Akhilesh Saini
Banking & FinanceGuide

Fixed Deposit Rates of Major Banks in India: Current Comparison

Compare current fixed deposit rates from major Indian banks including SBI, HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, PNB, Bank of Baroda, Canara Bank and Union Bank.

Published Updated Reviewed
Bank buildings and rupee coins illustrating fixed deposit rates

Quick Answer

Among the major banks compared here, regular-citizen retail FD rates currently top out around 6.45%–6.80% p.a., while eligible senior-citizen rates can reach roughly 7.05%–7.30% p.a., depending on the bank and exact tenure.

The important detail: the highest advertised rate is often tied to a special tenure, so compare the rate for the period you actually want—not only the headline maximum.

Major-bank FD rate snapshot

Rates below are for typical callable domestic retail deposits below ₹3 crore unless noted.

Bank1 year3 years5 yearsHighest regular rateHighest senior rate
SBI6.25%6.30%6.05%6.45%7.05%
HDFC Bank6.25%6.45%6.40%6.50%7.10%
ICICI Bank6.25%6.45%6.50%6.50%7.10%
Axis Bank6.25%6.50%6.50%6.50%7.25%
Kotak Mahindra Bank6.35%6.40%6.25%6.80%7.30%
Punjab National Bank6.25%6.30%6.10%6.60%7.10%
Bank of Baroda6.25%6.30%6.30%6.75%7.25%
Canara Bank6.25%6.25%6.25%6.60%7.10%
Union Bank of India6.20%6.10%6.00%6.55%7.05%

Rates can change without notice. Check the bank's official rate card on the day you book the FD.

Best Rate Is Not Always at 1, 3 or 5 Years

Many banks use special tenures to offer their peak rate.

Examples in the current rate cards include:

  • SBI: peak regular rate around 6.45%, including its special-tenure pricing.
  • PNB: 444-day deposit at 6.60% for regular customers and 7.10% for senior citizens.
  • Bank of Baroda: 555-day Golden Goal deposit at 6.75% regular / 7.25% senior.
  • Canara Bank: special 555-day rate around 6.60% regular / 7.10% senior.
  • Union Bank: 555-day callable deposit at 6.55% regular / 7.05% senior.
  • Kotak Mahindra Bank: 2 years to less than 3 years currently carries its peak rate of 6.80% regular / 7.30% senior.

If your money is needed at a specific date, do not stretch the tenure just to gain 0.10%–0.25%.

Which Major Bank Pays the Most?

There is no single winner across every tenure.

Around 1 year

Kotak currently stands out among this group, while several major banks sit near 6.20%–6.25%.

Around 3 years

Axis, HDFC and ICICI are competitive, but the exact tenure boundary matters.

Around 5 years

Axis and ICICI are among the stronger major-bank rates in this comparison.

Special tenures

Kotak, Bank of Baroda, PNB, Canara and Union Bank can offer higher rates at selected non-round tenures.

Senior Citizens

Most major banks provide an additional interest premium to eligible resident senior citizens.

Current peak rates in this comparison range from around 7.05% to 7.30%.

Notable examples:

  • Kotak: up to 7.30%
  • Axis Bank: up to 7.25%
  • Bank of Baroda: up to 7.25%
  • HDFC Bank: up to 7.10%
  • ICICI Bank: up to 7.10%
  • PNB: up to 7.10%
  • Canara Bank: up to 7.10%
  • SBI: up to 7.05%
  • Union Bank: up to 7.05%

Some banks also offer separate benefits for very senior/super-senior citizens.

Do Not Compare Only the Interest Rate

Before booking, check:

Premature-withdrawal penalty

If you may need the money early, a slightly lower rate with better liquidity can be more useful.

Callable vs non-callable FD

Non-callable deposits may pay more but restrict premature withdrawal and often require a high minimum deposit.

Interest payout

Choose between:

  • cumulative/maturity payout
  • monthly payout
  • quarterly payout

A cumulative FD usually benefits more from compounding.

Existing banking relationship

Opening and managing an FD is simpler if you already use the bank's app/net banking.

Deposit concentration

Do not place a large amount in one bank purely for an extra 0.10%.

How Safe Is a Bank FD?

DICGC insures eligible deposits—including savings, fixed and recurring deposits—up to ₹5 lakh per depositor per insured bank, including principal and accrued interest, in the same right and capacity.

The ₹5 lakh cover is per bank, not per branch.

If deposit insurance is important to your allocation, spreading deposits across separately insured banks can increase the total insured amount.

Tax and TDS

FD interest is generally taxable according to your applicable income-tax rules.

From 1 April 2025, the Section 194A TDS threshold for interest paid by banks is:

  • ₹50,000 per financial year for non-senior resident depositors
  • ₹1,00,000 per financial year for resident senior citizens

Crossing or not crossing the TDS threshold does not determine whether the interest itself is taxable.

Eligible taxpayers may use Form 15G or 15H where applicable.

A Practical Way to Choose an FD

  1. Decide when you will actually need the money.
  2. Compare rates only around that maturity date.
  3. Check the premature-withdrawal rule.
  4. Check senior/super-senior eligibility if applicable.
  5. Consider DICGC insurance when placing large deposits.
  6. Compare the maturity amount after considering tax—not only the advertised rate.

A 0.20% higher rate is not always worth locking money away for a much less convenient tenure.

Scope of This Guide

This guide compares selected major public- and private-sector banks commonly used by retail depositors.

It does not attempt to identify the highest FD rate available anywhere in India. Small finance banks and some smaller private banks can offer materially higher rates, but they should be compared separately with attention to deposit concentration, DICGC coverage and your own liquidity needs.

How These Rates Were Checked

Priority was given to current official bank rate pages where they were available and clearly indexed. Recent rate trackers were used to cross-check banks whose official pages were difficult to index reliably.

Rates are shown as annual nominal rates and may differ by:

  • exact number of days
  • deposit amount
  • callable/non-callable status
  • customer category
  • special schemes
  • booking date

Always verify the live bank rate card before depositing funds.

Primary Sources