Category: Business News

Fixed deposit rates have moved up after the Reserve Bank of India raised its repo rate by 25 basis points to 5.50% on 7 October 2026. Small finance banks are now offering the highest FD rates in India, with the best rates reaching 8.60% a year, while large public and private banks pay between 6.45% and 7.10%.

Here are the best fixed deposit rates available in November 2026. Rates vary by tenure, so always check the rate for the exact tenure you want before investing.

Small finance banks pay the most

BankHighest FD rateSenior citizen rate
Ujjivan Small Finance BankUp to 8.60% (2 years 3 months)Higher than general rate
Suryoday Small Finance BankUp to 8.25%Up to 8.50%
Jana Small Finance BankUp to 8.00%Up to 8.50%
DCB Bank7.50%8.05%
Karnataka BankUp to 7.50%Up to 7.90%

Ujjivan Small Finance Bank offers the highest rate at 8.60% for a tenure of 2 years and 3 months, according to Stable Money. Suryoday and Jana Small Finance Banks pay up to 8.50% to senior citizens.

Large banks pay less, but feel safer

BankHighest FD rateSenior citizen rate
ICICI BankUp to 6.60%Up to 7.10%
HDFC BankUp to 6.50%Up to 7.00%
Bank of India6.85%–7.00%Higher than general rate
State Bank of IndiaUp to 6.45%Up to 7.05%

SBI pays up to 6.45% to general customers and up to 7.05% to senior citizens. HDFC Bank pays up to 6.50% (7.00% for seniors) and ICICI Bank up to 6.60% (7.10% for seniors).

Special fixed deposits worth checking

Some banks offer special FDs with higher rates for fixed tenures:

  • Bank of India Akshay FD (500 days): 6.85%
  • SBI Amrit Vrishti (444 days): 6.45%
  • Bank of Baroda Golden Goal (555 days): 6.75%
  • Indian Bank IND Grow (555 days): 6.65%

What to keep in mind before booking an FD

  • Rates depend on tenure. The headline rate usually applies to one specific tenure. A 1-year FD and a 5-year FD from the same bank can pay very different rates.
  • Senior citizens get 0.25% to 0.50% extra at most banks.
  • These rates are for deposits below ₹2–3 crore. Larger deposits may get different rates.
  • Deposits are insured up to ₹5 lakh per depositor per bank by the Deposit Insurance and Credit Guarantee Corporation (DICGC), including both principal and interest. If you are putting more than ₹5 lakh in a small finance bank, consider splitting it across banks.
  • Interest is taxable. FD interest is added to your income and taxed at your slab rate, and banks deduct TDS if the interest crosses the limit.
  • Check the bank’s website before investing. Rates change often, and the rate that applies is the one on the day you book the FD, not the day you read about it.

What this means for you

If you have money sitting idle in a savings account earning 2.5% to 3%, a fixed deposit at 7% to 8.60% is a big improvement. Senior citizens should compare small finance banks, where 8.50% is available, with large banks, where the top senior citizen rate is around 7.05% to 7.10%. The trade-off is simple: small finance banks pay more, large banks feel safer. Either way, confirm the rate for your tenure on the bank’s official website before booking.

Source: Bank FD rate data compiled from bank websites and rate trackers including Stable Money, as reported in November 2026; RBI repo rate 5.50% after the 25 basis point hike on 7 October 2026. Rates change frequently — verify on the bank’s website before investing.

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