HDFC Bank To SBI — Check Best FD Rates Here

In the one year period, Bank of Baroda and Axis Bank Ltd. have the highest offering of 6.85%.

In the one year period, HDFC Bank Ltd. and ICICI Bank Ltd. have the base offering of 6% interest. (Source: Envato)

Fixed deposit rates vary across banks, amount and lock-in periods. The various rates offered across the top banks in India have small variations, according to the time period.

Interest rate offerings change across banks, based on factors like amount, time and age of the depositor. The interest rates on fixed deposit has been taken for deposits for one year, three years and five years.

In the one year period, Bank of Baroda and Axis Bank Ltd. have the highest offering of 6.85%. While, HDFC Bank Ltd. and ICICI Bank Ltd. have the base offering of 6% interest.

When it comes to the three-year deposit of less than Rs 1 crore, Bank of Baroda and Kotak Mahindra Bank Ltd. have the highest interest rates. The base offering for this period of 7% is given by all the other banks.

For a five-year deposit of less than Rs 1 core, offerings across banks vary. While Punjab National Bank and Bank of Baroda offer the base interest rate in the category, quite a few other offer the highest rates for this frame, which is 7%.

As the offerings vary across amounts, time periods and banks, it's important to choose one's banker after comparing the offerings.

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Interest rates for senior citizens are higher than the general offerings. The general rates vary, depending on the amount to be deposited, the time it will be locked in for and the withdrawal.

The interest for fixed deposits without premature withdrawal tends to be higher than the one with withdrawal facility. The difference here is that a term fixed deposit will not allow the withdrawal facility for depositors before the maturity period is completed.

The interests are higher on these options as well, due to the lock-in period that these come with. It is also important that one is clear on the time period that they wish to deposit their money for.

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