Fixed Deposit Interest Rates 2022: Best FD Interest Rate

Last updated – 10 Mar 2022

Fixed deposits are the most popular investment but not the best investment because of low interest rates. However you can invest in FDs for a short term goal to save money for an upcoming expense and earn interest on that money.

Let’s discuss a few important things about FDs –

• You can save income tax through tax-saving fixed deposits under 80C. They have a fixed tenure of 5 years with a maximum investment limit of Rs 1,50,000.
• If your interest income exceeds Rs 10,000 per bank in a financial year, the bank deducts 10% TDS on the interest earned. 
• The banks charge a fee for premature mature withdrawal that varies from bank to bank.

It’s time to get into the depth of different bank’s FD interest rates. 

Best Highest Fixed Deposit Interest Rates 2022

Let’s compare the top 11 banks/companies in India that allow you to save more money with higher FD interest rates. If you check the table below none of the commercial banks is in the top-3 positions because very few commercial banks offer you decent FD interest rates.

I have curated below the list of the top 11 highest FD interest rates paying banks/companies.

Bank	Interest Rate Individual (1 Yr)	Interest Rate Senior Citizen  (1Yr)
Ujjivan Small Finance Bank	6.65%	7.40%
Bajaj Finserv	5.98%	6.22%
AU Small Finance Bank	5.25%	5.35%
Yes bank	5.75%	6.25%
IDFC First Bank	5.50%	6.00%
Bandhan Bank	5.75%	6.50%
RBL Bank	6.25%	6.75%
Indian bank	5.00%	5.50%
Axis Bank	5.10%	5.75%

Best Highest Fixed Deposit Interest Rates on Tax Saver FDs

I am providing you details of the top 5 banks who are giving the highest interest rates on Tax Saver FDs as below.

#1. Yes Bank 

Yes bank is the highest interest-paying bank on its 5-years Tax saver FD. You can invest a maximum of Rs. 1.50 lakh and enjoy tax benefits. 

Let’s check the FD interest rate on Yes bank tax saver FDs.

• For Individual – 6.25%
• For Senior citizen – 7.00%

#2. IDFC First Bank 

IDFC First Bank also offers tax savings benefits on its 5-years Tax saver FD. The maximum investment is restricted to Rs. 1.50 lakh per year. 

Let’s check the FD interest rate on IDFC bank tax saver FDs.

• For Individual – 5.75%
• For Senior citizen – 6.25%

#3. IDBI Bank 

IDBI Bank also offers tax saver FD up to Rs. 1.50 lakh investment per year. DBS offers better interest rates to senior citizens.

Let’s check the FD interest rate on DBS bank tax saver FDs.

• For Individual – 5.90%
• For Senior citizen – 6.40%

#4. ICICI bank 

ICICI bank is paying a good return with tax savings benefits on its 5-years Tax saver FD. You can invest a maximum of Rs. 1.50 lakh. 

Let’s check the FD interest rate on ICICI tax saver FDs.

• For Individual – 5.35%
• For Senior citizen – 5.85%

 #5. Karur Vysya Bank 

KVB is another bank in the bandwagon. Let’s check the FD interest rate on Karur Vysya bank tax saver FDs.

• For Individual – 6.00%
• For Senior citizen – 6.00%

Check out – Latest savings bank account interest rate

Fixed Deposit Interest Rate Comparison 2022

You can compare FD interest rates of all the banks so that you can easily make an informed decision while selecting a bank for fixed deposit investment. 

Here you would see, the private banks are paying better FD interest rates than public sector banks.

Bank	Interest Rate Regular	Interest Rate Senior Citizen
State Bank of India	2.90% – 5.40%	3.40% – 5.90%
Yes bank	3.25% – 6.25%	3.75% – 7.00%
Bandhan Bank	3.00% – 5.75%	3.75% – 6.50%
HDFC Bank	2.50% – 5.50%	3.00% – 6.25%
ICICI Bank	2.50% – 5.50%	3.00% – 6.30%
Axis Bank	2.50% – 5.75%	2.50% – 6.50%
Indian bank	2.90% – 5.15%	3.40% – 5.65%
Karur Vysya Bank	3.50% – 6.00%	3.50% – 6.15%
Indian Overseas	3.40% – 5.25%	3.90% – 6.00%
Federal Bank	2.50% – 5.50%	3.00% – 6.00%
Andhra Bank	3.00% – 5.40%	3.00% – 5.40%
PNB	3.00% – 5.25%	3.50% – 5.75%
Canara Bank	2.95% – 5.50%	2.95% – 6.00%
Bank of Baroda	2.80% – 5.25%	3.30% – 6.25%
DBS Bank	2.50% – 5.50%	2.50% – 5.50%
IDFC First Bank	2.75% – 6.00%	3.25% – 6.50%
RBL Bank	3.25% – 6.60%	3.75% – 7.10%
Ujjivan Small Finance Bank	2.90% – 6.75%	3.65% – 7.50%
Au Small Finance Bank	3.50% – 6.50%	4.84% – 6.66%
Bajaj Finserv	5.98% – 7.00%	6.22% – 7.25%

You would like to check – Latest PPF investment interest rates

Banks FD Interest Rates in India 

Let’s discuss top 20 banks FD interest rates in India.

#1. Yes Bank FD Interest Rates 2022

The first position is acquired by Yes bank who pays higher FD interest rates than other commercial banks. Yes Bank pays as high as 7.50% return to an individual while 7.90% interest to a senior citizen.

Duration	Interest Rate Regular (%ge)	Interest Rates for Senior Citizens  (%ge)
7 to 14 days	3.25%	3.75%
15 to 45 days	3.50%	4.00%
46 to 90 days	4.00%	4.50%
3 months to < 6 months	4.50%	5.00%
6 months to < 9 months	4.75%	5.25%
9 months to < 1 Year	5.00%	5.50%
1 year < 1.5 years	5.75%	6.25%
1.5 years < 3 years	6.00%	6.50%
3 Years to < 10 years	6.25%	7.00%

#2. Ujjivan Small Finance Bank FD Interest Rates 2022

You can enjoy high-interest rates with Ujjivan Small Finance bank which is one of the highest FD interest-paying small finance banks in India.

Duration	Interest Rate Regular (%ge)	Interest Rate Senior Citizen (%ge)
7 Days to 29 Days	2.90%	3.65%
30 Days to 89 Days	3.50%	4.25%
90 Days to 179 Days	4.25%	5.00%
180 Days to 364 Days	4.75%	5.50%
1 Year	6.50%	7.25%
1 Year to 2 Years	6.60%	7.35%
990 Days	6.75%	7.50%
2 Years and 1 Day to 3 years	6.50%	7.25%
3 Years and 1 Day to 5 Years	6.25%	7.25%
5 Years and 1 Day to 10 Years	6.00%	6.75%

#3. RBL Bank Bank FD Interest Rates 2022

You will enjoy high rates of FD interest while having a fixed deposit in RBL Bank. They pay as high as 6.60% interest for a (5 years +1 day) term deposit.

Duration	Interest Rate Regular (%ge)	Interest Rate Senior Citizen (%ge)
7 days to 14 days	3.25%	3.75%
15 days to 45 days	4.00%	4.50%
46 days to 90 days	4.25%	4.75%
91 days to 180 days	4.75%	5.25%
181 days to 240 days	5.25%	5.75%
241 days to 364 days	5.50%	6.00%
12 months to less than 24 months	6.25%	6.75%
24 months to less than 36 months	6.25%	6.75%
36 months to less than 60 months	6.40%	6.90%
60 months to 60 months 1 day	6.60%	7.10%
60 months 2 days to less than 120 months	6.00%	6.50%
120 months to 240 months	6.00%	6.50%
Tax Savings Fixed Deposit (60 months)	6.60%	7.10%

Also read – INDMoney Review (US stock investment made easy)

#4. Au Small Finance Bank FD Interest Rates 2022

Another small finance bank that offers high interest on FDs is Au Small Finance Bank.

Duration	Interest Rate Regular (%ge)	Interest Rate Senior Citizen (%ge)
7 Days to 1 Month 15 Days	3.50%	–
1 Month 16 Days to 3 Months	4.00%	–
3 Months 1 Day to 6 Months	4.75%	4.84%
6 Months 1 Day to 12 Months	5.25%	5.35%
12 Months 1 Day to 15 Months	6.35%	6.50%
15 Months 1 Day to 18 Months	6.25%	6.40%
18 Months 1 Day to 24 Months	6.25%	6.40%
24 Months 1 Day to 36 Months	6.50%	6.66%
36 Months 1 Day to 45 Months	6.25%	6.40%
45 Months 1 Day to 60 Months	6.25%	6.40%
60 Months 1 Day to 120 Months	6.50%	6.66%

#5. IDFC First Bank FD Interest Rates 2022

IDFC First bank is among the higher interest paying banks in India. You can check the IDFC fixed deposit interest slabs in the table below.

Duration	Interest Rate Regular (%ge)	Interest Rate Senior Citizen (%ge)
7 Days to 14 Days	2.75	3.25
15 Days to 29 Days	3.00	3.50
30 Days to 45 Days	3.50	4.00
46 Days to 90 Days	4.00	4.50
91 Days to 180 Days	4.50	5.00
181 days to less than 1 year	5.25	5.75
1 year to 2 years	5.50	6.00
2 years 1 day to 3 years	5.75	6.25
3 years 1 day to 5 years	6.00	6.50
5 years 1 day to 10 years	5.75	6.25
Tax saver (5 years)	5.75	6.25

Also read – National saving certificate interest rate

#6. DBS Bank FD Interest Rates 2022

Duration	Interest Rate Regular (%ge)	Interest Rates for Senior Citizens  (%ge)
7 days & up to 60 days	2.50	2.50
61 days & up to 180 days	2.75	2.75
181 days & up to 269 days	3.00	3.00
270 days to less than 1 year	3.50	3.50
1 year to 375 days	4.25	4.25
376 days to less than 2 years	4.50	4.50
2 years & less than 3 years	4.55	4.55
3 years & less than 4 years	5.50	5.50
4 years & less than 5 years	5.50	5.50
5 years & above	5.50	5.50

#7. SBI FD Interest Rates 2022

The largest bank of India has now introduced an interest rate of up to 5.4% on a fixed deposit with term between 5 years up to 10 years

However, senior citizens will get 6.2% on the tenure.

Let’s check their SBI interest rates on fixed deposits for the different time periods.

Public	Regular Citizen	Senior citizen
7 days to 45 days	2.90%	3.40%
46 days to 179 days	3.90%	4.40%
180 days to 210 days	4.40%	4.90%
211 days to less than 1 year	4.40%	4.90%
1 year to less than 2 years	5.00%	5.50%
2 years to less than 3 years	5.20%	5.70%
3 years to less than 5 years	5.45%	5.95%
5 years and up to 10 years	5.50%	6.30%

Check out – how banks calculate interest rate

#8. HDFC Bank FD Interest Rates 2022

HDFC bank offers flexibility to start a fixed deposit right from your home with the help of netbanking. HDFC bank also provides good returns on FD that varies on the duration of FD. 

Let’s have a look at different HDFC fixed deposit interest rates.

Duration	Interest Rate Regular (%ge)	Senior Citizen Rates (%ge)
7 – 14 days	2.50	3.00
15 – 29 days	2.50	3.00
30 – 45 days	3.00	3.50
46 – 60 days	3.00	3.50
61 – 90 days	3.00	3.50
91 days – 6 months	3.50	4.00
6 mnths 1 days – 9 mnths	4.40	4.90
9 mnths 1 day < 1 Year	4.40	4.90
1 Year	4.90	5.40
1 year 1 day – 2 years	4.90	5.40
2 years 1 day – 3 years	5.15	5.65
3 year 1 day- 5 years	5.30	5.80
5 years 1 day – 10 years	5.50	6.25

#9. ICICI Bank FD Interest Rates 2022

ICICI bank always stays ahead in adopting world-class technology. ICICI  also offers better FD interest rates along with tax saver FDs to enjoy good returns along with tax savings.

Duration	Interest Rate Regular	Senior Citizen
7 days to 14 days	2.50%	3.00%
15 days to 29 days	2.50%	3.00%
30 days to 45 days	3.00%	3.50%
46 days to 60 days	3.00%	3.50%
61 days to 90 days	3.00%	3.50%
91 days to 120 days	3.50%	4.00%
121 days to 184 days	3.50%	4.00%
185 days to 210 days	4.40%	4.90%
211 days to 270 days	4.40%	4.90%
271 days to 289 days	4.40%	4.90%
290 days to less than 1 year	4.40%	4.90%
1 year to 389 days	4.90%	5.40%
390 days to < 18 months	4.90%	5.40%
18 months days to 2 years	5.00%	5.50%
2 years 1 day to 3 years	5.15%	5.65%
3 years 1 day to 5 years	5.35%	5.85%
5 years 1 day to 10 years	5.50%	6.30%
Tax Saver	5.35%	5.85%

#10. Axis Bank FD Interest Rates 2022

Axis bank offers fixed deposits with different time duration ranging from minimum 7 days up to 10 years. Axis bank  also offers better FD interest rates than its counterparts. 

Duration	Interest Rate Regular (%ge)	Interest Rates for Senior Citizens (%ge)
7 days to 14 days	2.50	2.50
15 days to 29 days	2.50	2.50
30 days to 60 days	3.00	3.00
61 days to 89 days	3.00	3.00
90 days to 179 days	3.50	3.50
180 days to 355 days	4.40	4.65
1 year 5 days to 1 year 11 days	5.15	5.80
1 year to less than 15 months	5.10	5.75
15 months to less than 18 months	5.20	5.85
18 months to less than 2 years	5.25	5.90
2 years to 5 years	5.40	5.90
5 years to 10 years	5.75	6.50

#11. PNB FD Interest Rates 2022

Punjab National Bank has become the second largest public sector bank in India. PNB has a wider network with deep outreach in sub-urban and rural areas. 

PNB offers amazing returns on FD interest rates for individuals as well as senior citizens.

Duration	Interest Rate Regular (%ge)	Interest Rate for Senior Citizen (%ge)
7 to 14 days	3.00	3.50
15 to 29days	3.00	3.50
30 to 45 days	3.00	3.50
46 to 90 days	3.25	3.75
91 to 179 days	4.00	4.50
180 days to 270 Days	4.40	4.90
271 days to less than 1 year	4.50	5.00
1 year	5.10	5.60
above 1 year & upto 2 years	5.10	5.60
above 2 year & upto 3 years	5.10	5.60
above 3 year & upto 5 years	5.25	5.75
above 5 years & upto 10 years	5.25	5.75

#12. Indian Bank FD Interest Rates 2022

Indian bank has become the 7th largest public sector bank in India after a merger with Allahabad bank. Indian bank offers the best FD interest rates for lower time period like 7 days, 15 days or 1 month. 

But you also get one of the best FD interest rates if you increase the investment period.

Duration	Interest Rate Regular (%ge)	Interest Rates for Senior Citizens  (%ge)
7 days to 29 days	2.90	3.40
30 days to 45 days	2.90	3.40
46 days to 90 days	3.25	3.75
91 days to 180 days	3.95	4.45
181 days to less than 1 year	4.40	4.90
1 year	5.00	5.50
1 year to less than 2 years	5.10	5.60
2 years to less than 3 years	5.10	5.60
3 years to less than 5 years	5.25	5.75
5 years	5.25	5.75
Above 5 years to 10 years	5.15	6.00

#13. Canara Bank FD Interest Rates 2022

Canara bank offers one of the lowest rates on the fixed deposits.

Duration	Interest Rate Regular (%ge)	Interest Rates for Senior Citizens  (%ge)
7 days to 45 days	2.95	2.95
46 days to 90 days	3.90	3.90
91 days to 179 days	4.00	4.00
180 days to less than 1 Year	4.45	4.95
1 year only	5.20	5.70
Above 1 year to less than 2 years	5.20	5.70
2 years & above to less than 3 years	5.40	5.90
3 years & above to less than 5 years	5.50	6.00
5 years & above to 10 Years	5.50	6.00

#14. Bank of Baroda FD Interest Rates 2022

You can check out different interest rates on fixed deposits that Bank of Baroda offers to their customers. 

Duration	Interest Rate Regular (%ge)	Interest Rates for Senior Citizens  (%ge)
7 days to 45 days	2.80	3.30
46 days to 180 days	3.70	4.20
180 days to less than 1 year	4.40	4.90
1 year to less than 2 years	5.00	5.50
2 years to less than 3 years	5.10	5.60
3 years to less than 5 years	5.25	5.85
5 years up to 10 years	5.25	6.25

#15. Karur Vysya Bank FD Interest Rates 2022

Karur Vysya Bank is more beneficial to senior citizens for better returns on fixed deposits above 270 days. Here’s the comparison of KVB fixed deposit interest rates.

Duration	Interest Rate Regular (%ge)	Interest Rates for Senior Citizens  (%ge)
7 days to 29 days	3.50	3.50
30 days to 45 days	3.75	3.75
46 days to 90 days	3.75	3.75
91 days to 120 days	4.00	4.00
121 days to less than 270 days	4.75	4.75
271 days to less than 1 year	5.00	6.25
1 year to less than 2 years	5.50	6.00
2 years to less than 3 years	5.50	6.00
3 years to less than 5 years	6.25	6.15
5 years onwards	5.75	–
Tax saver	6.00	6.00

#16. Indian Overseas Bank FD Interest Rates 2022

IOB offers interest rates in 3 categories –

• Individual person below 60 years age
• Senior citizen of 60 years age but below 80 years age
• Super senior citizen above 80 years age

IOB provides additional benefits to the senior and super senior citizens. 

Duration	Interest Rates Regular (%ge)	Interest Rates for Senior Citizens (Above 60 years, below 80 years) (%ge)	Interest Rates for Senior Citizens  (Above 80 years) (%ge)
7 to 45 days	3.40	3.90	4.15
46 to 90 days	3.90	4.40	4.65
91 to 269 days	4.40	4.90	5.15
270 days to < 1 year	4.90	5.40	5.65
1 year to < 2 years(except 444 days)	5.20	5.70	5.95
444 days	5.25	5.75	6.00
2 yrs to < 3 yrs	5.25	5.75	6.00
3 yrs and above	5.25	5.75	6.00

#17. Bandhan Bank FD Interest Rates 2022

Bandhan bank is among those a few banks that offer above 5% FD interest to an individual and above 6% FD interest to a senior citizen.

Duration	Interest Rate Regular (%ge)	Interest Rates for Senior Citizens  (%ge)
7 days to 30 days	3.00	3.75
31 days to less than 3 months	3.50	4.25
3 months to less than 6 months	3.50	4.25
6 months to less than 1 year	5.25	6.00
1 year to less than 18 months	5.75	6.50
18 months to less than 2 years	5.75	6.50
2 years to less than 3 years	5.75	6.50
3 years to less than 5 years	5.50	6.25
5 years onwards	5.50	6.25

#18. IDBI Bank FD Interest Rates 2022

Duration	Interest Rate Regular (%ge)	Interest Rates for Senior Citizens  (%ge)
7-14 days	3.10	3.60
15-30 days	4.00	4.50
31-45 days	4.25	4.75
46- 60 days	5.00	5.50
61-90 days	5.00	5.50
91-6 months	5.00	5.50
6 months 1 day to 270 days	5.25	5.75
271 days upto< 1 year	5.50	6.00
1 year	5.85	6.35
> 1 year – 2 years	5.75	6.25
>2 years to < 3 years	5.80	6.30
3 years to < 5years	5.75	6.25
5 years	5.90	6.40
> 5 years – 7 years	5.80	6.30
>7 years – 10 years	5.80	6.30
>10 years – 20 years*	5.50	6.00
Tax Saver 5 years	5.90	6.40

#19. Federal Bank FD Interest Rates 2022

Duration	Interest Rate Regular (%ge)	Senior Citizen (%ge)
7 days to 29 days	2.50	3.00
30 days to 45 days	2.75	3.25
46 days to 90 days	3.00	3.50
91 days to 180 days	3.75	4.25
181 days to 270 days	4.00	4.50
271 days to less than 1 year	4.40	4.90
1 year to less than 16 months	5.10	5.60
16 Months	5.50	6.00
Above 16 months to less than 2 years	5.10	5.60
2 years to less than 5 years	5.35	5.85
5 years and above	5.50	6.00

#20. Andhra Bank FD Interest Rates 2022

Andhra Bank offer similar interest rates on FD to both regular citizens as well as senior citizens.

Deposit Tenure	Interest Rate Regular (%ge)	Interest Rates for Senior Citizens  (%ge)
7 to 45 Days	3.00	3.00
46 to 90 Days	3.75	3.75
91 to 120 Days	4.25	4.25
121 to 180 Days	4.30	4.30
181 Days < 1 Year	4.50	4.50
1 Year	5.25	5.25
>1 Year to 3 Years	5.25	5.25
>3 Years to 5 Years	5.30	5.30
>5 Years to 10 Years	5.40	5.40

Also read – Hedonova Alternative Assets Investment Review

Post Office FD Interest Rates 2022

Indian post office offers better FD interest rates than some public sector banks.  You can start a fixed deposit account in your nearest post office with a minimum amount of Rs. 1,000.

Here’s the slab of fixed deposit interest rates as per the duration of investment. 

Duration	Interest Rates
1yr.A/c	5.5%
2yr.A/c	5.5%
3yr.A/c	5.5​%
5yr.A/c	6.7​ %

The post office pays a fixed 7.4% interest rate to senior citizens with a lock-in period of 5 years. Senior citizens also get tax-exempt up to Rs 50,000 under Section 80TTB on the interest earned.

FD Interest Rates Calculator

Here’s the formula for calculating FD interest rate.

M=P(1+r/n)^n*t

Where

• M – maturity amount 
• P – principal amount
• r – rate of interest
• t – number of years
• n – compounded interest frequency

Let’s understand this with an example. 

You have Rs. 1,00,000 in a Fixed Deposit for a time period of 1 year at an interest rate of 8%, which is compounded annually. 

Here’s the calculation of 1 year FD  where n =4 (interest compounded quarterly)

M = 100000*{[1+(0.08/4)]^(4*1)}

M = 100000* {(1.02)^4}

M = 100000* 1.08243

M = 108243

Hence, interest earned on fixed deposit would be – Rs. 8,243

Final Words

If you want to earn higher returns then you should invest in other high returns investment options like mutual funds or stock investment. As the fixed deposit interest rate is declining. 

Invest only in FD if you are saving for the short term and want to save your capital from short-term market fluctuations. 

If you have any questions regarding fixed deposits, do let me know in the comments.