Best Interest Rates on Savings and Term Deposits by Banks

Savings Account Interest Rates

1. RBL Bank: 5.5% for amount between 1 to 10 L
2. Bandhan Bank: 5% for amount between 1 to 10 L
3. IDFC First Bank: 4.5% for balance between 1 to 10 L (Progressive)
4. IndusInd Bank: 4% for balance up to 10 L
5. IDBI Bank: 3%
6. HDFC Bank: 3% up to 50 L
7. ICICI Bank: 3% up to 50 L
8. Union Bank of India: 2.9%
9. SBI: 2.7% 
10. Bank of Baroda: 2.7% 

Term Deposit Rates (Senior Citizens)

1. RBL Bank: 6.8% for 3 yrs
2. IndusInd Bank: 6.5% for for 1 yr
3. ICICI Bank: 6.3% for above 5 years
4. Bandhan Bank: 6.25% for 1 yr
5. HDFC Bank: 6.25 for 5 yrs and above
6. SBI: 6.2% 5 - 10 yrs
7. IDFC First Bank:6% for 3 yrs
8. Union Bank of India: 5.5% for > 5 yrs
9. Bank of Baroda: 5.25% for 3 yrs and above
10. IDBI Bank: 5.9% for 3 - 5 yr deposit

Other Long Term Options with Lock in

1. PMVVY: 7.6% Lock in of 10 yrs
2. Senior Citizens Savings Scheme: 7.4%
3. Public Provident Fund: 7.1 % Lock in of 15 yrs and 5 yrs thereafter (Best due to EEE taxation in-spite of low rate)