Prior to opening a fixed deposit (FD) with a bank, it is important to compare the interest rates offered by its rivals. After RBI cut the repo rate by a total of 100 basis points in three consecutive policy meetings this Calendar year, most banks followed suit and cut their interest rates on fixed deposits as well as on lending.
Here we list out highest interest rates offered by different banks across tenures.
FD interest rates: 6 banks offers highest rates
1. HDFC Bank: As we can see in the table below, HDFC Bank offers 6.6 percent interest on a tenure between 18-21 months. Senior citizens are entitled to receive 7.10 percent interest for the same tenure. These rates came into force on June 25, 2025.
2. ICICI Bank: This private sector bank offers 6.6 percent interest on a fixed deposit (FD) tenure between 2 to 10 years. Senior citizens are entitled to earn 7.10 percent.
3. Kotak Mahindra Bank: This private sector bank offers 6.6 percent on fixed deposit of 444-day tenure. Senior citizens are entitled to receive 50 basis points extra on their deposits. These rates came into force on June 18, 2025.
4. Federal Bank: This private sector bank offers 6.7 percent interest on a deposit of 444-day tenure. Senior citizens are entitled to receive an extra 50 basis points. These rates came into force on July 17.
5. State Bank of India (SBI): This government sector bank offers 6.45 percent interest on deposit of 2-3 year tenure and senior citizens are given an extra 50 basis points. The latest rates came into force on July 15.
6. Bank of Baroda: Itoffers 6.6 percent interest on fixed deposits of 444-day tenure. Senior citizens are offered an extra 50 basis points, per the rates that came into effect on June 12, 2025.
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