FD interest rates after RBI repo rate hike, Nov 2026: Public or private? Which banks give highest fixed deposit returns?
The Reserve Bank of India (RBI) raised the policy repo rate by 25 basis points to 5.50% at its Monetary Policy Committee (MPC) meeting on 7 October 2026. This was the central bank's first rate hike in 44 months, after it last raised the repo rate to 6.50% in February 2023.
The repo rate is the interest rate at which commercial banks borrow short-term funds from the RBI. A change in this rate can influence banks' lending and deposit rates. Following a repo rate hike, a few banks have revised their fixed deposit (FD) interest rates to attract deposits and manage their funding requirements.
However, FD rate revisions are not automatic and depend on individual banks' decisions. For depositors looking to lock in returns, here's a comparison of the highest FD interest rates offered by public and private sector banks, along with their rates for 1-year, 3-year, and 5-year tenures.
Bank of India and Punjab & Sind Bank offer the highest FD rate of 6.85% per annum among the public sector banks. The highest slab means the maximum interest rate a bank offers on any eligible FD tenure, not necessarily for a 1-year, 3-year, or 5-year deposit.
| PSU Banks | Highest Slab | 1-year tenure | 3-year tenure | 5-year tenure |
| Bank of India | 6.85% | 6.50% | 6.70% | 6.00% |
| Punjab & Sind Bank | 6.85% | 5.85% | 5.85% | 5.95% |
| Indian Bank | 6.80% | 6.10% | 6.05% | 6.00% |
| Bank of Baroda | 6.75% | 6.25% | 6.25% | 6.30% |
| Central Bank of India | 6.75% | 6.10% | 6.00% | 6.00% |
| Bank of Maharashtra | 6.65% | 6.20% | 5.25% | 5.00% |
| Indian Overseas Bank | 6.60% | 6.50% | 6.10% | 6.10% |
| Canara Bank | 6.60% | 6.25% | 6.25% | 6.25% |
| Punjab National Bank | 6.60% | 6.25% | 6.35% | 6.10% |
| Union Bank of India | 6.55% | 6.20% | 6.10% | 6.00% |
| State Bank of India | 6.45% | 6.25% | 6.30% | 6.05% |
| UCO Bank | 6.45% | 6.10% | 6.00% | 6.00% |
*Source: paisabazaar; Interest rates as of 28 October 2026; Excludes senior citizen FD rates
- 1-year FD: Bank of India and Indian Overseas Bank offer the highest rate of 6.50% per annum.
- 3-year FD: Bank of India offers the highest rate of 6.70% per annum.
- 5-year FD: Bank of Baroda offers the highest rate of 6.30% per annum.
DCB Bank offers the highest FD rate of 7.50% per annum, followed by Bandhan Bank at 7.45%.
| Private Banks | Highest Slab | 1-year tenure | 3-year tenure | 5-year tenure |
| DCB Bank | 7.50% | 6.90% | 7.00% | 7.50% |
| Bandhan Bank | 7.45% | 7.00% | 7.25% | 5.85% |
| SBM Bank | 7.30% | 7.10% | 7.10% | 7.00% |
| City Union Bank | 7.30% | 6.65% | 7.30% | 6.55% |
| Yes Bank | 7.25% | 6.65% | 7.00% | 6.75% |
| Tamilnad Mercantile Bank | 7.25% | 6.80% | 6.70% | 6.70% |
| Dhanlaxmi Bank | 7.25% | 6.25% | 6.50% | 6.50% |
| IDFC FIRST Bank | 7.10% | 6.50% | 7.10% | 6.75% |
| CSB Bank | 7.10% | 5.00% | 5.75% | 5.75% |
| RBL Bank | 7.00% | 6.90% | 7.00% | 6.70% |
| IndusInd Bank | 7.00% | 6.75% | 7.00% | 6.65% |
| Karnataka Bank | 7.00% | 6.50% | 6.15% | 6.15% |
| South Indian Bank | 6.80% | 6.35% | 6.20% | 5.70% |
| Jammu & Kashmir Bank | 6.75% | 6.55% | 6.70% | 6.75% |
| Kotak Mahindra Bank | 6.75% | 6.45% | 6.40% | 6.25% |
| Federal Bank | 6.70% | 6.25% | 6.50% | 6.40% |
| Karur Vysya Bank | 6.70% | 6.25% | 6.40% | 6.25% |
| ICICI Bank | 6.60% | 6.25% | 6.55% | 6.60% |
| Nainital Bank | 6.60% | 6.40% | 6.25% | 5.75% |
| IDBI Bank | 6.55% | 6.20% | 6.35% | 6.25% |
| Axis Bank | 6.50% | 6.25% | 6.50% | 6.50% |
| HDFC Bank | 6.50% | 6.25% | 6.45% | 6.40% |
| DBS Bank | 6.50% | 6.25% | 6.50% | 6.25% |
- 1-year FD: SBM Bank offers the highest rate of 7.10% per annum.
- 3-year FD: City Union Bank offers the highest rate of 7.30% per annum.
- 5-year FD: DCB Bank offers the highest rate of 7.50% per annum.
Among public and private sector banks, DCB Bank offers the highest maximum FD rate of 7.50% per annum at the start of November 2026.
Sheetal Goel is a Content Producer at Livemint, where she covers corporate developments, personal finance, business trends, markets, and SEBI-related updates. She focuses on simplifying complex financial concepts and presenting them in a clear, reader-friendly manner, thereby helping audiences better understand investment trends, personal finance, and market developments. Her writing focuses on making finance more accessible to everyday readers while maintaining clarity, accuracy, and relevance. <br><br> She holds a degree in Economics (Hons.) along with an MBA in Finance, which has helped her develop a strong foundation in financial analysis, market understanding, and business reporting. Before joining journalism, she worked with finance and broking firms, where she closely followed market developments, investment strategies, and evolving industry trends. This practical exposure strengthened her understanding of financial markets. She has also written content across multiple formats and platforms, including YouTube, LinkedIn, and Instagram. <br><br> Over time, she has developed expertise in covering market-linked stories, investor-focused topics, and regulatory updates in a simplified yet informative style. She also enjoys reading and listening to Hindi poetry, reflecting her appreciation for literature and creative expression beyond the world of markets and numbers.
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