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Two consecutive repo rate hike by the Reserve Bank of India (RBI) is definitely good news for those looking to making deposits, than those wishing to take loans. In the previous week, India's largest bank State Bank of India (SBI) increased its interest rates on fixed deposits of certain tenures, even before the RBI monetary policy meet. It was followed by the rise in interest rates by HDFC Bank and soon others may follow.
To make an informed decision on where to place your saved money, you will need to look at all your available options and these include, public sector banks, private Indian banks, foreign banks that operate branches in India and new small finance banks. Here is a comparison of some of the best interest rates in those categories that you can pick from:
Public Sector Banks
State Bank of India:
| Tenure | Interest rate |
|---|---|
| 1-2 years | 6.70% |
| 2-3 years | 6.75% |
| 3-5 years | 6.80% |
| 5-10 years | 6.85% |
Vijaya Bank:
| Tenure | Interest rate |
|---|---|
| 1 year | 6.75% |
| 1 year to 399 days | 6.75% |
| 400 days | 7.05% |
| 500 days | 7.10% |
Punjab National Bank:
| Tenure | Interest rate |
|---|---|
| 1 year | 6.75% |
| 1-3 years | 6.75% |
| 3-5 years | 6.25% |
| 5-10 years | 6.25% |
Private Indian Banks
HDFC Bank:
| Tenure | Interest rate |
|---|---|
| 1-2 years | 7.25% |
| 2-5 years | 7.00% |
| 5-10 years | 6.00% |
Axis Bank:
| Tenure | Interest rate |
|---|---|
| 1 to 14 months | 7.10% |
| 14 months to 10 years | 7.00% |
ICICI Bank:
| Tenure | Interest rate |
|---|---|
| 1 year to 389 days | 6.60% |
| 390 days to 2 years | 6.75% |
| 2-5 years | 7.00% |
| 5-10 years | 7.00% |
Foreign Banks
Standard Chartered:
| Tenure | Interest rate |
|---|---|
| 1 year to 375 days | 7.25% |
| 376 days to 18 months | 6.50% |
| 18 months to 2 years | 7.40% |
| 2-3 years | 7.00% |
| 3-5 years | 6.50% |
DBS:
| Tenure | Interest rate |
|---|---|
| 1 year to 2 years 6 months | 7.00% |
| 2 years 6 months | 7.50% |
| 2 years 6 months to 5 years | 7.00% |
| Above 5 years | 7.50% |
HSBC:
| Tenure | Interest rate |
|---|---|
| 18 months to 730 days | 6.25% |
| 731 days | 7.00% |
New Banks and Small Finance Banks
Suryoday Small Finance Bank:
| Tenure | Interest rate |
|---|---|
| 1-2 years | 8.50% |
| 2-3 years | 8.75% |
Also Read: 6 Small Finance Bank FDs With Interest Rates As High As 9%
Jana Small Finance Bank:
| Tenure | Interest rate |
|---|---|
| 366 days | 8.50% |
| 367 days to 3 years | 8.25% |
| 3 to 5 years | 8.00% |
| 5-10 years | 7.00% |
RBL Commercial Bank:
| Tenure | Interest rate |
|---|---|
| 1-2 years | 7.75% |
| 2-5 years | 7.50% |
| 5-10 years | 7.25% |
| 10-20 years | 7.20% |
AU Small Finance Bank:
| Tenure | Interest rate |
|---|---|
| 12-18 months | 7.75% |
| 18-24 months | 7.15% |
| 24-36 months | 7.25% |
| 36-45 months | 7.30% |
| 45-60 months | 8.00% |
| Above 60 months | 7.25% |
Things to note
In choosing the fixed deposit, interest rates and tenures should not be your only considerations. Attractive interest rates should not be prioritized over safety, as deposits up to Rs 1 lakh per bank only are insured by the Deposit Insurance and Credit Guarantee Corporation. Additionally, the interest rates mentioned in this article are picked on the basis of best offered by the respective bank.
Note that most banks offer better interest rates on small tenures like 1 year than for long terms like 5 to 10 years. For such longer tenures, look at other investment options like equity, mutual funds, PPF, etc which come with tax benefits.
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