Best Bank Fixed Deposit Interest Rates in August: Fixed Deposit i.e. FD is one of the most preferred investment options, especially for those who do not want to take risk on their savings. Sometimes it can be difficult for such people to select a suitable bank for investing in FD. Many people choose their existing banks to invest in FD, but those who want higher returns on FD need to be careful to select a suitable bank.
The decision to invest in FDs is influenced by various factors, including interest rates, safety of investments and personal preferences. Below are several recommendations to help you make a more informed decision.
FD Interest Rate
Generally, smaller financial institutions offer more competitive interest rates than their larger counterparts, as they prioritize the acquisition of deposits. Nevertheless, it is important to evaluate the interest rates offered by different banks and find out whether a smaller bank’s higher rate justifies the associated risks.
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Security
An important consideration when investing in fixed deposits is the safety of your investment. Generally, larger banks are considered safer than smaller banks due to their larger size and financial stability. These larger institutions are better equipped to withstand economic downturns and financial challenges than smaller banks.
Personal preferences
Your personal preferences and financial objectives will significantly influence your decision-making process. If you prefer the convenience and accessibility offered by a large financial institution, you may choose to invest in a large bank. Conversely, if your objective is to support local enterprises or maintain a personal relationship with a smaller bank, you may choose to invest in a smaller bank.
Ultimately, there is no definite answer as to whether one should invest in small or big banks for fixed deposits. It is important to consider factors such as interest rates, safety and personal preferences before making a decision. It is important to select a bank that suits your financial objectives and priorities.
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Better returns are available on FD. In this, along with good earnings, the money of the investors is also safe. If you want good returns by keeping your deposits in bank FD, then before that it is important for you to know which bank is giving the highest return on FD. For your convenience, details of FD schemes of all government, private and small finance banks have been given here.
Where are you getting how much interest
The list includes banks like SBI, HDFC Bank, ICICI Bank, Axis Bank, PNB, Bank of India, Union Bank, Kotak Mahindra Bank and Yes Bank, which are offering up to 9% returns to the common people on investing in FD. By evaluating these rates, you can make an informed decision regarding your investment based on your specific needs and various factors.
| Bank Fixed Deposit Rates | |||||
|
Name of the bank |
Interest Rates (p.a.) | ||||
| Highest slab |
1-year tenure (%) |
3-year tenure (%) |
5-year tenure (%) |
||
| , | Tenure | ||||
| SMALL FINANCE BANKS | |||||
| AU Small Finance Bank | 8 | 18 months | 7.25 | 7.5 | 7.25 |
| Equitas Small Finance Bank | 8.5 | 444 days | 8.2 | 8 | 7.25 |
| ESAF Small Finance Bank | 8.25 | 2 years to less than 3 years | 6 | 6.75 | 6.25 |
| Jana Small Finance Bank | 8.25 | 365 days to 1095 days | 8.25 | 8.25 | 7.25 |
| Northeast Small Finance Bank | 9 | 546 days to 1111 days | 7 | 9 | 6.25 |
| Suryoday Small Finance Bank | 8.65 | 2 years 2 days | 6.85 | 8.6 | 8.25 |
| Ujjivan Small Finance Bank | 8.25 | 12 months | 8.25 | 7.2 | 7.2 |
| Unity Small Finance Bank | 9 | 1001 days | 7.85 | 8.15 | 8.15 |
| Utkarsh Small Finance Bank | 8.5 | 2 years to 3 years; 1500 days | 8 | 8.5 | 7.75 |
| PRIVATE SECTOR BANKS | |||||
| Axis Bank | 7.2 | 17 months to less than 18 months | 6.7 | 7.1 | 7 |
| Bandhan Bank | 8 | 1 year 9 months | 7.25 | 7.25 | 5.85 |
| City Union Bank | 7.25 | 400 days | 7 | 6.5 | 6.25 |
| CSB Bank | 7.75 | 401 days | 5 | 5.75 | 5.75 |
| indian bank | 7.5 | 376 days to 540 days | 7 | 6.5 | 6.5 |
| DCB Bank | 8.05 | 19 months to 20 months | 7.1 | 7.55 | 7.4 |
| Federal Bank | 7.4 | 50 months ; 777 days | 6.8 | 7 | 6.6 |
| HDFC Bank | 7.4 | 4 Years 7 Months (55 months) | 6.6 | 7 | 7 |
| ICICI Bank | 7.25 | 15 months to 2 years | 6.7 | 7 | 7 |
| IDFC First Bank | 7.75 | 500 days | 6.5 | 7.25 | 7 |
| IndusInd Bank | 7.75 | 1 year to 2 years | 7.75 | 7.25 | 7.25 |
| Jammu & Kashmir Bank | 7 | 1 year to less than 3 years | 7 | 6.5 | 6.5 |
| Karur Vysya Bank | 7.6 | 760 days | 7 | 7 | 7 |
| Karnataka Bank | 7.25 | 375 days | 7.1 | 6.5 | 6.5 |
| Kotak Mahindra Bank | 7.4 | 390 days to less than 23 months | 7.1 | 7 | 6.2 |
| RBL Bank | 8.1 | 500 days | 7.5 | 7.5 | 7.1 |
| SBI Bank | 8.25 | 3 years 2 days | 7.05 | 7.3 | 7.75 |
| South Indian Bank | 7.25 | 400 Days | 6.7 | 6.7 | 6 |
| Tamilnad Mercantile Bank | 7.5 | 400 days | 7 | 6.5 | 6.5 |
| Yes Bank | 8 | 18 months | 7.25 | 7.25 | 7.25 |
| PUBLIC SECTOR BANKS | |||||
| Bank Of Baroda | 7.25 | 399 days | 6.85 | 7.15 | 6.5 |
| Bank of India | 7.3 | 666 days | 6.8 | 6.5 | 6 |
| Maharashtra Bank | 7.25 | 777 days | 6.75 | 6.5 | 6.5 |
| Canara Bank | 7.25 | 444 days | 6.85 | 6.8 | 6.7 |
| Central Bank Of India | 7.3 | 444 days | 6.85 | 6.5 | 6.5 |
| Indian Bank | 7.25 | 400 days -IND SUPER | 6.1 | 6.25 | 6.25 |
| Indian Overseas Bank | 7.3 | 444 days | 6.9 | 6.5 | 6.5 |
| Punjab National Bank | 7.25 | 400 days | 6.75 | 7 | 6.5 |
| Punjab & Sind Bank | 7.3 | 666 days | 6.3 | 6 | 6 |
| State Bank Of India | 7.25 | 444 days | 6.8 | 6.75 | 6.5 |
| Union Bank Of India | 7.4 | 333 days | 6.8 | 6.7 | 6.5 |
| Source: Paisabazaar.com | |||||
| Interest rates as of 7 August 2024 | |||||
(Note: For your information, Paisa Bazaar.com has prepared this list by collecting data from the websites of the respective banks till 7 August 2024. Banks keep changing the interest rate from time to time. In such a situation, before investing in the FD of any bank included in this list, visit its official website or branch to get accurate information.)
This is how you can open an FD account
It is very easy to open an FD account these days. Investors can open this account by visiting their nearest bank branch. Apart from this, tech-friendly people can apply for an FD account from the official website of the bank while sitting at home. Investors are advised to open their FD account in the same bank where they already have a bank account. This option can make the process even easier. In the bank where the customer’s account is already open, people have to go through less paperwork.
