Fixed deposit interest rates are on an upward path. The rates are rising because the Reserve Bank of India has increased the repo rate. The Repo rate is the rate banks borrow from the central bank. The FD rates will continue to rise as central banks are increasing the rates to control inflation globally. s on the rise because Many private and public sector banks offer interest rates between 6 and 7 per cent for different tenures. Many small finance banks offer 8 per cent interest rates for different tenures. If you are planning to open an FD with a public sector bank, take a look at the highest rates being offered by them for different tenures. The list also provides the interest rates for senior citizen depositors.
| Bank | Highest rate | Tenor for highest rate | Senior citizen rates | Other Notes |
| Bank of India | 7.25 | 777 days | 7.75 | |
| Canara Bank | 7.00 | 666 days | 7.50 | |
| Punjab National Bank | 7.00 | 600 days | 7.50 | 7.05 on 600-day non-callable FD above Rs. 15 lakh |
| Punjab & Sind Bank | 7.00 | 601 days | 7.50 | |
| Union Bank | 7.00 | 599 days | 7.50 | |
| Bank of Baroda | 6.75 | 399 days | 7.25 | 7.00 on non-callable Tiranga Plus Deposit Scheme. |
| Indian Bank | 6.50 | 2 to < 3 years | 7.00 | 6.70 on 1-year bulk deposits of Rs. 2-5 crore |
| State Bank of India | 6.25 | 2 years to less than 3 years | 6.75 | |
| Central Bank of India | 6.25 | 999 days | 6.75 | |
| Indian Overseas Bank | 6.00 | 1000 days | 6.50 | |
| Bank of Maharashtra | 5.70 | 400 days | 6.20 | |
| UCO Bank | 5.60 | > 3 to < 5 years | 6.10 |
Disclaimer: Compiled by BankBazaar.com. Interest rates as advertised by the bank/company on November 8, 2022. Rates pertain to retail deposits. Rates will change as per the bank or company’s policies. Highest rates for each bank or company are mentioned here. For companies, the highest cumulative rate is mentioned. Some rates are as per special schemes which for limited periods. In some cases, higher rates may be available to super senior citizens, employees, bulk depositors, or non-callable depositors. Please contact your bank or preferred company for details of deposit schemes.
