Fixed deposit rates in mid-July up to 8.1%: Top picks across lenders | Personal Finance
Small finance banks continue to lead the fixed deposit (FD) rate chart in mid-July, offering returns of up to 8.1 per cent for regular depositors, well large public and private sector banks.
Data compiled by Stable Money shows that Suryoday Small Finance Bank and Utkarsh Small Finance Bank offer the highest FD rates of 8.1 per cent for regular customers on select tenures. In comparison, the highest rates offered by major public sector lenders such as State Bank of India (SBI), Punjab National Bank (PNB), Bank of Baroda and Bank of India range between 6.45 per cent and 6.75 per cent.
Fixed deposit rates at a glance
Among small finance banks, Suryoday Small Finance Bank is offering 8.1 per cent on a 30-month deposit, while Utkarsh Small Finance Bank is offering the same rate on a tenure of 666 days. Shivalik Small Finance Bank and Jana Small Finance Bank are offering up to 8 per cent, while Ujjivan Small Finance Bank, Unity Small Finance Bank and Slice Small Finance Bank are also offering competitive rates on select tenures.
Among non-banking finance companies (NBFCs), Shriram Finance offers up to 7.5 per cent, while Mahindra Finance and Bajaj Finance offer up to 7.45 per cent and 7.4 per cent, respectively.
Public sector banks continue to lag
Public sector banks remain a preferred choice for depositors seeking stability and familiarity, but they continue to trail private lenders and small finance banks on interest rates.
Bank of Baroda currently offers the highest rate of 6.75 per cent, followed by Bank of India at 6.7 per cent, Punjab National Bank and Indian Overseas Bank at 6.6 per cent, while SBI offers up to 6.45 per cent. For investors locking money away for two to three years, the gap of more than one percentage point compared with the highest rates offered by small finance banks can make a meaningful difference to maturity proceeds.
Latest FD rates in July
Bank Name
Special rate (Regular)
Special Tenure (Regular)
Reg Highest Rate (%)
Reg Highest Rate Tenure
Reg 1Y (%)
Reg 3Y (%)
Reg 5Y (%)
Reg 10Y (%)
Bank of Baroda
6.75
555D
6.25
6.25
6.3
6
Bank of India
6.7
3Y
6.5
6.7
6
6
PNB
6.6
444D
6.25
6.3
6.35
6
SBI
6.45
444D
6.25
6.3
6.05
6.05
Axis Bank
6.5
5Y
6.25
6.5
6.5
6.5
Bandhan Bank
7.45
2Y
7
7.25
5.85
5.85
FEDERAL BANK LTD.
6.8
15M
6.25
6.75
6.4
6.4
HDFC Bank
6.5
3Y1D-4Y7M
6.25
6.45
6.4
6.15
ICICI Bank
6.5
5Y
6.25
6.45
6.5
6.5
IDFC First Bank
7.35
3Y
6.5
7.35
6.75
6
Jana SF Bank
8
3Y
7
8
7.77
6.5
Yes Bank
7.25
18M1D-24M
6.65
7
6.75
6.75
Kotak Mahindra Bank
6.8
2Y
6.35
6.4
6.25
6.25
IndusInd Bank
7
3Y
7
3Y
6.75
7
6.65
6.5
RBL Bank
7.2
3Y
7.2
3Y
7
7.2
6.7
6.7
South Indian Bank
6.8
30M
6.8
30M
6.25
6.2
5.7
5.7
AU SF Bank
7.4
3Y
7.4
3Y
6.35
7.4
6.75
6.75
Shivalik SF Bank
8
23M1D-27M
8
23M1D-27M
6
7.5
6.25
6.25
Suryoday SF Bank
8.1
30M
8.1
30M
7.25
7.25
7.9
7.25
Ujjivan SF Bank
7.8
2Y
7.8
2Y
7.25
7.25
7.2
6.5
Unity SF Bank
7.8
501D
7.8
501D
7.5
6.75
6.75
6
Utkarsh SF Bank
8.1
666D
8.1
666D
7.25
7.5
7
6.75
slice SF Bank
7.75
1Y6M1D
7.75
1Y6M1D
6.25%
7.5
7
6.5
Indian Overseas Bank
6.6
444D
6.6
444D
6.5
6.1
6.1
6.1
Bajaj Finance
7.4
31-60M
7.4
31-60M
6.6
7.4
7.4
NA
Shriram Finance
7.5
36-60M
7.5
36-60M
6.85
7.5
7.5
NA
Mahindra Finance
7.45
48-60M
7.45
48-60M
6.6
7.4
7.45
NA
|
Bank Name |
Special rate (Regular) |
Special Tenure (Regular) |
Reg Highest Rate (%) |
Reg Highest Rate Tenure |
Reg 1Y (%) |
Reg 3Y (%) |
Reg 5Y (%) |
Reg 10Y (%) |
|
Bank of Baroda |
|
|
6.75 |
555D |
6.25 |
6.25 |
6.3 |
6 |
|
Bank of India |
|
|
6.7 |
3Y |
6.5 |
6.7 |
6 |
6 |
|
PNB |
|
|
6.6 |
444D |
6.25 |
6.3 |
6.35 |
6 |
|
SBI |
|
|
6.45 |
444D |
6.25 |
6.3 |
6.05 |
6.05 |
|
Axis Bank |
|
|
6.5 |
5Y |
6.25 |
6.5 |
6.5 |
6.5 |
|
Bandhan Bank |
|
|
7.45 |
2Y |
7 |
7.25 |
5.85 |
5.85 |
|
FEDERAL BANK LTD. |
|
|
6.8 |
15M |
6.25 |
6.75 |
6.4 |
6.4 |
|
HDFC Bank |
|
|
6.5 |
3Y1D-4Y7M |
6.25 |
6.45 |
6.4 |
6.15 |
|
ICICI Bank |
|
|
6.5 |
5Y |
6.25 |
6.45 |
6.5 |
6.5 |
|
IDFC First Bank |
|
|
7.35 |
3Y |
6.5 |
7.35 |
6.75 |
6 |
|
Jana SF Bank |
|
|
8 |
3Y |
7 |
8 |
7.77 |
6.5 |
|
Yes Bank |
|
|
7.25 |
18M1D-24M |
6.65 |
7 |
6.75 |
6.75 |
|
Kotak Mahindra Bank |
|
|
6.8 |
2Y |
6.35 |
6.4 |
6.25 |
6.25 |
|
IndusInd Bank |
7 |
3Y |
7 |
3Y |
6.75 |
7 |
6.65 |
6.5 |
|
RBL Bank |
7.2 |
3Y |
7.2 |
3Y |
7 |
7.2 |
6.7 |
6.7 |
|
South Indian Bank |
6.8 |
30M |
6.8 |
30M |
6.25 |
6.2 |
5.7 |
5.7 |
|
AU SF Bank |
7.4 |
3Y |
7.4 |
3Y |
6.35 |
7.4 |
6.75 |
6.75 |
|
Shivalik SF Bank |
8 |
23M1D-27M |
8 |
23M1D-27M |
6 |
7.5 |
6.25 |
6.25 |
|
Suryoday SF Bank |
8.1 |
30M |
8.1 |
30M |
7.25 |
7.25 |
7.9 |
7.25 |
|
Ujjivan SF Bank |
7.8 |
2Y |
7.8 |
2Y |
7.25 |
7.25 |
7.2 |
6.5 |
|
Unity SF Bank |
7.8 |
501D |
7.8 |
501D |
7.5 |
6.75 |
6.75 |
6 |
|
Utkarsh SF Bank |
8.1 |
666D |
8.1 |
666D |
7.25 |
7.5 |
7 |
6.75 |
|
slice SF Bank |
7.75 |
1Y6M1D |
7.75 |
1Y6M1D |
6.25% |
7.5 |
7 |
6.5 |
|
Indian Overseas Bank |
6.6 |
444D |
6.6 |
444D |
6.5 |
6.1 |
6.1 |
6.1 |
|
Bajaj Finance |
7.4 |
31-60M |
7.4 |
31-60M |
6.6 |
7.4 |
7.4 |
NA |
|
Shriram Finance |
7.5 |
36-60M |
7.5 |
36-60M |
6.85 |
7.5 |
7.5 |
NA |
|
Mahindra Finance |
7.45 |
48-60M |
7.45 |
48-60M |
6.6 |
7.4 |
7.45 |
NA |
What should FD investors keep in mind?
“The fixed deposit market continues to remain highly competitive, with a growing number of banks and NBFCs revising their deposit rates to offer more attractive returns to investors,” said Saurabh Jain, cofounder and chief executive officer of Stable Money.
Jain said investors should compare options across institutions rather than focusing only on traditional banks. However, he cautioned against choosing an FD solely on the basis of the highest interest rate. According to him, investors should also consider the financial strength of the institution, investment tenure and liquidity requirements, while diversifying deposits and staying within the DICGC insurance cover of Rs 5 lakh per bank.
