Latest: FD Rates Today

What is a fixed deposit?

A fixed deposit, or FD, lets you deposit a lump sum with a bank or an eligible deposit-taking company for a chosen period. The agreed interest rate normally stays fixed for that deposit until maturity. The rate offered on a new deposit may change when the institution revises its rate card.

How to compare FD rates today

Start with your intended tenure and whether you qualify for a senior citizen scheme. The highest advertised rate may apply to an unusual period, such as a specific number of days, rather than exactly one, three or five years. Compare deposits with the same payout frequency and amount bracket. A higher rate alone does not establish that an issuer is safer.

Types of fixed deposits

Cumulative FD

Interest is added to the deposit according to the issuer’s compounding schedule and paid at maturity.

Non-cumulative FD

Interest is paid periodically, for example monthly, quarterly or yearly. The payout rate may differ from the cumulative rate.

Senior citizen FD

Eligible resident senior citizens may receive higher rates. Age rules, additional benefits and special-tenure conditions differ by institution.

Tax-saving FD

A specified bank deposit with a five-year lock-in. Tax eligibility depends on the applicable law and your tax regime. Interest is not automatically tax-free.

Corporate FD

A deposit with an eligible company, NBFC or housing finance company. These are separate from bank deposits and are not DICGC-insured.

Tenure, withdrawals and maturity

Choose a tenure that matches when you will need the money. Some callable deposits allow early closure with a reduced applicable rate and a penalty. Non-callable or locked-in schemes can restrict withdrawals. At maturity, the proceeds may be paid out or renewed according to your instructions; a renewal uses the rate then applicable.

Eligibility and documents

Institutions commonly ask for identity and address verification, PAN or the applicable declaration, bank details and proof of age for senior benefits. Eligible account types, minimum deposit amounts and resident or NRI conditions vary. The comparison here is for resident deposits; separate NRE, NRO, bulk and non-callable rates may apply.

Deposit safety and tax

Eligible deposits with an insured bank are covered by DICGC up to ₹5 lakh per depositor per bank in the same right and capacity, including principal and interest across eligible accounts. Corporate deposits have no DICGC cover. Interest can be taxable and TDS rules may apply; TDS is not necessarily the final tax liability.

Frequently asked questions