Bandhan Bank, IDFC First offer higher FD rates than SBI

A fixed deposit is when you let a bank hold your money for a certain amount of time.

In return, the bank gives you extra money called interest.

Some banks give more interest than others.

Bandhan Bank gives 7.45%, the highest regular rate among the three banks in this story, when you lock your money in for two years.

IDFC First Bank gives 7.25% if you keep your money for three years.

SBI gives 6.45% if you keep your money for 444 days.

If you saved ₹5 lakh, you could earn about ₹5,000 more in one year at Bandhan Bank than at SBI.

At IDFC First Bank, you could earn about ₹4,000 more than at SBI.

The bigger your savings, the bigger the difference, with a ₹10 lakh deposit widening the gap to ₹10,000 and ₹8,000.

But the highest rate is not always the best, so you should also check how long you must wait, rules for taking money out early, taxes, and that your money is insured up to ₹5 lakh.