Skip to content
CalcMate

Where Should I Put My FD?

Tell us how much you want to put in fixed deposits and for how long. You will see the banks paying the most for that amount and tenure, how to split it so all of it stays insured, and what you get back after tax.

On this page

Calculator and results

For ₹10 lakh over 2 years, the highest rates are at Ujjivan SFB (7.55%) and DCB Bank (7.5%). Split it as ₹4.3 lakh + ₹4.3 lakh + ₹1.4 lakh across Ujjivan SFB, DCB Bank and Utkarsh SFB to stay fully insured, and you'd get about ₹11,60,712 back (₹11,10,570 after tax).

These are calculated options, not financial advice.

₹
Include

Best rate

7.55%

Ujjivan SFB

You get back

₹11,60,712

with the insured split

After tax

₹1,10,570

interest, at 31.2% incl. cess

Insured

₹11,60,712

fully within DICGC cover

Top 5 options for ₹10,00,000 over 2 years

  • Ujjivan Small Finance Bank
    Rate
    7.55%
    Maturity
    ₹11,61,361
    Interest after tax
    ₹1,11,016
    Verified
    21 Oct 2026
    Open →
  • DCB Bank
    Rate
    7.5%
    Maturity
    ₹11,60,222
    Interest after tax
    ₹1,10,233
    Verified
    21 Oct 2026
    Open →
  • Utkarsh Small Finance Bank
    Rate
    7.5%
    Maturity
    ₹11,60,222
    Interest after tax
    ₹1,10,233
    Verified
    21 Oct 2026
    Open →
  • City Union Bank
    Rate
    7.3%
    Maturity
    ₹11,55,674
    Interest after tax
    ₹1,07,104
    Verified
    21 Oct 2026
    Open →
  • Jana Small Finance Bank
    Rate
    7.3%
    Maturity
    ₹11,55,674
    Interest after tax
    ₹1,07,104
    Verified
    21 Oct 2026
    Open →

Deposit insurance check (DICGC)

Bank deposits are insured up to ₹5,00,000 per depositor per bank, principal and interest together, with all your accounts in that bank added up. ₹10,00,000 in one bank would grow past that, leaving ₹6,61,361 uninsured. Each part below is the largest that stays within ₹5,00,000 including the interest it earns, filling the highest-rate banks first.

  • Ujjivan Small Finance Bank at 7.55%₹4,30,000 → ₹4,99,385
  • DCB Bank at 7.5%₹4,30,000 → ₹4,98,895
  • Utkarsh Small Finance Bank at 7.5%₹1,40,000 → ₹1,62,431

Rate difference: the split averages 7.52% against 7.55% all in Ujjivan SFB, ₹649 less interest in total.

Compare the options

  • All in one bank · 7.55% average

    Total back
    ₹11,61,361
    After tax
    ₹1,11,016
    Insured
    ₹5,00,000₹6,61,361 not covered
    Available
    All after 2 years

  • Split to stay insured · 7.52% average

    Total back
    ₹11,60,712
    After tax
    ₹1,10,570
    Insured
    ₹11,60,712
    Available
    All after 2 years

  • 3-part ladder · 7.6% average

    Total back
    ₹11,68,033
    After tax
    ₹1,15,606
    Insured
    ₹11,68,033
    Available
    ₹3,33,333 after 1 year; ₹3,33,333 after 2 years; ₹3,33,334 after 3 years

Ladder:

  • ₹3,33,333 in Suryoday SFB for 1 year at 7.25%
  • ₹3,33,333 in Ujjivan SFB for 2 years at 7.55%
  • ₹3,33,334 in Jana SFB for 3 years at 8%

Each part becomes available as it matures, so you can use or reinvest it without breaking an FD.

Tax and TDS

FD interest is taxed at your slab rate every year, even when it is paid at maturity. A bank deducts TDS at 10% when the interest it pays you in a financial year crosses ₹50,000, counted separately for each bank. With this plan, no single bank pays you more than that in a year, so none should deduct TDS. TDS is not an extra tax: you claim it against your tax in your return.

Real return: 7.55% at your slab is about 0.38% a year after tax and inflation, using CPI inflation of 4.8% for August 2026 (RBI).

Alternatives worth comparing

Saved scenarios stay in this browser only. No sign-up.

Best FD rate

7.55%

Ujjivan SFB
What it is:
A tool that suggests where to put a fixed deposit for a given amount and tenure, using banks' published FD rates.
What it calculates:
The top five options, a split that keeps each bank within ₹5 lakh deposit insurance, an FD ladder, post-tax interest and which bank will deduct TDS.

Key Assumptions

  • Rates are the banks' published rates for deposits below ₹3 crore, for resident individuals.
  • Cumulative FDs compound quarterly.
  • Interest is taxed at your slab rate plus 4% cess; surcharge is not included.
  • Insurance cover is ₹5 lakh per bank per depositor in the same capacity.

How does the FD Suggestion Tool work?

Rates are each bank's own published FD rates for deposits below ₹3 crore, read from its website and dated. 32 banks are included; the newest check was on 21 October 2026. Rates are compared at 1, 2, 3 and 5 years using the bank's bucket that contains that tenure.

Deposit insurance (DICGC) covers up to ₹5 lakh per depositor per bank, principal and interest together. When your amount would grow past that in one bank, the tool works out the largest deposit at each bank that stays within ₹5 lakh including the interest it earns, and fills the highest-rate banks first.

If you might need money early, or the amount is large, an FD ladder splits it into deposits that mature after 1, 2 and 3 years (and 5, for a 5-year plan), each at the best bank for that tenure.

TDS is checked per bank: a bank deducts 10% when the interest it pays you in a financial year crosses ₹50,000, or ₹1,00,000 for senior citizens.

FD Suggestion Tool formula

Maturity = P × (1 + r/4)^(4 × years); largest insured deposit = ₹5,00,000 ÷ (1 + r/4)^(4 × years)

P
= amount placed in one bank
r
= the bank's annual rate for the tenure and your age
Post-tax interest
= interest × (1 − slab rate × 1.04), the 4% being health and education cess

Banks compound cumulative FDs quarterly. For monthly or quarterly payout FDs the deposit stays the same and interest is paid out; banks pay a slightly discounted monthly figure, so their exact amount can be a little lower.

FD Suggestion Tool: worked example

₹10,00,000 for 2 years, age 35, interest at maturity, 30% slab, all bank types

All in Ujjivan SFB at 7.55%
₹11,61,361 back, ₹6,61,361 uninsured
Insured split
₹4,30,000 Ujjivan SFB (7.55%) + ₹4,30,000 DCB Bank (7.5%) + ₹1,40,000 Utkarsh SFB (7.5%)
Split: total back
₹11,60,712 (₹11,10,570 after tax)
TDS
One bank would deduct TDS (about ₹77,665 interest a year); the split stays below ₹50,000 per bank

FD Suggestion Tool: frequently asked questions

Is it safe to put more than ₹5 lakh in one bank?
Deposit insurance from the DICGC covers up to ₹5 lakh per depositor per bank, including interest, with all your accounts in that bank added together. Anything above that is not insured if the bank fails. Splitting across banks keeps each part within the cover. Deposits held in a different capacity (for example, a joint account) are insured separately.
Are small finance bank FDs safe?
Small finance banks are banks licensed by the RBI, and their deposits have the same ₹5 lakh DICGC cover as any other bank. They often pay higher rates. Keeping each deposit within the cover is a sensible way to take those rates.
Why does a split earn slightly less than putting it all in the top bank?
Only the first bank pays the top rate. The rest goes to the next-best banks, which pay a little less. The difference is shown so you can decide whether full insurance is worth it to you.
When does the bank deduct TDS on FD interest?
When the interest a bank pays or credits to you in a financial year crosses ₹50,000, or ₹1,00,000 for senior citizens (Finance Act 2025). It is counted per bank. If your income is below the taxable limit, submit Form 15G (or 15H if you are 60 or older) to each bank.
What is an FD ladder?
Splitting your money into several FDs that mature at different times, for example after 1, 2 and 3 years. Part of the money becomes available each year without breaking an FD, and you can reinvest it at the rates then.

Get CalcMate Money Tips

Get an email when FD rates change, plus one savings tip.

  • A money tip you can use the same day: saving, tax, loans or investing.
  • FD, savings and loan rate changes from our verified data.
  • New calculators and guides.
What interests you? (optional)

We never sell or share your email. See the privacy policy or what's in the emails.

Authoritative Sources

Report a wrong rate

Reviewed by Pradipta Ray, MBA (Finance) · Updated