bank15 Months5.85%
Dhanlaxmi Bank500 days5.80%
Dhanlaxmi BankAbove 2 years upto & inclusive of 10 years5.80%
Karur Vysya Bank1 year to less than 2 years5.80%
CSB Bank15 months5.75%
City Union BankAbove 1 year and up to 3 years5.75%
Dhanlaxmi Bank1 Year and above upto & inclusive of 2 years5.75%
IDBI Bank> 1 year – 2 years5.75%
Indian Overseas Bank 444 days5.75%
Karnataka Bank1 year to 2 Years5.75%
Federal BankAbove 1 Year5.70%
IDBI Bank1 Year5.70%
Indian Overseas Bank 1 year to < 10 years5.70%
South Indian Bank361 days to 10 Years5.70%
Federal Bank1 year5.60% 
Punjab and Sind Bank 1 Year – 10 Years5.55%
Bank of India1 Year & above but less than 2 Yrs5.50%
Canara Bank 1 year & above to less than 3 years5.50%
CSB Bank1 Year to 10 Years5.50%
City Union Bank1 year5.50%
DCB Bank12 months5.50%
Axis Bank11 months 25 days < 1 year 5 days5.45%
Axis Bank18 Months < 2 years5.45%
Axis Bank1 year 5 days < 18 months5.40%
ICICI Bank1 year < 18 months5.15%
ICICI Bank18 months days to 3 years5.35%
State Bank of India 1 years to less than 3 years5.10%
Post Office FD1 Year5.50%
Post Office FD2 years5.50%

Interest Rate for Fixed Deposit of 2 – 5 Years

The highest interest rate is offered by RBL Bank (36 months to 36 months 1 day) at 7.50%

BankDescriptionInterest Rate
RBL Bank36 months to 36 months 1 day7.50%
DCB Bank36 months to 120 months7.35%
IDFC First Bank1 year – 10 years7.25%
RBL Bank24 months to less than 36 months7.25%
DCB BankMore than 18 months to less than 36 months7.20%
Deutsche Bank5 years7.00%
RBL Bank36 months 2 days to less than 60 months7.00%
Yes Bank2 years < 3 years7.00%
IndusInd Bank3 years to below 61 month6.75%
Yes Bank1 year to 10 years6.75%
IndusInd Bank1 Years to below 3 years6.25%
Lakshmi Vilas Bank365 Days to less than 3 Years6.25%
Standard Charted Bank375 days to less than 3 years6.20%
Bandhan BankAbove 18 months to less than 3 years6.15%
Bandhan Bank3 years to less than 5 years6.10%
Lakshmi Vilas Bank3 Years to less than 10 Years6.10%
Karur Vysya Bank3 years and above6.00%
Standard Charted Bank3 years to 5 years6.00%
Tamilnad Mercantile Bank3 years to 10 years5.90%
Karur Vysya Bank2 years to less than 3 years5.85%
Dhanlaxmi BankAbove 2 years upto & inclusive of 10 years5.80%
IDBI Bank5 years5.80%
City Union BankAbove 1 year and up to 3 years5.75%
Karnataka BankAbove 2 Year to 10 years5.75%
Federal BankAbove 1 Year5.70%
IDBI Bank>2 years to < 5 years5.70%
Indian Overseas Bank 1 year to < 10 years5.70%
South Indian Bank361 days to 10 Years5.70%
Punjab and Sind Bank 1 Year – 10 Years5.55%
Axis Bank2 years < 10 years5.50%
City Union BankAbove 3 years and up to 5 years5.50% 
ICICI Bank18 months days to 3 years5.35%
ICICI Bank3 years 1 day to 10 years5.50%
State Bank of India 1 years to less than 3 years5.10%
State Bank of India 3 years to less than 5 years5.30%
Post Office FD2 years5.50%
Post Office FD3 years5.50%
Post Office FD5 years6.70%

Also Read: Where to Park Money for Very Short Term [less than 6 Months]?

Interest Rate for Fixed Deposit of 5 – 10 Years

The highest interest rate is offered by DCB Bank (36 months to 120 months) at 7.35%.


BankDescriptionInterest Rate
DCB Bank36 months to 120 months7.35%
IDFC First Bank1 year – 10 years7.25%
RBL Bank60 months to less than 120 months7.15%
Yes Bank1 year to 10 years6.75%
IndusInd Bank61 month and above6.65%
Lakshmi Vilas Bank3 Years to less than 10 Years6.10%
Bandhan Bank5 years to upto 10 years6.00%
Karur Vysya Bank3 years and above6.00%
Tamilnad Mercantile Bank3 years to 10 years5.90%
Dhanlaxmi BankAbove 2 years upto & inclusive of 10 years5.80%
Karnataka BankAbove 2 Year to 10 years5.75%
Federal BankAbove 1 Year5.70%
IDBI Bank> 5 years – 7 years5.70%
Indian Overseas Bank 1 year to < 10 years5.70%
South Indian Bank361 days to 10 Years5.70%
Punjab and Sind Bank 1 Year – 10 Years5.55%
Axis Bank2 years < 10 years5.50%
ICICI Bank3 years 1 day to 10 years5.50%
State Bank of India 5 years and up to 10 years5.40%
Post Office FD5 years6.70%

Interest Rate for Fixed Deposit of more than 10 Years

The Ratnakar Bank and IDBI bank offers fixed deposit of up to 20 years.

BankDescriptionInterest Rate
RBL Bank120 months to 240 months6.65%
Karnataka BankAbove 10 years (Minor Deposit Scheme)5.65%
IDBI Bank>10 years – 20 years5.50%

Source: Bank Websites                                 Last Updated: July 6, 2020

Disclaimer: The Fixed Deposit Interest Rates keep on changing. You are advised to check the interest rates with banks before making your FD.

Also Read:13 Investments to Generate Regular Income

Highest Interest Rate on Bank Fixed Deposits - February 2020
Highest Interest Rate on Bank Fixed Deposits – February 2020

Small Banks Fixed Deposit Interest Rates

The table below compares the interest rate offered by Small banks to that of SBI. The difference is substantial for mid-tenure deposits.

Banks<1 year1 Year2 Years3 Years4 Years5 Years5 Year+
AU Small Finance Bank6.50%7.05%7.25%7.00%7.00%7.00%7.00%
Capital Small Finance Bank6.00%6.65%6.50%6.50%6.50%6.50%6.25%
Equitas Small Finance Bank6.60%7.10%7.15%7.35%6.75%6.75%6.75%
ESAF Small Finance Bank6.25%7.50%7.25%7.00%7.00%7.00%6.50%
Fincare Small Finance Bank6.25%6.95%7.10%7.30%7.30%7.50%6.50%
Jana Small Finance Bank7.00%7.75%8.00%8.00%7.00%7.50%6.50%
Suryoday Small Finance Bank7.00%7.25%7.50%7.75%7.75%9.00%7.25%
Ujjivan Small Finance Bank5.65%6.95%6.95%6.50%6.25%6.25%6.00%
Utkarsh Small Finance Bank6.50%7.75%8.00%7.75%7.75%7.75%7.75%
North East Small Finance Bank5.50%7.50%8.00%8.00%7.00%7.00%6.50%
SBI4.40%5.10%5.10%5.30%5.30%5.40%5.40%

                                                                                 Updated: June 5, 2020  

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Fixed Deposit Interest Rate across all Banks

Earlier we used to provide only the top Fixed Deposit Rates but with several request from readers we have added a summary of FD rates for all banks.

Banks1 Years2 Years3 Years4 Years5 Years5+ Years
Allahabad Bank6.75%6.60%6.50%6.50%6.50%6.50%
Andhra Bank6.00%6.00%6.10%6.10%6.10%6.10%
Axis Bank6.55%6.50%6.65%6.50%6.50%6.50%
Bandhan Bank6.95%6.95%6.95%6.75%6.75%6.75%
Bank of Baroda6.10%6.10%6.10%6.25%6.25%6.10%
Bank of India6.40%6.25%6.25%6.25%6.25%6.25%
Bank of Maharashtra6.00%6.00%5.75%5.50%5.50%5.50%
Canara Bank6.30%6.00%6.25%6.25%6.25%6.25%
Catholic Syrian Bank6.50%6.25%6.25%6.25%6.25%6.25%
Central Bank of India6.25%6.20%6.20%6.20%6.20%6.20%
Citibank4.75%5.00%5.00%5.25%5.25%5.25%
City Union Bank6.60%6.35%6.35%6.35%6.35%6.30%
Corporation Bank6.50%6.55%6.35%6.35%6.35%6.35%
DCB Bank7.50%6.55%7.70%7.50%7.50%7.25%
Deutsche Bank7.00%7.00%7.25%7.50%7.75%x
Dhanalakshmi Bank6.90%6.90%6.50%6.50%6.50%6.50%
Digibank by DBS6.50%6.25%6.50%6.50%6.50%6.50%
Federal Bank6.50%6.60%6.50%6.50%6.50%6.50%
HDFC Bank6.30%6.40%6.40%6.30%6.30%6.30%
ICICI Bank6.30%6.30%6.40%6.40%6.40%6.40%
IDBI Bank6.40%6.35%6.45%6.25%6.25%6.25%
IDFC First Bank7.25%7.50%7.25%7.25%7.25%7.25%
Indian Bank6.30%6.30%6.25%6.25%6.25%6.25%
Indian Overseas Bank6.25%6.35%6.25%6.25%6.25%6.25%
Indus Ind Bank6.65%6.75%6.75%6.75%6.75%6.65%
J&K Bank6.25%6.30%6.30%6.25%6.00%6.00%
Karnataka Bank6.50%6.50%6.40%6.40%6.40%6.30%
Karur Vysya Bank6.35%6.45%6.45%6.45%6.45%6.45%
Kotak Mahindra Bank6.10%6.00%6.00%6.00%6.00%5.90%
Lakshmi Vilas Bank7.80%7.50%7.60%7.50%7.25%7.25%
Oriental Bank of Commerce6.25%6.25%6.25%6.25%6.25%6.25%
Post Office Time Deposit6.90%6.90%6.90%x7.70%x
Punjab and Sind Bank6.45%6.45%6.45%6.45%6.45%6.45%
Punjab National Bank6.30%6.30%6.25%6.25%6.25%6.30%
Ratnakar Bank7.40%7.45%7.45%7.20%7.35%7.35%
South Indian Bank6.55%6.70%6.50%6.50%6.50%6.50%
Standard Charted Bank6.50%6.60%6.60%6.60%6.60%6.60%
State Bank of India6.00%6.00%6.00%6.00%6.00%6.00%
Syndicate Bank6.30%6.30%6.25%6.25%6.25%6.25%
Tamilnad Mercantile Bank6.60%6.75%6.75%6.60%6.60%6.60%
UCO Bank6.30%6.30%6.30%6.25%6.25%6.25%
Union Bank of India6.40%6.45%6.30%6.30%6.30%6.30%
United Bank of India6.50%6.25%6.25%6.00%6.00%6.00%
Yes Bank7.40%7.50%7.50%7.25%7.25%7.25%

Bank FD Interest

The post compares the interest rate across all major banks in India. This would help you choose the best offering across banks and tenures.

251 thoughts on “Highest Fixed Deposit Interest Rates in July 2020”

  1. AU small finance bank is safe for FD.

    Which bank providing the highest rate of interest for 2 years & 6 months (2.6)

  2. Hi Amit,

    I am planning to invest around 10L for a year in FD. I have thought about IDFC Bank. Requesting your inputs or something else you would like to suggest. Thank you.

    -Amit

  3. If RBL is safe for 20 years term FD for 20 Lakhs ? as we know till 1 Lakh is safe against the insurance ? please advice

    1. Yes RBL is private bank and quite safe. You can do fixed deposit with them for 20 years. Its just that you should keep you eyes/ears open for any bad news regarding the bank you put your money in.

  4. As the interest rate on PPF another cut down by 0.10% from 1 july, what will be the effect of this on fixed deposit interest rates?

  5. Hello sir, thank you so much for this latest information. I have sold the property in Hyderabad and now wanted to go for FD @ 33 lakhs. Would you please suggest which bank is good to invest (tax saving)?

    Many thanks

    1. Any co-operative bank is riskier than government and private banks. Can’t comment specifically for Urban cooperative bank.

  6. Sir,
    I am planning to FD 25 Lakhs. As I wanted to get fixed monthly income . So my question is .
    Q1- On FD , can we get monthly income as a interest ?
    Q2- Is it good to FD in once bank or shall I split my amount in multiple banks,
    Q3- Which is the safe bank to do the FD? And with good interest rate.

    Please clarify my doubt .

    1. Here are your answers:
      1. Yes you can get monthly interest credited to your savings account
      2. You can keep all money in one bank if its government or large private bank. If co-operative bank I would advise to split
      3. All government/private banks are safe. Co-operative banks are riskier. Just keep eyes/ears open about whats happening with your bank.

  7. I am living in Patna…can I make a FD in Deutsche Bank either online or offline. As there is no branch of Deutsche Bank in Patna, Bihar.

    1. You might want to check that with Deutsche Bank customer care or alternatively use “Apply Now” and they can come with any possible solution!

    1. You cannot save taxes on interest earned in FD. However you can invest in Debt mutual funds which are more tax efficient provided the investment tenure is for more than 3 years.

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