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Start with an apples-to-apples rate comparison
A headline rate is useful only when the deposits being compared have the same relevant terms. Banks may quote different rates depending on the deposit amount, tenure, depositor category, interest payout choice and whether the deposit can be closed early. A rate that appears higher may not apply to your balance, eligibility or preferred payout structure.
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Request the current rate cards from both banks and confirm when the quoted offer applies. Rates change; a published snapshot is not a promise that a bank will offer the same terms when you apply. The Reserve Bank of India’s rates page showed a broad range of 6.00%–6.60% for term deposits over one year as at June 30, 2026. That is an aggregate indicator, not an October 2026 quote from a particular bank or a rate available to every depositor.
| What to match | What to check |
|---|---|
| Principal | Use the amount you would actually place, and check whether the bank’s rate changes at a balance threshold. |
| Tenure | Compare the same term, not merely deposits described as “one year” or “long term.” Check the exact maturity date and any special-tenure offer. |
| Depositor category | Confirm that you qualify for the quoted category and that both offers are being compared on the same basis. |
| Interest structure | Compare cumulative deposits with cumulative deposits, or periodic-payout deposits with the same payout frequency. Check the maturity amount and compounding convention. |
| Early access | Identify whether each deposit is callable (eligible for premature closure under its terms) or non-callable, and read the applicable conditions. |
| Offer terms | Ask the bank to confirm eligibility, start and end dates, payout details, and any conditions that could change the rate. |
Compare the projected maturity proceeds, not just the percentage printed in an advertisement. For a cumulative deposit, the maturity amount reflects the deposit’s compounding and term. For a payout deposit, include the interest already paid when comparing total proceeds. Ask each bank for a calculation using the same principal and dates so that a different payout schedule does not disguise the comparison.
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Find out what leaving your existing FD would cost
Closing early can reduce the interest credited and may trigger a penalty. The return you expected at maturity is not necessarily the return you receive for the shorter period you actually held the deposit. The precise result depends on the bank’s policy and the deposit’s terms, so do not estimate the exit cost from the original rate alone.
The RBI’s 2025 deposit-interest FAQ says banks may charge premature-withdrawal penalties under a board-approved policy, and the components should be disclosed when the deposit is accepted. Ask your current bank to apply its policy to your actual deposit and proposed closure date.
- Contact the bank that holds the FD and request the net amount payable if you close it on the date you are considering.
- Ask for the calculation in writing. It should identify the interest rate used for the period held, any penalty, any minimum holding period and the final amount payable.
- Compare that amount with the value of keeping the deposit until maturity. Include any interest already paid out, where applicable, so you are comparing the same cash flows.
- Ask whether the bank will apply different terms if you close the deposit on another date or wait until maturity. Do not assume an estimate from a different date will remain valid.
Use the written closure quote as the starting value for your decision. The relevant question is not simply whether the new bank’s rate is higher; it is whether the new deposit’s estimated net proceeds exceed what you give up by closing the old one, after allowing for the new deposit’s terms, tax and access restrictions.
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Check DICGC cover before adding money to another bank
Eligible fixed deposits at banks covered by the Deposit Insurance and Credit Guarantee Corporation (DICGC) are insured up to ₹5 lakh per depositor per bank, with principal and interest combined. DICGC’s FAQ, retrieved October 9, 2026, explains that the limit aggregates deposits across branches and applies to deposits held in the same right and capacity. A higher interest rate does not increase the insured limit.
Before transferring funds, check the destination bank’s DICGC status and total your exposure there. Count other deposits you already hold with that bank and include accrued interest when assessing whether your combined balance is within the limit. Deposits at separate branches of the same bank do not create separate limits. Deposits held in different rights and capacities are treated separately under the applicable rules; do not assume a different account number alone changes the capacity.
This insurance check is distinct from comparing advertised returns. If a transfer would concentrate more of your money at one bank, weigh the resulting exposure against the incremental return. Confirm the bank and account circumstances directly against current DICGC information rather than assuming every deposit product or issuer qualifies.
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Decide whether the access terms fit your needs
A deposit with a higher rate may limit access to the money. This matters particularly for a non-callable FD, where premature withdrawal is not available on the same basis as a callable deposit. Do not lock up money you may need before the maturity date merely to capture a rate premium.
The RBI notification dated October 26, 2023 on non-callable deposits sets ₹1 crore or below as the threshold for the mandatory premature-withdrawal facility for individual domestic term deposits, and permits differential rates for non-callable deposits. The specific bank’s terms and the current consolidated direction still matter; confirm both before placing a deposit. Do not infer that a deposit above the threshold must be non-callable, or that a particular offer has no exit option, without checking its actual terms.
Keep near-term emergency needs accessible. If a single maturity date or institution would leave you short of liquid funds, consider whether splitting deposits across maturities or institutions fits your needs. Laddering can stagger access dates, but it is an option to evaluate rather than a guaranteed way to earn more or avoid penalties.
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Compare the amount you may keep after tax
Tax deducted at source (TDS) is a withholding mechanism, not the same thing as your final tax liability. The Income Tax Department lists a 10% Section 194A TDS rate for resident interest income for assessment year 2026–27. That rate does not by itself establish the final tax on your interest or the amount you will owe or recover; your own circumstances and current rules determine the result.
Estimate the net outcome for each option using your tax situation rather than treating a bank’s gross rate as spendable return. Account for the interest already earned or paid on the existing FD, the closure amount, the interest expected on the new FD and any applicable withholding. If you are unsure how the rules apply to you, consult a qualified tax professional. Compare net maturity value and cash flows, not just gross interest or the TDS deducted.
Use this decision sequence before transferring money
- Verify the new offer. Obtain both banks’ current rate cards. Match principal, exact tenure, depositor category, payout or cumulative structure, and callable status. Confirm the rate and eligibility with the destination bank.
- Price the exit. Request the current bank’s written net closure quote for the intended date, including the recalculated interest, penalty and any minimum holding period.
- Check concentration. Confirm DICGC status and add up deposits at the destination bank held in the same right and capacity, including accrued interest, against the ₹5 lakh insurance limit.
- Read the new FD’s exit rules. Check the premature-withdrawal policy, penalty and any non-callable restriction. Match the term to when you may need the money.
- Estimate net proceeds. Apply your own tax circumstances and compare the resulting cash flows after the old FD’s exit cost.
- Choose a practical transfer date. Check the old deposit’s maturity and renewal instructions, how the money will settle, and whether nominee or joint-holder details are correct. Confirm the new offer is still available when funds arrive.
If the extra return is small once the exit cost, tax and access trade-offs are considered, you could keep the existing FD or move only its proceeds at maturity. That is a calculation-based choice, not a rule that applies to every depositor. If you choose to transfer before maturity, make sure the expected improvement is worth the loss you have priced in and that you will not need the money sooner than the new FD permits.
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Do not treat an NBFC deposit as a bank FD
If the higher-rate alternative is offered by a non-banking financial company (NBFC), pause the like-for-like comparison. A bank FD and an NBFC deposit are not interchangeable merely because both quote fixed returns. Verify the issuer category, credit rating, applicable protections, and exit rules separately. The protections and bank-insurance limit discussed above should not be assumed to apply to an NBFC deposit.
Know when the comparison needs extra care
This guidance is for Indian resident depositors considering ordinary bank term deposits. NRE, NRO and FCNR deposits, senior-citizen offers, business or entity deposits, cooperative-bank deposits and NBFC deposits can have distinct eligibility, tax, insurance or withdrawal rules. Confirm the rules for the specific depositor and product before acting; a rate comparison for an ordinary resident FD may not answer those questions.
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