The returns on fixed deposits are calculated on a certain rate. This rate of return is known as the fixed deposits interest rate. The rate is determined by the bank at the time of booking the deposit and remain same throughout the term of deposit. Thus, the depositor receives the hike on the invested amount at the regular and fixed rates.

In fact, according to the current trends, most of the banks are offering FD interest rates for non-senior citizen depositors in the range of 3%-5.4% p.a. Depending on factors like investment.

Compare the best fixed deposit promotions with interest rates as high as 1.9% p.a. Minimum deposit amount from $1,000. Earn interest return with lowest risk.
Looking for the best fixed deposits in July 2020 in Singapore? There are varying fixed deposit promotions in terms of interest rates, tenure period offered by the banks in July 2020. The 1 year interest rate for August 2020 Singapore Savings Bonds has fallen as low as 0.27%, thus any of the fixed deposits promotion below will beat the Singapore.
Standard Chartered offers 100% secure, risk free & high interest rate Fixed Deposit Account. Start saving by booking a deposit with just GHS 1000.
DHFL Bank is one of the highest interest offering banks and provides an interest rate of up to 9.25% for fixed deposits. The fixed deposit interest rates are determined by changes in the RBI monetary policy such as the repo rate, base rate, internal liquidity position of banks, credit demand, economic conditions, etc.

Table of Contents

2 What is the process of Interest Calculation on the Fixed Deposit of Different Banks?
- 2.2 Non-Cumulative Interest Calculation:

All Banks Fixed Deposit Interest Rates March 2021

Want to take your fixed deposit corpus to a high? Then, compare the fixed deposit interest rates offered by banks in India.

Banks	FD Interest Rates
Allahabad Bank	2.90% - 5.90%
Andhra Bank	3.00% - 5.40%
Axis Bank	2.50% - 6.05%
Bajaj Finance/Finserv	7.40% - 7.85%
Bandhan Bank	3.00% - 6.75%
Bank of Baroda	2.90% - 6.30%
Bank of India	3.00% - 6.25%
Bank of Maharashtra	2.75% - 6.40%
Canara Bank	3.00% - 5.85%
Central Bank of India	2.75% - 5.00%
Citibank	2.00% - 4.25%
Corporation Bank	3.00% - 5.40%
Dena bank	2.90% - 6.30%
Federal Bank	2.50% - 6.00%
HDFC Bank	2.50% - 6.25%
HSBC Bank	2.25% - 4.50%
ICICI Bank	2.50% - 6.30%
IDBI Bank	2.90% - 5.90%
IDFC Bank	2.75% - 6.50%
IndusInd Bank	3.25% - 7.50%
Jammu & Kashmir Bank	3.00% - 5.80%
Karnataka Bank	3.50% - 6.20%
Karur Vysya Bank	3.50% - 6.15%
kotak Mahindra Bank	2.50% - 4.90%
Lakshmi Vilas Bank	3.60% - 7.50%
Nainital Bank	3.35% - 6.85%
Oriental Bank of Commerce	3.00% - 6.00%
Punjab & Sind Bank	3.50% - 6.55%
Punjab National Bank	3.00% - 6.00%
RBL Bank	3.25% - 7.45%
SBI	2.90% - 6.20%
Standard Chartered Bank	1.50% - 6.10%
Syndicate Bank	3.00% - 5.85%
UCO Bank	2.75% - 5.40%
United Bank Of India	3.00% - 6.00%
Vijaya Bank	2.90% - 6.30%
YES BANK	3.50% - 7.75%

What is the process of Interest Calculation on the Fixed Deposit of Different Banks?

Now you know the all banks fixed deposit interest rates, you must want to know about the process that banks use to calculate interest on the said product. There are two processes through which banks offer interest on fixed deposit schemes. These are Cumulative and Non-cumulative. The option to choose between these two depends solely on you. Don’t worry, as we will be telling you about both these processes in detail so that you can make a better decision.

Cumulative Interest Calculation:

In this process of interest calculation, you deposit a fixed amount of money for a definite period. The interest will be calculated on a quarterly basis by default. And at the end of every quarter, your interest amount will be reinvested with the principal amount. The whole accumulated amount will be paid to you at the time of maturity which can be as short as 7 days to as long as 10 years.

This process is generally opted by those who want to save and earn a large amount at the end of the long investment period as you can only get principal and accumulated interest at the end of the maturity period.

For example, if you invest an amount of INR 4,00,000 for a period of 4 years at an interest rate of 8.1% per annum, then at the end of your maturity period you will get a total amount of INR 5,90,457 including interest of INR 1,90,457.

Non-Cumulative Interest Calculation:

In this process, the interest rate on your deposited amount is calculated on a monthly, quarterly, half-yearly, and yearly basis. The calculation process depends on your choice. The interest will be paid to you at the frequency of interest chosen by you and it will not be reinvested in the principal amount again. So, you need to remember this thing while choosing any of the non-cumulative interest calculation options.

Individuals who are looking for a fixed amount as a stable income at the end of a definite interval find this process beneficial for them. One of the examples is Senior Citizens who also enjoy higher interest rates as compared to the standard rate of interest and want a fixed source of income during their retirement years.

For Example, if you invest an amount of INR 10,000 for a period of 1 year at an interest rate of 7.6% per annum, the amount you get at different frequencies can be seen in the table given below.

Frequency	Interest Rate	Interest Payout (In ₹)
Monthly	7.35%	612
Quarterly	7.39%	1848
Half-yearly	7.46%	3730
Yearly	7.60%	7600

Looking for the best fixed deposits in July 2020 in Singapore? There are varying fixed deposit promotions in terms of interest rates, tenure period offered by the banks in July 2020.

The 1 year interest rate for August 2020 Singapore Savings Bonds has fallen as low as 0.27%, thus any of the fixed deposits promotion below will beat the Singapore Savings Bonds.

I have shared many other financial instruments that is similar to what fixed deposits can offer. One good alternative is buying an endowment plan. The latest one is NTUC Income Gro Capital Ease which offers you a guaranteed return of 1.85% per annum over 2 years.

Endowment plans guarantee your capital upon maturity which is similar to what fixed deposits offer.

In May, I have signed up for a Singlife account, which is an insurance savings plan that offers you 2.5% p.a. for up to S$10,000. The interests paid in May and June was S$18.72 and S$20.29 respectively based on a deposit of S$10,000.

I have heard of Endowus Cash Smart and FSMOne’s Auto-Sweep account that offers higher interest rates but since I have not read them in detailed, I am not going to compare against them here.

The current low interest rates offered by most banks remained unattractive to me. Nevertheless, if you still prefer traditional fixed deposits, below are the best fixed deposits promotion that I have found for July 2020. My preferred fixed deposits below is DBS given that it offers the highest interest rate per annum for a 12 month placement.

DBS Fixed Deposit

Interest Rate: Refer below, Minimum Placement: S$1,000, Promotion Valid Until: Not stated

Based on the interests rates published on 18th June 2020, the rates have been updated.

For a minimum amount of S$1,000, you can perform a fixed deposit placement with DBS. For a 12 months placement of S$10,000 at 1.15% p.a., the interest that you will receive upon maturity is S$115.

MayBank iSAVvy Time Deposit

Interest Rate: 0.90% (12 months) or 1.15% (24 months), Minimum Placemen

Best Fixed Deposit