Investing in fixed deposits is one of the most secure ways to grow your savings. Not only does it help you save money, but it also offers substantial interest earnings. Competitive fixed deposit (FD) interest rates ensure a good return on investment over a fixed tenure. Under the FD scheme, the depositor makes a one-time deposit when opening the account. The interest rates depend on the bank, deposit amount, and the chosen tenure.

At the end of the tenure, the accrued interest is calculated on the principal amount, and the total amount is paid back to the depositor. The tenure for fixed deposits can range from 7 days to 10 years. Below are some of the banks currently offering the highest interest rates on fixed deposits in India: