Fixed Deposit Interest Rates For December 2017

By BankBazaar | December 23, 2017

Hunting for investment options for the New Year? Bank Fixed Deposit rates have fallen quite a bit in the past year. However, there are still some attractive ones. Read on to know more.

Christmas is here and New Year’s Eve is just around the corner. With 2018 just days away, we sincerely hope your finances are sorted. If not, it isn’t too late to start now. Instead of waiting until New Year’s Eve to make a resolution that will help you save better, why not start right away?

You could start by investing in a Fixed Deposit. Even though bank Fixed Deposit rates have dropped, there are still some deposits out there offering attractive interest rates.

All you have to do is put aside an amount in your Fixed Deposit account for a certain tenure and you can earn interest on a monthly, quarterly, half-yearly, or annual basis. You could choose the interest payout option to get money regularly. If you have any questions about Fixed Deposits, get them answered right here: Fixed Deposit FAQs.

Additional Reading: Rs. 500 and Rs. 1,000 No Longer Legal Tender

If you’re thinking of starting a new Fixed Deposit right away, we have some options for you to choose from. Read on to find out.

Here’s a list of Fixed Deposit interest rates offered by various banks as of October 2017.

Institution Tenure Interest Rate
Post Office 1 year – 5 years 6.8% – 7.6%
State Bank of India 1 year – 10 years 6.50% – 6.25%
Axis Bank 1 year – 10 years 6.50% – 6%
Bank of India 1 year – 10 years 6.70% – 6.50%
HDFC Bank 1 year – 10 years 6.80% – 6%
IDBI Bank 1 year – 20 years 6.75% – 6%
ICICI Bank 1 year – 10 years 6.50%
Canara Bank 1 year – 10 years 6.75% – 6.25%
Kotak Bank 1 year – 10 years 6.75% – 6%
Vijaya Bank 1 year – 10 years 6.50% – 6.25%

Here are the Fixed Deposit rates for senior citizens as of October 2017.

Institution Tenure Interest Rate
Post Office 1 year – 5 years 6.8% – 7.6%
State Bank of India 1 year – 10 years 7.25% – 6.75%
Axis Bank 1 year – 10 years 7% – 6.50%
Bank of India 1 year – 10 years 7.20% – 7%
HDFC Bank 1 year – 10 years 7.30% – 6.50%
IDBI Bank 1 year – 20 years 7.25% – 6.50%
ICICI Bank 1 year – 10 years 7.25% – 7%
Canara Bank 1 year – 10 years 7.25% – 6.75%
Kotak Bank 1 year – 10 years 7.25% – 6.50%
Vijaya Bank 1 year – 10 years 7% – 6.75%

Think Fixed Deposit rates are low? Why not invest in Mutual Funds? Debt Mutual Funds invest in government securities and other fixed-income investments and are safer than equity Mutual Funds. If you stay invested for 3 or more years in debt funds, you can make use of the indexation benefit. By the way, long-term capital gains from equity Mutual Funds are tax-free and you need to hold them only for a year to enjoy that.

If you want to stick to only deposits, we have plenty of options. What’s more? Choose the paperless application process to get your Fixed Deposit in a flash.

All information including news articles and blogs published on this website are strictly for general information purpose only. BankBazaar does not provide any warranty about the authenticity and accuracy of such information. BankBazaar will not be held responsible for any loss and/or damage that arises or is incurred by use of such information. Rates and offers as may be applicable at the time of applying for a product may vary from that mentioned above. Please visit www.bankbazaar.com for the latest rates/offers.
Category: Fixed Deposits

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