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Latest FD Interest Rates in India 2024

Fixed deposit or FD interest rates in India represent key factors that govern the financial sphere and make decisions for those who want stability and assured income. The Reserve Bank of India’s decisions determine how the interest rate meanders through all banks. Considering the spectrum of options public, private, or cooperative banks offer, investors must consider all the options and make the right decision.

In this post, we will understand the highest FD interest rates that some of the major Indian banks are offering. We will also share the prevailing post office FD rates so investors can make an informed decision.

What Is A Fixed Deposit?

A fixed deposit refers to a secure investment that banks and other financial organizations provide. It enables you to constantly invest a large sum of money for a specified period and get guaranteed returns at a specified interest rate.

You cannot withdraw the money with a penalty during this period. In most cases, FDs offer higher rates on interest than ordinary savings accounts. Those who want a fixed return on their investment with minimal risk often choose fixed deposits. Investors can receive the interest monthly, quarterly, or yearly.

For the public, the FD Interest Rates range from 3.00% p.a. to 9.50% for terms that vary from 7 days up to 10 years. The rates offered by senior citizens are higher than that given to the public by 0.50%-0.75%.

Wint Wealth makes it easy to compare interest rates so investors can choose the most high-paying and secured investment option. You can also compare the interest on fixed deposit offered by various companies and choose an FD with the Highest FD Interest Rates to make a more profitable investment. Wint Wealth makes FD interest rates comparison easy.

Prevailing FD Interest Rates For Public & Senior Citizen


Tenure Interest rates Per Annum Interest rates Per Annum
FD less than ₹2 Crores FD above ₹2 Crores & Less than ₹5 Crores
General Public Interest Rates Senior Citizen Interest Rates General Public Interest Rates Senior Citizen Interest Rates
7 to 14 days 3.00% 3.50% 4.75% 4.75%
15 to 29 days 3.00% 3.50% 4.75% 4.75%
30 to 45 days 3.50% 4.00% 5.50% 5.50%
46 to 60 days 4.25% 4.75% 5.75% 5.75%
61 to 90 days 4.50% 5.00% 6.00% 6.00%
91 to 120 days 4.75% 5.25% 6.50% 6.50%
121 to 150 days 4.75% 5.25% 6.50% 6.50%
151 to 184 days 4.75% 5.25% 6.50% 6.50%
185 to 210 days 5.75% 6.25% 6.75% 6.75%
211 to 270 days 5.75% 6.25% 6.75% 6.75%
271 to 289 days 6.00% 6.50% 6.85% 6.85%
290 to less than 1 year 6.00% 6.50% 6.85% 6.85%
1 year to 389 days 6.70% 7.20% 7.25% 7.25%
390 days to < 15 months 6.70% 7.20% 7.25% 7.25%
15 months to < 18 months 7.10% 7.65% 7.05% 7.05%
18 months to 2 years 7.10% 7.65% 7.05% 7.05%
2 years 1 day to 3 years 7.00% 7.50% 7.00% 7.00%
3 years 1 day to 5 years 7.00% 7.50% 7.00% 7.00%
5 years 1 day to 10 years 6.90% #7.50% 7.00% 7.00%
5 Years (80C FD) – Max to `1.50 lac 7.00% 7.50% NA NA

Please note that these interest rates are indicative and may vary from bank to bank. To know the accurate bank fixed deposit interest, you can contact your branch.

Key Features Of FD Interest Rates

  • Fixed deposits pay an interest rate more than the ordinary savings account.
  • All resident Indians, whether minors or HUFs, can open an FD account.
  • It allows nominating two nominees on the application form who are eligible to receive the FD amount after the account holder’s death. Moreover, the nominees will be required to provide valid documents of the account holder’s demise.
  • If there is an emergency, you can redeem your fixed deposit early by paying a penalty fee.
  • Term deposits have a wide facility whereby the depositors can link fixed deposit accounts to their savings accounts through banks. The strength of this facility is that funds in excess are automatically transferred from savings accounts to fixed deposit accounts. It enables depositors to enjoy the fixed deposit interest rates on their savings accounts with a withdrawal flexibility of FD at any time.
  • Depositors can also avail themselves of a loan over their Fixed Deposit, known as a loan against FD. The loan amount can range from 75% to 90% of the loan amount and varies from bank to bank. Your FD will be earning interest as usual, and you can take the loan against your FD to meet any emergency financial situation.

Senior Citizens FD Interest Rates

As a rule, banks offer interest rates to senior citizens slightly above the rates for the public. Nevertheless, age verification is mandated for opening a senior citizen account and providing benefits. A senior citizen must be 60 years of age or older when opening an account. The tenure of FD in most banks for senior citizens ranges from seven days to 10 years. The interest rate charged on loans taken by a senior citizen against their senior citizen FD account is between 0.25% and 0.75% higher than the standard rate. Pre-mature withdrawals in the case of senior citizen FD also have a penalty.

Post Office FD Interest Rates

The Indian post office also provides the option of opening an FD. The minimum amount is Rs 1000 and there is no limit on the maximum amount. Now, let’s check the interest rates:

Tenure Interest Rate
1 year 6.90% p.a.
2 years 7.00% p.a.
3 years 7.10% p.a.
5 years (including tax-saving FD) 7.50% p.a.

Benefits of Fixed Deposit

Besides offering attractive FD interest rates, a few other benefits of fixed deposits are as follows:

  • Stability: A fixed deposit is a low-risk investment because the interest rate remains constant, and the principal amount is generally insured.
  • Certainty of returns: Because of the fixed interest rate, you can easily plan for your future financial goals by accurately determining and estimating your profits.
  • Liquidity: Although fixed deposits are less liquid than other investments, most banks permit early withdrawals. This creates cash for investors in cases of emergency. However, such withdrawals attract penalties.
  • Tenure flexibility: The tenure options for fixed deposits vary from as low as seven days to even 10 years. Due to this feature, you may choose a tenure that meets your liquidity and financial goals.
  • Fixed deposit loans: Many banks provide loans against fixed deposits. This is useful for someone who needs money but does not want to damage their FD before time.
  • Tax incentives: The fixed deposit interest provides some tax benefits. For this reason, it is a good instrument for tax reduction and enhancing guaranteed returns.


Opening a fixed deposit is a great option for investors looking for a safe and reliable investment option with guaranteed returns. Investors can compare tenure and FD interest rates and invest accordingly. FD investments are highly liquid, and investors can easily withdraw cash. Compare the FD interest rates easily with Wint Wealth and start investing today.


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