Highest Interest Rate on Bank Fixed Deposits (FD) – May 2017 #allahabad #bank #fd


Highest Interest Rate on Bank Fixed Deposits (FD) -May 2017

The post lists down the rate of interest on Bank fixed deposits as of May 1, 2017 .

You might want to bookmark this page as the FD interest rates would be updated every month. Would help you in better

Fixed Deposit Highlights:

  • Axis Bank, Bandhan Bank, Bank of India, Catholic Syrian Bank, J K Bank, Kotak Mahindra Bank and Yes Bank have reduced their FD rates as compared to last month.
  • Most banks offer FDs for tenure of 7 Days to 10 Years.
  • The Ratnakar Bank IDBI Bank do offer fixed deposits up to 20 years too .
  • For very short Term Deposits the interest rate is similar to that of Savings Account and so you should not worry about FD. Also Interest up to Rs 10,000 in Saving Account is Tax free .
  • Most banks compound interest quarterly
  • Banks offer Loan/Overdraft against the amount available in Fixed Deposit. The interest is generally 0.5% to 1% more than that offered to FD.
  • TDS (Tax deduction at source) at the rate of 10% is deducted, if the interest income is more than Rs 10,000 in financial year per bank
  • There might be penalty for pre-mature withdrawal of Fixed Deposits

Fixed Deposit Interest Rates:

The highest interest rate on fixed deposit is offered by Deutsche Bank ( 5 Years) at 8.00%.

For comparing the best interest rates on fixed deposits over different duration of investment, we have it divided into following 5 slabs:

  • FD for Less than 1 Year
  • FD for 1 to 2 years
  • FD for 2 to 5 Years
  • FD for 5 to 10 years
  • FD for More than 10 years

We show the highest interest rates on fixed deposits for the above duration buckets. We have also compared the best interest rates on offer by that being offered by State Bank of India (SBI), ICICI Bank and Post Offices.

Interest Rate for FD of Less than 1 Year:

The highest interest rate is offered by The Ratnakar Bank (241 days to 364 days) at 7.25% .

Leave a Reply

Your email address will not be published. Required fields are marked *