For more information on the banks and credit unions offering the best 10-year rates, see our list of the best 10-year CD rates. A CD is a “time deposit” that pays a fixed interest rate for a specific length of time. Standard Chartered offers 100% secure, risk free & high interest rate Fixed Deposit Account. Start saving by booking a deposit with just GHS 1000.
- Finding the best Fixed Deposit (FD) scheme is very important to get the best returns out of your investment. To choose the right FD scheme, you need to consider certain factors before applying for a term deposit.
- It is best to choose leading and trusted banks for fixed deposits in India. The top 10 banks are State Bank of India, ICICI Bank, HDFC Bank, Punjab National Bank, Canara Bank, Axis Bank, Kotak Mahindra Bank, Bank of Baroda, IDFC Bank, and Bank of India. Which is better for FD, bank or post office deposit?
The returns on fixed deposits are calculated on a certain rate. This rate of return is known as the fixed deposits interest rate. The rate is determined by the bank at the time of booking the deposit and remain same throughout the term of deposit. Thus, the depositor receives the hike on the invested amount at the regular and fixed rates.
Table of Contents
- 2 What is the process of Interest Calculation on the Fixed Deposit of Different Banks?
- 2.2 Non-Cumulative Interest Calculation:
All Banks Fixed Deposit Interest Rates March 2021
Want to take your fixed deposit corpus to a high? Then, compare the fixed deposit interest rates offered by banks in India.
| Banks | FD Interest Rates |
|---|---|
| Allahabad Bank | 2.90% - 5.90% |
| Andhra Bank | 3.00% - 5.40% |
| Axis Bank | 2.50% - 6.05% |
| Bajaj Finance/Finserv | 7.40% - 7.85% |
| Bandhan Bank | 3.00% - 6.75% |
| Bank of Baroda | 2.90% - 6.30% |
| Bank of India | 3.00% - 6.25% |
| Bank of Maharashtra | 2.75% - 6.40% |
| Canara Bank | 3.00% - 5.85% |
| Central Bank of India | 2.75% - 5.00% |
| Citibank | 2.00% - 4.25% |
| Corporation Bank | 3.00% - 5.40% |
| Dena bank | 2.90% - 6.30% |
| Federal Bank | 2.50% - 6.00% |
| HDFC Bank | 2.50% - 6.25% |
| HSBC Bank | 2.25% - 4.50% |
| ICICI Bank | 2.50% - 6.30% |
| IDBI Bank | 2.90% - 5.90% |
| IDFC Bank | 2.75% - 6.50% |
| IndusInd Bank | 3.25% - 7.50% |
| Jammu & Kashmir Bank | 3.00% - 5.80% |
| Karnataka Bank | 3.50% - 6.20% |
| Karur Vysya Bank | 3.50% - 6.15% |
| kotak Mahindra Bank | 2.50% - 4.90% |
| Lakshmi Vilas Bank | 3.60% - 7.50% |
| Nainital Bank | 3.35% - 6.85% |
| Oriental Bank of Commerce | 3.00% - 6.00% |
| Punjab & Sind Bank | 3.50% - 6.55% |
| Punjab National Bank | 3.00% - 6.00% |
| RBL Bank | 3.25% - 7.45% |
| SBI | 2.90% - 6.20% |
| Standard Chartered Bank | 1.50% - 6.10% |
| Syndicate Bank | 3.00% - 5.85% |
| UCO Bank | 2.75% - 5.40% |
| United Bank Of India | 3.00% - 6.00% |
| Vijaya Bank | 2.90% - 6.30% |
| YES BANK | 3.50% - 7.75% |
What is the process of Interest Calculation on the Fixed Deposit of Different Banks?
Now you know the all banks fixed deposit interest rates, you must want to know about the process that banks use to calculate interest on the said product. There are two processes through which banks offer interest on fixed deposit schemes. These are Cumulative and Non-cumulative. The option to choose between these two depends solely on you. Don’t worry, as we will be telling you about both these processes in detail so that you can make a better decision.
Cumulative Interest Calculation:
In this process of interest calculation, you deposit a fixed amount of money for a definite period. The interest will be calculated on a quarterly basis by default. And at the end of every quarter, your interest amount will be reinvested with the principal amount. The whole accumulated amount will be paid to you at the time of maturity which can be as short as 7 days to as long as 10 years.
This process is generally opted by those who want to save and earn a large amount at the end of the long investment period as you can only get principal and accumulated interest at the end of the maturity period.
For example, if you invest an amount of INR 4,00,000 for a period of 4 years at an interest rate of 8.1% per annum, then at the end of your maturity period you will get a total amount of INR 5,90,457 including interest of INR 1,90,457.
Non-Cumulative Interest Calculation:
In this process, the interest rate on your deposited amount is calculated on a monthly, quarterly, half-yearly, and yearly basis. The calculation process depends on your choice. The interest will be paid to you at the frequency of interest chosen by you and it will not be reinvested in the principal amount again. So, you need to remember this thing while choosing any of the non-cumulative interest calculation options.
Individuals who are looking for a fixed amount as a stable income at the end of a definite interval find this process beneficial for them. One of the examples is Senior Citizens who also enjoy higher interest rates as compared to the standard rate of interest and want a fixed source of income during their retirement years.
For Example, if you invest an amount of INR 10,000 for a period of 1 year at an interest rate of 7.6% per annum, the amount you get at different frequencies can be seen in the table given below.
| Frequency | Interest Rate | Interest Payout (In ₹) |
|---|---|---|
| Monthly | 7.35% | 612 |
| Quarterly | 7.39% | 1848 |
| Half-yearly | 7.46% | 3730 |
| Yearly | 7.60% | 7600 |
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Deposits have a much lower risk as compared to other volatile products. They offer a better peace of mind and a higher level of assurance that your money will always be there
Note: Terms & conditions apply for the following promotions. Be sure to read in detail before going in for it.
In a heavily summarised definition:
- Fixed / Time deposits require you to place funds (usually fresh funds) in a account for a specified amount of time
- Incremental balance promotions require you to increase your average balance of your account from a defined period with fresh funds.
- Fresh funds refer to funds transferred from accounts outside the bank. Over-the-counter or machine cash deposits are usually fine too but do take note banks may charge for large cash deposits
New promotions are added to the bottom of the list
- Singapore Savings Bonds – Government Security; High p.a.; Min $500; Requires free CDP account; No penalty for early withdrawal; Interest payments every 6 months after issuance
- Maybank: Earn up to 1.0% p.a. with their latest time deposit rates from 2 October 2020**BEST for funds up to $1m**
- HSBC offers 1.10% p.a. for 24-mth Singapore Dollar Time Deposits (as of 2 Oct 2020)**BEST for funds up to $49,999**
- Singapore Savings Bond (SSB): Earn up to 0.97% p.a. in the latest bond – Apply by 23 Feb**BEST for lowest risk deposit up to $200,000**
Last updated 7 Feb 2021. Click these links for latest Fixed Deposit or Time Deposit Promo
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