FD Interest Rates - Check Fixed Deposit Interest Rates Online
Fixed deposits, or FDs, are a popular investment option known for their reliability. If you want to grow your savings without exposing them to the uncertainties of the capital markets, fixed deposits might be the answer you're searching for. But before you start investing in them, you must know about fixed deposit interest rates.
But what exactly do FD interest rates entail, and how do they impact your earnings? Let's find out.
Current Fixed Deposit Interest Rates
Banks and financial institutions adjust their Fixed Deposit interest rates in response to economic conditions, market trends, and monetary policies. By staying updated on these changes, you can capitalise on opportunities to secure higher returns on your investment.
Moreover, comparing the bank FD interest rates offered by different banks or financial institutions enables you to identify the most competitive options.
Fixed Deposit Interest Rates for Deposits less than ₹3 Cr (Premature Withdrawal Allowed)
The following table covers the domestic FD rates for deposits amounting to ₹3 Crore at most:
(*Senior Citizen FD Rates do not apply to NRO/NRE deposits)
| Tenure | Domestic/NRO/NRE FD Interest Rates (Less than ₹3 Cr) |
*Senior Citizen FD Rates (Less than ₹3 Cr) |
|---|---|---|
| 7 days to 14 days | 3.50% | 4.00% |
| 15 days to 30 days | 3.50% | 4.00% |
| 31 days to 45 days | 3.75% | 4.25% |
| 46 days to 60 days | 4.75% | 5.25% |
| 61 days to 90 days | 4.75% | 5.25% |
| 91 days to 120 days | 4.75% | 5.25% |
| 121 days to 180 days | 5.00% | 5.50% |
| 181 days to 210 days | 5.85% | 6.35% |
| 211 days to 269 days | 6.10% | 6.60% |
| 270 days to 354 days | 6.35% | 6.85% |
| 355 days or 364 days | 6.50% | 7.00% |
| 1 Year to below 1 Year 3 Months | 7.75% | 8.25% |
| 1 Year 3 Months (15 Months) to below 1 Year 4 Months (16 Months) | 7.75% | 8.25% |
| 1 Year 4 Months to below 1 Year 6 Months | 7.99% | 8.49% |
| 1 Year 6 Months up to 2 Years | 7.75% | 8.25% |
| Above 2 Years up to 2 Years 6 Month | 7.25% | 7.75% |
| Above 2 Years 6 Month (30 Months) to below 2 years 7 Months (31 Months) | 7.25% | 7.75% |
| 2 years 7 Months to below 3 years 3 Months | 7.25% | 7.75% |
| Above 3 years 3 months to below 61 months | 7.25% | 7.75% |
| 61 months and above | 7.00% | 7.50% |
| Indus Tax Saver Scheme (5 years) | 7.25% | 7.75% |
Note: Interest is compounded quarterly. Simple interest will be paid on maturity for deposit wherever the tenure is up to 180 days.
Fixed Deposit Interest Rates for Deposits between ₹3 Cr and ₹5 Cr (Premature Withdrawal Allowed)
Here's a detailed overview of the FD interest rates for individuals (Domestic/NRO/NRE deposits) considering substantial investments in fixed deposits ranging from ₹3 Crores to less than ₹5 Crores:
(*Senior Citizen FD Rates do not apply to NRO/NRE deposits)
| Tenure | Domestic/NRO/NRE FD Rate (₹3 Cr to ₹5 Cr) |
*Senior Citizen FD Rates (₹3 Cr to ₹5 Cr) |
|---|---|---|
| 7 days to 14 days | 4.90% | 5.50% |
| 15 days to 30 days | 5.00% | 5.60% |
| 31 days to 45 days | 5.50% | 6.10% |
| 46 days to 60 days | 6.00% | 6.60% |
| 61 days to 90 days | 6.35% | 6.95% |
| 91 days to 120 days | 6.85% | 7.45% |
| 121 days to 180 days | 7.00% | 7.60% |
| 181 days to 210 days | 7.00% | 7.60% |
| 211 days to 269 days | 7.10% | 7.70% |
| 270 days or 354 days | 7.20% | 7.80% |
| 355 days or 364 days | 7.25% | 7.85% |
| 1 Year to below 1 Year 6 Months | 7.65% | 8.25% |
| 1 Year 6 Months to below 1 Year 7 Months | 7.65% | 8.25% |
| 1 Year 7 Months up to 2 Years | 7.65% | 8.25% |
| Above 2 Years up to 2 Years 1 Month | 7.20% | 7.80% |
| Above 2 years 1 month to below 2 years 6 Months | 7.20% | 7.80% |
| 2 years 6 Months to below 2 years 9 Months | 7.20% | 7.80% |
| 2 years 9 Months up to 3 years 3 months | 7.20% | 7.80% |
| Above 3 years 3 months to below 61 months | 7.10% | 7.70% |
| 61 months and above | 7.00% | 7.60% |
| Indus Tax Saver Scheme (5 years) | NA | NA |
Note: Interest is compounded quarterly. Simple interest will be paid on maturity for deposit wherever the tenure is up to 180 days.
Fixed Deposit Rates for Deposits Above ₹1 Cr and Less than ₹5 Cr (Premature Withdrawal Not Allowed)
The following term deposit interest rates apply to park substantial amounts exceeding ₹1 Crore up to less than ₹5 Crore with the assurance of no premature withdrawal:
(*Senior Citizen FD Rates do not apply to NRO/NRE deposits)
| Tenure | Domestic/NRO/NRE Rate (₹1 Cr to ₹5 Cr) |
*Senior Citizen Term Deposit Interest Rates (₹1 Cr to ₹5 Cr) |
|---|---|---|
| 7 days to 14 days | 4.90% | 5.40% |
| 15 days to 30 days | 5.00% | 5.50% |
| 31 days to 45 days | 5.60% | 6.10% |
| 46 days to 60 days | 6.00% | 6.50% |
| 61 days to 90 days | 6.50% | 7.00% |
| 91 days to 120 days | 7.00% | 7.50% |
| 121 days to 180 days | 7.10% | 7.60% |
| 181 days to 210 days | 7.25% | 7.75% |
| 211 days to 269 days | 7.35% | 7.85% |
| 270 days or 354 days | 7.45% | 7.95% |
| 355 days or 364 days | 7.50% | 8.00% |
| 1 Year to below 1 Year 6 Months | 7.75% | 8.25% |
| 1 Year 6 Months to below 1 Year 7 Months | 7.75% | 8.25% |
| 1 Year 7 Months up to 2 Years | 7.75% | 8.25% |
| Above 2 Years up to 2 Years 1 Month | 7.30% | 7.80% |
| Above 2 years 1 month to below 2 years 6 Months | 7.30% | 7.80% |
| 2 years 6 Months to below 2 years 9 Months | 7.30% | 7.80% |
| 2 years 9 Months up to 3 years 3 months | 7.30% | 7.80% |
| Above 3 years 3 months to below 61 months | 7.20% | 7.70% |
| 61 months and above | 7.10% | 7.60% |
| Indus Tax Saver Scheme (5 years) | NA | NA |
Note: Interest is compounded quarterly. Simple interest will be paid on maturity for deposit wherever the tenure is up to 180 days.
Disclaimer:
The rates provided herein are applicable as of 6 February 2024. These fixed deposit interest rates are subject to fluctuations and may differ among various banks and financial institutions. Furthermore, simple interest will be disbursed on maturity for deposits with tenures up to 180 days.
Fixed Deposit Interest Rates FAQs
Can I get monthly interest on FD?
Yes, IndusInd bank offers monthly interest payout option and quarterly interest payout option. You can choose any one of the options at the time of booking an FD.
Is FD tax-free?
As per the Income Tax Act of 1961, FD interest is categorised as 'income from other sources' and is fully taxable. The interest earned on FDs is added to your gross annual income, and taxes are calculated based on the applicable tax laws.
When can I receive my FD interest payouts?
The payouts based on applicable FD interest rates are typically offered upon maturity, determined at the time of deposit. Some institutions may offer periodic payouts, such as quarterly or annually, depending on the terms agreed upon at the time of creating an FD.
Does IndusInd Bank offer reinvestment of fixed deposits?
Yes, IndusInd Bank allows reinvestment of fixed deposits. You can choose from these two reinvestment options at the time of renewing an FD:
- Renew Principal and Interest Both
- Renew Principal and Pay Interest Back
Does TDS apply to interest earned via an FD?
Banks deduct tax at source when the interest credited to your account exceeds Rs. 40,000 for individuals other than senior citizens. For senior citizens, the threshold is Rs. 50,000. This is in accordance with income tax regulations.
Does IndusInd Bank offer a tax-saving FD option?
Yes, IndusInd Bank does offer a tax-saving FD option known as the Indus Tax Saver Scheme, which provides tax benefits under Section 80C of the Income Tax Act.
Can you prematurely withdraw from an FD?
Yes, premature withdrawal from an FD is typically allowed, but it may incur penalties or a reduction in interest rates, depending on the bank's terms and conditions.
Does IndusInd Bank offer any FDs for senior citizens?
Yes, IndusInd Bank does offer special FD schemes for senior citizens, which come with higher interest rates compared to regular FDs.
What is the maximum FD limit?
The maximum FD limit varies among banks and financial institutions. It depends on factors such as the depositor's eligibility, the bank's policies, and regulatory guidelines. You can check with our bank representatives for the specific maximum FD limit applicable to you.
How does the FD interest rate differ from other types of interest rates?
FD interest rates are fixed for the entire tenure of the deposit, offering predictability. In contrast, other types of interest rates, such as those for savings accounts or loans, may fluctuate over time based on market conditions or central bank policies.
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