If fixed deposits are your prefered way of long-term investment, then you are probably always checking up on the highest FD interest rates available across banks. Fixed deposits are one of the most fundamental types of investments that are preferred by young and old, as well as professional and amateur investors alike. Fixed deposits are one of the only few investments where there is absolutely zero risk involved and returns are guaranteed and quantifiable. Fixed deposits can be of two types; regular fixed deposits or recurring fixed deposits. Under regular fixed deposits, investors deposit a lump-sum amount of money for a fixed period of time and earn a fixed rate of interest. On the other hand, under recurring deposits, investors deposit a certain amount of money each month into the FD until the FD matures. Most banks and financial institutions in India offer the service of fixed deposits to customers.
Now let’s take a look at which banks in India are offering the best FD interest rates to customers and potential investors in 2022:
RBL Bank FD: The RBL Bank FD is offering the best fixed deposit interest rates out of all the banks in the country. For FDs of under ₹2 crore, RBL Bank is offering interest rates starting from 3.25% to 7.25% for various tenures, which is the highest among all other banks. Investors can choose FDs starting from a tenure of 7 days to a maximum tenure of 10 years. The bank also offers an additional 0.50% FD interest rate to citizens taking the maximum FD interest offered to senior citizens at 7.75%.
IDFC First Bank FD: Just like RBL Bank, IDFC First Bank is also offering interest rates of up to 7.25% to customers on FDs under ₹2 crore. IDF First Bank offers interest rates ranging from 3.50% to 7.25% on FDs of various tenures from 7 days to 10 years. IDFC First Bank also offers an additional 0.50% interest to senior citizens, taking the maximum FD interest offered to senior citizens at 7.75%.
Punjab National Bank FD: Punjab National Bank also offers one of the highest FD interest rates in the country, with rates ranging from 3.50% to 7.00% for regular FDs on deposits of less than ₹2 crore. The tenures for FDs at PNB range from 7 days to 10 years. Just like the banks mentioned above, Punjab National Bank also offers an additional 0.50% additional interest to senior citizens, taking the maximum FD interest offered to senior citizens at 7.50%.
Canara Bank FD: Similar to PNB, Canara Bank also offers fixed deposits with interest rates ranging from 3.25% to a maximum of 7.00% for tenures ranging from 7 days to 10 years. These FD interest rates are applicable on fixed deposits under ₹2 crore. Canara bank offers an additional 0.50% interest to senior citizens, but only for a few specific tenures, not all.
ICICI FD: As the fifth and final bank of this list, ICICI offers fixed deposits with interest rates ranging from 3.00% to 6.60% to customers for fixed deposits under ₹2 crore. The tenures for ICICI Bank fixed deposits range from 7 days to 10 years and the bank also provides an additional 0.50% interest rate for senior citizens across all tenures.
Disclaimer: All the FD interest rates have been recorded from the respective bank’s website at the time of writing and are subject to change in the future. BQPrime does not endorse any FDs. Please invest at your own discretion.