Compare FD Interest Rates

Fixed Deposits are the natural choice of 90% individual investors in India. Hence we chose 12 banks to compare FD Interest Rates (Min and Max ROI p.a.) along with other parameters to help you the know the Best FDs offered by various banks. We have also compared the Fixed Deposit Schemes Offered by Companies Registered under Companies Act and the Post Office Deposits to help you find the Best Fixed Deposit Interest Rates. You will also find the USPs listed of various banks and the tax benefits that you can enjoy if you park your savings in fixed deposits.

Brands Compared: Axis Bank, Bandhan Bank, Canara Bank, ICICI Bank, IOB, Karur Vysya, Kotak Mahindra, PNB, SBI, Syndicate Bank, Union Bank and Yes Bank

Others include: Post Office, KTDFC, DHFL, Mahindra Finance, LIC HF, Gruh Finance, Bajaj Finserv, ICICI Home Fin and Shriram City

Income tax benefits of Fixed Deposit Schemes

Under Income Tax Act (as applicable to the financial year 2018–19 [assessment year 2019–20]), the interest received/accruing from fixed deposits/savings bank deposits under the new Section 80TTB up to Rs 50,000 is exempt from income tax, but is applicable to senior citizens only.

Banks also offer tax shield/tax saver fixed deposits that have a lock-in period of five years and are eligible for income-tax deduction under Section 80C (with upper limit up to Rs 150,000).

 

Avoid tax deducted at source (TDS) on interest income

Form 15G

A fixed depositor whose age is less than 60 years as on the date of making the deposit and whose gross total income is less than the income-tax slab (as applicable to him or her) can submit this form either at the time of making the bank deposit or at the time of effecting renewal of the same, or at any time during the currency of the deposit, but before the date of maturity of the deposit so that the bank does not deduct TDS on the same pertaining to the particular financial year (or assessment year). The depositor is well advised to insist on an acknowledgement from the bank so that one can be sure that TDS is not deducted inadvertently.

Form 15H

This form is to be submitted as above but needs to be submitted by those fixed depositors whose age is more than 60 years (senior citizens).

 

The lump-sum lessons

  • Go for bank deposits that offer maximum interest within a specified minimum period.
  • Avail partial withdrawal facility (wherever offered) to meet personal obligations.
  • Do not be led into a trap by buying other financial products due to forceful mis-selling.
  • Submit Form 15G/15H as soon as you open the fixed deposit (or during the currency of the FD but before date of maturity of the deposit) and secure acknowledgement.
  • As and when TDS is deducted, verify in Form 26 whether TDS is reflected therein.

Brands Compared

  • Axis Bank
  • Bandhan Bank
  • Canara Bank
  • ICICI Bank
  • IOB
  • Karur Vysya
  • Kotak Mahindra
  • PNB
  • SBI
  • Syndicate Bank
  • Union Bank
  • Yes Bank

Parameters Compared

  • Minimum Deposit (Rs)
  • Minimum Period (days)
  • Maximum Rol within Min. Period (months)
  • Minimum Rol (%)p.a.
  • Maximum Rol (%)p.a.
  • Premature Withdrawl Penalty (max. %)
  • Option for Part Withdrawl of Deposit
  • Loan facility (%)
  • Auto Renewal
  • Additional Max. rol for Senior Citizens
  • Customer Feedback 

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