Best Bank FD Rates in India 2023

Top Bank FD Rates in India

Bank FD Rates in India As of 2023, fixed deposits (FDs) remain a popular investment option in India. FDs are low-risk investments that offer a fixed rate of interest for a specific tenure, and are offered by banks and other financial institutions in India.

One of the most popular financial instruments to invest your hard-earned money is the fixed deposit (FD). Due to its perceived safety versus investments in equities such as stocks, SIPs, or mutual funds (MFs), bank FDs are the most popular investment option. Small finance banks offer higher interest rates on term deposits or FDs compared to commercial banks. On a few select maturities, Unity Bank charges general clients a 9 percent interest rate.

Here are some of the best FD rates available in India for 2023:

DBS Bank: DBS Bank offers FD rates ranging from 4.5% to 6.5% per annum for various tenures, with higher rates for longer tenures.

HDFC Bank: HDFC Bank offers FD rates ranging from 3.5% to 6.5% per annum for various tenures, with higher rates for longer tenures.

ICICI Bank: ICICI Bank offers FD rates ranging from 3.5% to 6.5% per annum for various tenures, with higher rates for longer tenures.

Kotak Mahindra Bank: Kotak Mahindra Bank offers FD rates ranging from 3.5% to 6.5% per annum for various tenures, with higher rates for longer tenures.

State Bank of India: State Bank of India offers FD rates ranging from 4.4% to 6.2% per annum for various tenures, with higher rates for longer tenures.

Some Other Bank FD Rates in India

Utkarsh Small Finance Bank’s most recent fixed-rate mortgage rates.
Deposits maturing in 700 days at Utkarsh Small Finance Bank will now only be eligible for a maximum interest rate of 8% for the general public and 9% for senior citizens. According to the bank’s official website, the new FD rates take effect on February 27, 2023. The bank provides senior citizens with fixed-term deposits with interest rates ranging from 4% to 9%.

FD interest rates most recent from Unity Small Finance Bank.
It offers interest rates for regular customers ranging from 4.5 percent to 9 percent. As of right now, it offers senior citizens an interest rate of 90.5 percent. a. Retail investors receive 9 percent on fixed deposits invested for terms of 1001 days, in contrast. These prices take effect on May 2, 2023.

> 6 Months – 201 Days  8.75%

501 Days 8.75%

1001 Days 9.00%

> 6 Months – 201 Days 9.25%

501 Days  9.25%

1001 Days 9.50%

Latest FD interest rates from Fincare Small Finance Bank.
The fixed deposit interest rates offered by Fincare Small Finance Bank will now range from 3 to 8 and 60 and 9 points, respectively, for regular citizens and senior citizens. On a tenure of 1000 days, the highest interest rate of 9 point 1% is provided. From March 24, 2023, these rates will be in effect.

It’s important to note that FD rates are subject to change and may vary depending on the bank or financial institution. Before investing in an FD, it’s important to compare the rates offered by different banks and consider factors such as the minimum deposit amount, tenure, and penalties for early withdrawal.

In addition Bank FD Rates in India banks and financial institutions, the government also offers fixed deposits through schemes like National Savings Certificate (NSC) and Public Provident Fund (PPF), which offer guaranteed returns and tax benefits. However, these schemes have a longer lock-in period and may have lower interest rates compared to bank FDs.

The Reserve Bank of India (RBI) has decided to stop raising interest rates, indicating that the cycle of interest rates may have peaked. The Reserve Bank of India (RBI) has increased the repo rate by 2.5 percent since May 2022.