After the Reserve Bank of India (RBI) cut its repo rate by 100 basis points across three recent policy meetings, most banks have reduced their fixed deposit (FD) interest rates. Still, some banks continue to offer better-than-average returns, especially for senior citizens.
If you’re thinking of putting your money in an FD, it’s worth checking out these options.
HDFC BANK
HDFC Bank is giving 6.6% interest on FDs with a tenure between 18 and 21 months. Senior citizens can earn 7.10%.
These revised rates have been in effect since June 25, 2025. It’s a reliable option if you’re looking for a short-to-medium term investment.
ICICI BANK
ICICI Bank also offers 6.6% interest, but on a longer tenure, between 2 and 10 years. For senior citizens, the rate is 7.10%.
This makes it a suitable choice if you’re planning to stay invested for the long haul.
KOTAK MAHINDRA BANK
Kotak Mahindra Bank has fixed its FD rate at 6.6% for a 444-day deposit. Senior citizens get an extra 50 basis points, making it 7.10%.
These rates were last updated on June 18, 2025. If you’re looking for a short but specific tenure, this is worth considering.
FEDERAL BANK
Federal Bank stands out by offering the highest interest on this list, 6.7% for a 444-day fixed deposit. Senior citizens can earn even more, at 7.2%.
The latest rates came into force on July 17, 2025. If high returns are your main priority, this bank may be the right pick.
STATE BANK OF INDIA (SBI)
SBI offers 6.45% interest on FDs with a 2–3 year tenure, with senior citizens receiving an additional 50 basis points. These rates have been effective since July 15.
India’s largest public sector bank offers 6.45% interest on FDs with a 2–3 year tenure, with senior citizens receiving an additional 50 basis points.
These rates have been effective since July 15.
BANK OF BARODA
For a 444-day tenure, Bank of Baroda provides 6.6% interest on FDs. Senior citizens get 0.50% more. These rates were updated on June 12, 2025.
Meanwhile, it is advised to always compare rates, tenures, and conditions before deciding where to invest your money.
– Ends