Best Fixed Deposit(FD) Interest Rates 2024

Have you ever considered what happens when you park your money in a fixed deposit? It’s like tucking it away in a safe place where it grows over time. Fixed deposits, or FDs, are a secure investment option. They promise a steady interest rate, special rates for senior citizens, flexible interest payment choices, no market risks, and even income tax benefits. In this blog, we’ll dive into the best FD interest rates of 2024 in India.

What Exactly Is a Fixed Deposit?

Before we get into the juicy details of interest rates, let’s clarify what a fixed deposit is. It’s like putting your money in a savings account, but with a twist. You agree to lock in a sum of money for a set period, and in return, the bank pays you interest at an agreed-upon rate. This lock-in period can range from a short week to several years.

Check out our blog post to learn more – What is a Fixed Deposit Account?

Which Bank Has the Highest FD Interest Rates?

Bank FD Interest Rate Senior Citizen FD Rates
Freo 8.50% 9%
IndusInd Bank 7.5 % 8.25 %
IDFC First Bank 7.5 % 8 %
Punjab National Bank 7.25 % 7.75 %
Indian Bank 7.25 % 7.75 %
HDFC Bank 7.25 % 7.75 %
Bank of Baroda 7.25 % 7.75 %
Kotak Mahindra Bank 7.2 % 7.7 %
State Bank of India 7.1 % 7.6 %
ICICI Bank 7.1 % 7.6 %


  1. Freo Money

    Freo offers a tempting FD interest rate of up to 8.50%. And they sweeten the deal with a whopping 9% interest rate if you’re a senior citizen! Don’t miss out on this golden opportunity to watch your savings grow while staying disciplined. Start a fixed deposit with Freo and secure your financial future.

  2. Don’t wait until it’s too late! Secure your financial future with Freo Savings FD today!

    Check Out Freo Save

  3. IndusInd Bank

    IndusInd Bank offers a variety of fixed deposits with different interest rates. These rates are typically higher than what you’d get in a regular savings account. You can start an IndusInd Bank FD with just INR 10,000, and the tenures range from 7 days to 120 months. Regular investors can earn an interest rate of 7.5%, while senior citizens enjoy a rate of 8.25%.

  4. IDFC First Bank

    IDFC First Bank caters to individuals aged 18 to 60 with its regular fixed deposit. You can start with a minimum deposit of INR 10,000 and choose tenures from 7 days to 10 years. While premature withdrawal is allowed, there’s a 1% penalty. Regular citizens can earn an interest rate of 7.5%, while seniors can fetch up to 8%.

  5. Punjab National Bank

    PNB offers a wide range of FD options to suit different needs. Their interest rates generally hover around 7.25%, but senior citizens get a sweeter deal at 7.75%. Plus, you can nominate beneficiaries and opt for auto-renewal. The RBI’s Deposit Insurance Scheme covers PNB deposits up to INR 5,00,000.

  6. Indian Bank

    Indian Bank may not be as famous, but it offers a competitive interest rate of 7.25%. Senior citizens, however, get an even better deal at 7.75%. The minimum deposit is just INR 1,000, and there’s no maximum limit. You can choose tenures ranging from 7 days to 10 years and enjoy an auto-renewal option.

  7. HDFC Bank

    HDFC bank offers a secure and flexible fixed deposit scheme with an interest rate of 7.25% for regular depositors and 7.75% for senior citizens. You can conveniently book a regular FD through net banking and enjoy features like nomination and overdraft facilities.

  8. Bank of Baroda

    Bank of Baroda’s fixed deposits come with a standard interest rate of 7.25% for regular investors and a special rate of 7.75% for senior citizens. The tenure varies based on the scheme you choose, with most falling between 12 months and 120 months.

  9. Kotak Mahindra Bank

    Kotak Bank offers regular investors an interest rate of 7.2% while giving senior citizens a 7.7% interest rate on their savings. Maturity periods range from 7 days to ten years. Kotak FDs provide a sweep-in facility for liquidity and allow premature closures.

  10. State Bank of India

    SBI offers nine different fixed deposit schemes catering to various groups. Regular FD rates currently stand at 7.1%, with senior citizens enjoying 7.6%. You can choose from tenures of 7 days to 10 years, with no maximum deposit limit. Monthly and quarterly interest payment options are available, along with loan and overdraft facilities.

  11. ICICI Bank

    ICICI Bank mirrors SBI with an interest rate of 7.1% for regular citizens and 7.6% for senior citizens. Interest is paid only at maturity, and depositors can avail loan facilities up to 90%. Premature and partial withdrawals are also possible.


Fixed Deposit Interest Calculator

Use the Fixed Deposit calculator below to calculate your
returns in a Freo FD. You can also compare it with
any other bank’s returns.

Deposit Amount


Interest rate


Are you a Senior Citizen?

Maturity Amount

Maturity Amount

 Total Investment

 Total Interest on
  Freo Save FD

Learn more about Freo Savings FD returns here:
The values generated by the calculator are indicative. For accurate figures on returns, please use the Freo app.


Can I get monthly interest on a fixed deposit?
Yes, you can opt for monthly interest payouts on your fixed deposit.
What is the minimum period for a fixed deposit?
You can open a fixed deposit account for as little as 7 days.
What is the maximum duration for which an FD account can be opened?
You can keep your FD locked in for a maximum of 10 years.


Closing Thoughts

As you consider your fixed deposit options, it’s essential to weigh the interest rates, deposit amounts, and tenure periods. Each bank offers unique benefits and features, so choose wisely to meet your financial goals in 2024.