Fixed Deposit is a secure way to save money in India, and FD is a safe investment scheme to earn higher interest.

What is a FD Account?

Fixed Deposit is the best scheme to grow your funds in fixed terms. This type of Deposit is also called FD, and banks pay a specific interest rate for parked money for a fixed period.

Features and benefits of Fixed Deposit accounts

  • Assured Returns:- User will get the same interest rate that was agreed upon when opening FD. 
  • Interest rate: The interest rate on an FD is based on the plan you choose. However, banks pay fixed interest rates on FDs.
  • Flexible Tenure:- Banks offer different FD Plans that start from 7 days to 10 years.
  • Investment Return:- In Fixed Deposit, the interest you will earn is based on the selected scheme of FD. If you choose a higher term of FD, you get a higher return.
  • Loan against FD:- Instead of closing FD in dire need of money, you can get a loan against Fixed Deposit.

Top 10 Indian Banks Fixed Deposit Interest Rates in 2022

Banks NameInterest Rates for General CitizensInterest Rates for Senior Citizens
State Bank of India FD5.30% to 5.40%5.80% to 6.20%
ICICI Bank FD2.50% to 5.50%3.00% to 6.00%
HDFC Bank FD2.50% to 5.60%3.00% to 6.35%
Punjab National Bank FD2.90% to 5.25%3.50% to 5.75%
Canara Bank FD2.90% to 5.40%2.90% to 5.90%
Axis Bank FD 2.50% to 5.75%2.50% to 6.50%
Bank of Baroda FD 2.80% to 5.25%3.30% to 6.25%
IDFC Bank FD 2.50% to 6.00%3.00% to 6.50%
Bank of India FD 2.85% to 5.05%3.35% to 5.55%
Punjab and Sind Bank FD 3.00% to 5.30%3.50% to 5.80%


1. Is FD better?

Ans: Yes, FD is better. Customers earn higher interest than savings accounts in a short-term scheme.

2. What are the documents required for Fixed Deposit?

Ans: following documents are required for FD:-

  • PAN card
  • Passport
  • Aadhaar card
  • Driving license
  • Voter ID card

3. Is PAN compulsory for FD?

Ans: People who cash deposit or withdraw more than 50,000 rupees in an FD account need a PAN card.