Fixed deposit interest rates across banks: See list of FD rates up to 7.4%
Hindustan TimesA series of both private and public banks are offering interest rates between 6.80 and 7.40% on fixed deposits of amounts less than ₹3 crore and for a tenure of five years. This interest is calculated at quarterly compounding intervals on Term Deposits and paid at the rate decided by the bank depending upon the period of deposits. Bank name Interest rate DCB Bank 7.40% IndusInd Bank 7.25% YES Bank 7.25% RBL Bank 7.10% Federal Bank 7.10% Axis Bank 7% Karur Vysya Bank 7% HDFC Bank 7% ICICI Bank 7% Bank of Baroda 6.80% Source: paisabazaar.com as of December 12, 2024 DCB bank offers the highest rate on FDs less than ₹3 crore at 7.40%, followed by IndusInd bank and Yes Bank at 7.25%, and RBL Bank and Federal Bank at 7.10%. The Bank of Baroda website states that “No penalty for premature payment will be levied in case of premature payment of deposits up to ₹5 lacs provided it remained with the bank for a minimum period of 12 months.” However, interest will paid after deducting a penalty of 1% from such applicable rate or the contracted rate, whichever is lower in the cases which are subject to charging penalty. When it comes to premature closure of Deposits of ₹1 crore and above, it needs a 31 days prior notice, and may be subject to penalty of 1.5% on applicable rate of interest for the period for which the deposit has remained with the bank, the report read.