Top 5 private banks with highest interest on fixed deposits:IndusInd Bank gives 7% RoI; Senior citizens get 0.75% additional rates with Axis Bank; lenders change rates after RBI cuts repo rate

After the Reserve Bank of India (RBI) cut the repo rate to 5.25%, many lenders have rejigged the interest rates on Fixed Deposits (FDs). Let’s see how much Rate of Interest (RoI), the top private banks currently give on term deposits. IndusInd Bank currently gives the highest interest rate of 7.50% on FDs in the country as compared to the top five private sector banks. No other private lender gives such high rates than the Mumbai-based IndusInd Bank. The interest of 7.50% is applicable for senior citizens. While, for general depositors, the rate of interest is 7.00%. These rates are available on tenure of ‘1 Year 6 Months to below 1 Year 7 Months.’ Kotak Mahindra Bank is second on the list! The Kotak Mahindra Bank is second on the list. The private lender gives interest rate of 7.20% on term deposits to senior citizens. They will have to open the time deposit for ’23 Months’ tenure. While, general depositors will get 6.70% on this particular time deposit. Senior Citizens get 0.60% higher rate with ICICI Bank The ICICI Bank is third on the list. The second largest private lender gives interest rate of 7.10% on term deposits to senior citizens. They will have to open the time deposit for ‘3 Years 1 Day to 5 Years’ tenure. While, general depositors will get 6.50% on this particular time deposit. Albeit, the bank account holders will get such high rates on 5-year tax-saving deposits as well. Axis Bank HDFC Bank give as high as 6.45% RoI on fixed deposits On the other hand, the Axis Bank and the HDFC Bank give as high as 6.45% Rate of Interest (RoI) on fixed deposits to the depositors of age 60 years and below. The former gives this much rate on FDs of ’15 months < 18 months.' While with the latter, account holders will have to open the time deposit for '18 months to < 21 months.' 0.75% additional rates to senior citizens with Axis Bank: Axis Bank, on the other hand, gives 0.75% additional rates to the elderly. This translates to RoI of 7.20% on time deposits of '15 months < 18 months.' While, with the HDFC Bank, such individuals can get as high as 6.95%. By how much have FD rates declined in 2025? RBI kick-started the current interest rate cut cycle in February 2025. Since, then, the top bank has cut the repo rate by 1.25%. During the same period, the top 5 private lenders have slashed FD rates by around 0.80%.