which bank is best for fd in india as of April 2023

 Best Banks for FD

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which bank is best for fd 

To determine the best bank for FD, one needs to consider several factors such as interest rates, tenure, minimum deposit amount, and overall credibility of the bank. Here are some of the top banks that offer excellent FD schemes:

State Bank of India (SBI)

SBI is one of the largest public sector banks in India and offers a range of fixed deposit schemes for different tenures. 

What is current SBI FD rate?

Earn 7.3%* Interest on FD

SBI offers FD interest rates of 3.00%-7.00% p.a. to the general public and 3.50%-7.50% p.a. to senior citizens for tenures ranging from 7 days to 10 years. The interest rate of SBI Tax Saving FD is 6.50% p.a. for the general public and 7.50% p.a. for senior citizen depositors.

HDFC Bank

HDFC Bank offers FD interest rates of 3.00-7.10% p.a. to the general public and 3.50-7.75% p.a. to senior citizens on tenures ranging from 7 days to 10 years. The interest rate on HDFC Bank Tax Saving FDs is 7.00% p.a. for the general public and 7.50% p.a. for senior citizen depositors for tenures of 5 years.

ICICI Bank

ICICI Bank is another leading private sector bank in India that offers fixed deposit schemes for different tenures. 

current FD interest rate in Icici?

Tenure Interest Rates (p.a.)

7 days to 14 days 4.75%

15 days to 29 days 4.75%

30 days to 45 days 5.50%

46 days to 60 days 5.75%

Axis Bank

Axis Bank is a private sector bank in India that offers fixed deposit schemes for different tenures. 

Axis Bank FD Interest Rates 2023

Tenure Normal Citizen FD Rate Senior Citizen FD Rate

1 month 16 days - 1 month 30 days 4% 4%

2 months - 2 months 29 days 4.5% 4.5%

3 months - 5 months 26 days 4.75% 4.75%

5 months 27 days - 8 months 29 days 5.75%

Punjab National Bank (PNB)

PNB is a leading public sector bank in India that offers fixed deposit schemes for different tenures. 

PNB Fixed Deposit (FD) Interest Rates Highlights

Highest slab rate 7.25% p.a. (for 666 days)

For 1 year 6.80% p.a.

For 2 years 6.80% p.a.

For 3 years 7.00% p.a.

For 4 years 6.50% p.a.

Bank Name FD Interest Rates

Sarva Haryana Gramin Bank FD

6.75% - 7.25%

Punjab and Sind Bank FD

6.25% - 6.75%

Federal Bank FD

6.6% - 7.1%

Maharashtra Gramin Bank FD

6.85% - 7.35%

Central Bank of India FD

6.25% - 6.75%

Bangiya Gramin Vikash Bank FD

6.25% - 6.75%

Shriram Finance FD

7.95% - 8.45%

Madhya Pradesh Gramin Bank FD

5.4% - 5.9%

ICICI HFC FD

7.4% - 7.65%

Canara Bank FD

6.5% - 7%

In conclusion, the best bank for FD would depend on your individual needs and requirements. It's recommended to compare the interest rates, tenure, minimum deposit amount, and other features offered by different banks before making a decision. It's also important to consider the credibility of the bank, its reputation in the market, and the quality of customer service provided.