According to BankRate, the bank with the best CD interest rates is MetLife with a rate of 1.3%. However this requires a minimum deposit of $25,000. The highest interest rate available without a minimum balance is Ally Financial with a rate of %1.2. Keep in mind that interest rates fluctuate.
As of November 2011, The best interest rates on deposits are:
Short Term (Approximately around 6 months)
| Bank Name | Rate of Interest | Deposit Period |
|---|
| HDFC Bank | 7.75% | 6 month 16 days |
| ICICI Bank | 7.75% | 190 days |
| Punjab National Bank | 8% | 180 days to Less than 1 year |
| State Bank of India | 7.25% | 91 days to 179 days |
| Indian Bank | 7.75% | 181 days to 9 months |
| Axis Bank | 7.5% | 6 months to Less than 1 year |
| Karur Vysya Bank | 7.65% | 31 days to 270 days |
| Indian Overseas Bank | 7.75% | 91 days to 120 days |
| IDBI Bank | 8% | 91 days to Less than 6 months |
| Kotak Mahindra Bank | 7.75% | 91 days t0 180 days |
Long Term (1 year or More)| Bank Name | Rate of Interest | Deposit Period |
|---|
| HDFC Bank | 9.25% | 1 year 16 days |
| ICICI Bank | 9.25% | 390 days |
| Punjab National Bank | 9.35% | 777 days |
| State Bank of India | 9.25% | Greater than 1 year |
| Indian Bank | 9.5% | 1 to 3 years |
| Axis Bank | 9.4% | 1 year to 14 months |
| Karur Vysya Bank | 9.75% | 1 to 3 years |
| Indian Overseas Bank | 9.25% | 444 days |
| Bank or Baroda | 9.35% | 444 days |
| IDBI Bank | 9.5% | 500 days |
| Kotak Mahindra Bank | 9.5% | 1 year to 389 days |