FD Interest Rates In March 2024: Banks consistently adjust their Fixed Deposit (FD) interest rates in response to changes in the Reserve Bank of India (RBI) repo rates, inflation, and other economic factors. Below are the most recent updates on the revised interest rates offered by various banks as of March 2024.
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What is a Fixed Deposit?
A Fixed Deposit (FD), also known as a ‘time deposit’ or ‘term deposit,’ is an investment avenue where individuals can deposit their surplus funds for a predetermined period and earn a fixed interest rate on it. This interest can be received either at regular intervals during the chosen tenure or upon maturity.
FD Interest Rates In March 2024
As of March 2024, the interest rates on fixed deposits offered by various banks vary from 2.50 per cent per annum to 9.00 per cent per annum for regular depositors. These rates are applicable for deposit tenures ranging from 7 days to 10 years.
FD interest rates vary depending on factors such as the amount deposited, the tenure chosen, and prevailing market conditions. Investors should carefully assess these rates and terms before selecting a fixed deposit scheme that aligns with their financial goals and risk tolerance.
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Top 10 Public Sectors Banks Offering Highest FD Interest Rate In March 2024
| Bank Name | Lowest & Highest FD Interest Rates Per Annum |
| State Bank Of India (SBI) | 6.5 per cent to 7.1 per cent |
| Union Bank Of India | 6.5 per cent to 7.25 per cent |
| Punjab National Bank | 6.5 per cent to 7.25 per cent |
| Bank Of Borada (BOB) | 6.5 per cent to 7.25 per cent |
| Central Bank Of India | 6.25 per cent to 7.25 per cent |
| Bank Of India | 6 per cent to 7.25 per cent |
| Indian Bank | 6.25 per cent to 7.25 per cent |
| Canara Bank | 6.7 per cent to 7.25 per cent |
| Bank Of Maharastra | 5.75 per cent to 6.5 per cent |
| Indian Overseas Bank | 6.5 per cent to 7.3 per cent |
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Top Private Banks Offering Highest FD Interest Rates In March 2024
| Bank Name | Lowest & Highest FD Interest Rates Per Annum |
| Axis Bank | 6.7 per cent to 7.2 per cent |
| Bandan Bank | 5.85 per cent to 7.85 per cent |
| City Union Bank | 6.25 per cent to 7 per cent |
| Yes Bank | 7.25 per cent to 7.75 per cent |
| DBS Bank | 6.5 per cent to 7.5 per cent |
| ICICI Bank | 6.7 per cent to 7.2 per cent |
| IDBI First Bank | 6.5 per cent to 8 per cent |
| Federal Bank | 6.6 per cent to 7.5 per cent |
| HDFC Bank | 6.6 per cent to 7.25 per cent |
| SBM Bank | 7.25 per cent to 8.25 per cent |
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. Times Now Digital suggests its readers/audience to consult their financial advisors before making any money related decisions.)
