Opening An FD? These 20 Banks Are Offering The Highest Interest Rates

If you are interested in FDs, here’s a list of the 20 banks that are offering the highest maximum FD interest rates in 2024.

 20 banks with highest FD rates

The Reserve Bank of India reviews its interest rate every two months. As it acts as the benchmark for commercial banks, the fixed deposit (FD) interest rates are subject to frequent changes. Besides, banks may change it due to competition or their internal policies. 

If you are looking to start an FD, you must have a look at the best FD interest rates offered. Here is our look at the top FD interest rates given by Indian banks.

  • The repo rate, crucial in deciding the FD interest rate, is presently at 6.5%

  • July 2023 data says that India has Rs 103 trillion deposited in FDs across 24.23 million accounts

  • FD interest income of more than Rs 40,000 is taxable, and TDS is deducted on the same

20 Banks With Highest FD Interest Rates

Small finance banks Unity, Suryoday and Fincare lead the pack with the most attractive FD interest rates. These banks occupy nine out of the top ten spots in terms of high FD interest rates. 

SBM Bank is the only private sector scheduled bank in the top ten. Punjab and Sind Bank, Bank of Baroda and PNB are the only three public sector banks with the highest FD interest rates in this list. Here are the top 20 banks with the highest FD interest rates.

 top 20 banks with the highest FD interest rates

Also Read: Get Up To 8.5% Fixed Deposit Interest! A Guide To Selecting A Corporate FD

Summing Up 

As always, senior citizens stand to earn higher interest income on almost all FD products. Besides, the interest rates also differ with the tenure and the fund you plan to deposit. Don’t forget to check the latest FD rates with the bank before investing.

Click here for the latest articles on Financial Planning

Also ReadFAQs About Fixed Deposits

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