 "Which banks, financial institutions are offering best FD rates in May 2024?")
Fixed deposits (FDs) continue to be a popular investment choice for Indians looking for a safe and predictable return on their savings. While traditional bank FDs have long been the go-to option, the landscape has shifted in recent years, with small finance banks (SFBs) and non-banking financial companies (NBFCs) emerging as the new leaders in offering the highest FD interest rates. Which banks or financial institutes offer the best FD rates?
Small Finance Banks
AU Small Finance Bank is offering fixed deposit interest rates between 6.50 per cent and 8.00 per cent per annum, with tenures ranging from 1 year to 5 years.
Equitas Small Finance Bank is offering fixed deposit interest rates between 7.25 per cent and 8.50 per cent per annum, with tenures ranging from 1 year to 5 years.
More From This Section
ESAF Small Finance Bank is offering fixed deposit interest rates between 6.00 per cent and 8.25 per cent per annum, with tenures ranging from 1 year to 5 years.
Jana Small Finance Bank is offering fixed deposit interest rates between 7.25 per cent and 8.50 per cent per annum, with tenures ranging from 1 year to 5 years.
NorthEast Small Finance Bank is offering fixed deposit interest rates between 6.25 per cent and 8.50 per cent per annum, with tenures ranging from 1 year to 5 years.
Here is a list curated on FD rates offered by Small Finance Banks, according to Paisabazaar.com
Private Sector Banks
Axis Bank is offering fixed deposit interest rates between 6.70 per cent and 7.20 per cent per annum, with tenures ranging from 1 year to 5 years.
Bandhan Bank is offering fixed deposit interest rates between 5.85 per cent and 7.85 per cent per annum, with tenures ranging from 1 year to 5 years.
City Union Bank is offering fixed deposit interest rates between 6.25 per cent and 7.00 per cent per annum, with tenures ranging from 1 year to 5 years.
CSB Bank is offering fixed deposit interest rates between 5.00 per cent and 7.75 per cent per annum, with tenures ranging from 1 year to 5 years.
DBS Bank is offering fixed deposit interest rates between 6.50 per cent and 7.50 per cent per annum, with tenures ranging from 1 year to 5 years.
Here is a list curated on FD rates offered by Private Sector Banks, according to Paisabazaar.com
Public Sector Bank
Bank of Baroda is offering fixed deposit interest rates between 6.85 per cent and 7.25 per cent per annum, with tenures ranging from 1 year to 5 years.
Bank of India is offering fixed deposit interest rates between 6.00 per cent and 7.25 per cent per annum, with tenures ranging from 1 year to 5 years.
Canara Bank is offering fixed deposit interest rates between 6.80 per cent and 7.25 per cent per annum, with tenures ranging from 1 year to 5 years.
Central Bank of India is offering fixed deposit interest rates between 6.25 per cent and 7.25 per cent per annum, with tenures ranging from 1 year to 5 years.
Indian Overseas Bank is offering fixed deposit interest rates between 6.50 per cent and 7.30 per cent per annum, with tenures ranging from 1 year to 5 years.
Here is a list curated on FD rates offered by Public Sector Bank, according to Paisabazaar.com
Foreign Banks
Deutsche Bank is offering fixed deposit interest rates between 7.00 per cent and 8.00 per cent per annum, with tenures ranging from 1 year to 5 years.
HSBC Bank is offering fixed deposit interest rates between 4.00 per cent and 7.25 per cent per annum, with tenures ranging from 1 year to 5 years.
Standard Chartered Bank is offering fixed deposit interest rates between 6.75 per cent and 7.50 per cent per annum, with tenures ranging from 1 year to 5 years.
Here is a list curated on FD rates offered by Foreign Banks, according to Paisabazaar.com
Benefits of fixed deposits
1. Secure and predictable returns.
2. Deposit insurance up to Rs 5 lakh through DICGC.
3. Tax deduction up to Rs 1.5 lakh under Section 80C for tax-saving FDs.