Is FD insured by DICGC?

Yes. Fixed Deposits in scheduled banks are insured by DICGC up to ₹5 lakh per depositor per bank, covering both principal and accrued interest for safety.

Can senior citizens file Form 15H?

Yes. Eligible senior citizens can submit Form 15H to the bank to prevent TDS deduction if their total annual income falls below the taxable limit.

Is FD good for retirement planning?

Yes. FDs offer predictable returns, capital protection, and flexible monthly or quarterly interest payouts, making them suitable for retirees seeking steady, low-risk income.

Are FD interest rates fixed?

Yes. Once you book a Fixed Deposit, the interest rate remains unchanged throughout the tenure, even if market rates rise or fall later.

Does premature closure reduce interest?

Yes. If you withdraw the FD before maturity, banks usually apply a small penalty of 0.5% to 1% on the applicable interest rate.

Can a joint FD be closed online?

Some banks allow online closure of joint FDs, provided all holders give consent as per the operating instructions set during account opening.

How often is interest calculated?

Interest is generally calculated on a daily balance and compounded quarterly, while the actual payout frequency depends on whether you chose cumulative or non-cumulative options.

Do FDs provide guaranteed returns?

Yes. Fixed Deposits offer assured returns because the maturity amount is predetermined at booking, unaffected by market fluctuations or economic uncertainties.

Fixed Deposit Interest Rates in Madurai (2026)

Name: Best Fixed Deposit in Madurai
Brand: Interest Rates
Rating: 4.9 (11038 reviews)

Banks in Madurai are currently offering fixed deposit interest rates of up to 8.11% p.a. for general citizens and up to 8.30% p.a. for senior citizens. Compare the latest FD rates across banks in Madurai and find the best fixed deposit option based on your investment tenure and financial goals.

Madurai FD Snapshot	Details
Best FD Rate for General Citizen	8.11% p.a.
Best for Senior Citizens	8.30% pa.a
Best 1-Year FD	7.75%
Best Tax Saving FD	6.75%

Best FD Rates in Madurai

The table below compares the best FD rates in Madurai across banks i.e. small finance, private, public and NBFCs .

Bank	Highest rate (General Citizen)	Monthly Payout on ₹10L
Jana Small Finance Bank	8.11% (370-380 Days)	₹6,758
Suryoday Small Finance Bank	8.10% (30 Months)	₹6,750
Utkarsh Small Finance Bank	8.10% (666 days)	₹6,750
Shivalik Small Finance Bank	7.80% (21 to 22 Months)	₹6,500
ESAF Bank	7.75% (2 to 3 Years)	₹6,458
Unity Small Finance Bank	7.25% (12 Months)	₹6,208
Ujjivan Small Finance Bank	7.45% (24 Months)	₹6,167
Equitas Bank	7.40% (888 Days)	₹6,042
Bandhan Bank	7.25% (2 to 5 Years)	₹6,042
RBL Bank	7.20% (18 to 36 Months)	₹6,000
City Union Bank	7.00% (400 Days)	₹5,833
IndusInd Bank	7.00% (18 to 19 Months)	₹5,833
Bank of Maharashtra	6.20% (1 Year)	₹5,167
Indian Bank	6.45% (444 Days)	₹5,375
Bank of India	6.70% (3 Years)	₹5,583
HDFC Bank	6.50% (36 to 55 Months)	₹5,417
Canara Bank	6.60% (555 Days)	₹5,500
ICICI Bank	6.50% (3 to 5 Years)	₹5,417
Axis Bank	6.45% (15 Months to 10 years)	₹5,375
SBI	6.40% (2 to 3 years)	₹5,333

You can calculate returns from your fixed deposits in Madurai with an FD calculator. Use the FD calculator below to estimate your maturity amount, total interest earned based on your investment amount, tenure, and interest rate in Madurai.

Total Investment

₹

Rate of interest (p.a)

Time Period

years

Compounding Frequency

Total investment	₹1,00,000
FD returns	₹57,424
Total Returns	₹1,57,424

Best FD Rates for Senior Citizens in Madurai

Senior citizens in Madurai receive an additional 0.50% interest over regular FD rates. Here are some of the best FD rates offered to senior citizens in Madurai.

Bank	Highest Rate (Senior Citizen)	Monthly Payout on ₹10L*
Shivalik Small Finance Bank	8.30% (21 to 22 Months)	₹6,917
Suryoday Small Finance Bank	8.25% (30 Months)	₹6,875
Utkarsh Small Finance Bank	8.25% (666 Days)	₹6,875
ESAF Small Finance Bank	8.25% (2 to 3 Years)	₹6,875
Jana Small Finance Bank	8.11% (370 to 380 Days)	₹6,758
Unity Small Finance Bank	7.75% (12 Months)	₹6,458
Ujjivan Small Finance Bank	7.95% (24 Months)	₹6,625
Equitas Small Finance Bank	7.61% (888 Days)	₹6,342
Bandhan Bank	7.75% (2 to 5 Years)	₹6,458
RBL Bank	7.70% (18 to 36 Months)	₹6,417
City Union Bank	7.25% (400 Days)	₹6,042
IndusInd Bank	7.50% (18 to 19 Months)	₹6,250
Bank of India	7.20% (3 Years)	₹6,000
HDFC Bank	7.00% (36 to 55 Months)	₹5,833
Canara Bank	7.10% (555 Days)	₹5,917
ICICI Bank	7.10% (3 to 5 Years)	₹5,917
Axis Bankk	7.20% (5 to 10 Years)	₹6,000
State Bank of India	7.05% (5 to 10 Years)	₹5,875
Bank of Maharashtra	6.70% (1 Year)	₹5,583
Indian Bank	6.60% (444 Days)	₹5,500

Tax on FD Interest in Madurai

Taxation rules on FD interest are uniform across India and do not vary by city or state. If you can invest in a fixed deposit in Madurai the same tax rules apply to your FD interest income.

How to Open an FD in Madurai Through Stable Money?

Stable Money allows you to compare FD rates across multiple banks and book a fixed deposit online within minutes. Here’s how to open an FD in Madurai through the Stable Money app:

Download and Install the Stable Money App from the Play Store and App Store.
Register with your mobile number, which is linked to your Aadhaar Card.
On the Homepage, you will see multiple Banks and NBFCs’ FD options.
You can easily compare these FDs based on tenure, rates, etc.
Now, select the Bank FD in which you want to invest.
Choose the Tenure
Click on Invest Now
Enter the Investment Amount
Click on Continue.
On the next page, add AADHAAR and PAN card details
Next, add a nominee and review the details added
Link your bank account for withdrawal
Complete VKYC for one-time verification

Once your FD is booked, you get an FD receipt on your registered mobile numbers, email ID and WhatsApp. You can even check your FD receipt on the App itself in the passbook section. The FD receipt has all the details like FDR number, customer ID,