Current Interest Rates for Fixed Deposits: August 8, 2025
In the Indian banking sector, various types of banks offer fixed deposit (FD) schemes with varying interest rates for different tenures. Here's a comparative analysis of the approximate FD interest rates offered by Indian Public Sector Banks, Indian Private Sector Banks, Small Finance Banks, Foreign Banks, and other notable banks as of August 2021.
Indian Public Sector Banks (e.g., Indian Bank): - Interest rates ranged roughly from 2.8% to 6.7% per annum for general citizens, with senior citizens earning slightly higher rates (up to 7.2% p.a. for select tenures). - Common long-term tenures (1 year to 5 years) offered between about 6.0% to 6.5% p.a. for general customers.
Indian Private Sector Banks (e.g., IDBI Bank): - Interest rates ranged from about 3.0% for short-term deposits to around 6.5% to 7.0% for deposits of 1 to 3 years for general customers, with senior citizens getting an added 0.5% (up to about 7.05% p.a. for 1-3 years tenure). Rates dropped for very long tenures above 5 years.
Small Finance Banks (e.g., Suryoday Small Finance Bank and Bandhan Bank): - These banks offered comparatively higher rates, ranging from around 3% for very short periods up to around 7.3%-7.9% p.a. for 1 to 3 years deposits, with senior citizens eligible for roughly 0.5% higher rates. - Some offerings went as high as 8.2%-8.4% for specific tenures around 1 to 2 years.
Foreign Banks: - No specific current fixed deposit interest rates for foreign banks in India as of August 2021 were found in the search results provided.
Other Notable Banks: - DCB Bank offers interest rates of 6.5%, 7.15%, 7.4%, and 7% for periods less than 1 year, 1 to 2 years, 2 to 3 years, and 3 to 5 years, respectively. - Punjab & Sind Bank offers interest rates of 5%, 6.9%, 6.1%, and 6.1% for periods less than 1 year, 1 to 2 years, 2 to 3 years, and 3 to 5 years, respectively. - Scotia Bank offers interest rates of 3.7%, 3.9%, 4%, and 4% for periods less than 1 year, 1 to 2 years, 2 to 3 years, and 3 to 5 years, respectively. - Karur Vysya Bank offers interest rates of 6.75%, 6.85%, 6.6%, and 6.6% for periods less than 1 year, 1 to 2 years, 2 to 3 years, and 3 to 5 years, respectively.
In summary, small finance banks typically offered the highest fixed deposit rates (around 7% to 8.4% for senior citizens on 1-3 year terms), followed by Indian private sector banks (around 6.5%-7%), with public sector banks generally providing somewhat lower rates (around 6%-6.7%). Senior citizens generally received an additional 0.5% to 0.7% interest premium across these banks.
Because the exact foreign bank rates in India for August 2021 are not available in the search results, you may need to check individual foreign bank websites or RBI releases for precise historical data if required.
References: - Indian Public Sector Bank (Indian Bank) FD Rates[1] - Indian Private Sector Bank (IDBI Bank) FD Rates[3] - Small Finance Banks (Bandhan Bank, Suryoday Small Finance Bank) FD Rates[2][4] - DCB Bank FD Rates[5] - Punjab & Sind Bank FD Rates[6] - Scotia Bank FD Rates[7] - Karur Vysya Bank FD Rates[8]
[1] URL for Indian Public Sector Bank FD Rates [2] URL for Bandhan Bank FD Rates [3] URL for Indian Private Sector Bank (IDBI Bank) FD Rates [4] URL for Suryoday Small Finance Bank FD Rates [5] URL for DCB Bank FD Rates [6] URL for Punjab & Sind Bank FD Rates [7] URL for Scotia Bank FD Rates [8] URL for Karur Vysya Bank FD Rates
- To take advantage of higher interest rates, consider investing in fixed deposits offered by small finance banks, which typically offer rates between 7% to 8.4% per annum for senior citizens on 1-3 year terms.
- For personal-finance management, it is important to keep track of the varying interest rates in the Indian banking sector, as rates for fixed deposits in Indian Public Sector Banks, Indian Private Sector Banks, and Foreign Banks can significantly differ.
