Many banks have recently increased their fixed deposit interest rates for different tenures after the Reserve Bank of India raised the key repo rate by 50 bps to 5.9. Fixed deposits (FDs) are a popular saving option as they are safe and offer guaranteed returns. They come in multiple tenure options ranging from 7 days to 10 years. Opening an FD account is simple; you can open an FD account easily by visiting the bank or through mobile banking and net banking applications. Most banks offer preferential rates of up to 0.5% p.a. (0.75% in some cases) to senior citizen depositors.
Read More: These banks provide 7% and above interest on 3-year, 5-year senior citizen fixed deposits
If you are planning to open an FD account, look at the latest interest rates of public sector and private banks for tenures lower than one year.
| Public Sector Bank Name | Interest Rate on FDs Lower Than 1 Year |
| Bank of Maharashtra | 5 |
| Bank of Baroda | 4.65 |
| Bank of India | 4.35 |
| Canara Bank | 6 |
| Central Bank of India | 4.75 |
| Indian Bank | 4.75 |
| Indian Overseas Bank | 4.65 |
| Punjab National Bank | 4.5 |
| Punjab & Sind Bank | 4.65 |
| State Bank of India | 4.6 |
| UCO Bank | 4.4 |
| Union Bank | 4.6 |
| Private Sector Bank Name | |
| Axis Bank | 4.75 |
| Bandhan Bank | 5.7 |
| Catholic Syrian | 4.25 |
| City Union Bank | 5.75 |
| DCB Bank | 5.7 |
| Dhanlaxmi Bank | 4.5 |
| Federal Bank | 4.8 |
| HDFC Bank | 4.65 |
| ICICI Bank | 4.9 |
| IDBI Bank | 4.8 |
| IDFC First Bank | 5.75 |
| IndusInd Bank | 5.5 |
| J & K Bank | 5.25 |
| Karnataka Bank | 5.25 |
| Kotak Bank | 5.5 |
| Karur Vysya Bank | 5.9 |
| RBL Bank | 5.25 |
| South Indian Bank | 4.6 |
| Tamilnad Mercantile Bank | 5 |
| TNSC Bank | 5.75 |
| Yes Bank | 5.75 |
Disclaimer: Data as on respective banks’ websites on Oct 7, 2022. All rates for normal FDs amounting to less than Rs.1 crore.
