If you are planning to pre-close or renew your old Fixed Deposit and are using any of my premature withdrawal penalty and renewal FD calculators – cumulative or non-cumulative, then you need the interest rate applicable for the reduced duration to be able to accurately calculate the penalty amount and the benefit you will be getting in case of renewal. Make sure that you have read through how you can save more money by avoiding the penalty amount at the time of Fixed Deposit renewal.
Please note that in case your fixed deposit is the 5 year tenure Tax Saver FD, then you won’t be able to pre-close the same.
Let me at the onset tell you, there are 4 different ways, but none of them is easy. To be able to make it easy in future, make sure that whenever you are going for a new fixed deposit (or recurring deposit for that matter) that you take a screenshot of the interests for all durations at that time. If you are at a branch, use your mobile to take a picture and if you are opening the FD/RD online, then take screenshot and keep it safely on your desktop/laptop.
Now, let’s look at the ways how you can get the old interest rates.
Option 1 – Interest Rates published by Banks
Some banks publish the Interest Rates data for last few years right on their websites. For example, you can check the interest rates for SBI for last 10 years via this link and for PNB via this link. However many banks (especially private sector) do not make these interest rates easily available to the public and that’s why option 2 and 3 becomes more useful.
Option 2 – Google
Google is the biggest Search Engine and you just need to know how to search correctly to get the required results. For example, if I want to search the historic interest rates for Axis Bank, lets say for the month of November’22 and I search “axis bank fd rates” in Google, then the results I will get from it will point me to the link with most recent interest rates and this is not useful for me.
So, we need to act little smart with google and use its hidden options. If you click on the Tools button under the Google Search console, you will get option to select a custom range of time for your results.
Let’s add the custom range as between 1st November 2022 to 30th November 2022.
Now, when we scroll down, we are able to see old search results from Axis Bank and there we can also see the link of old interest rates for fixed deposit.
Sometimes, we may not get direct results from the Bank but alternatively some old article may have the screenshot of the rates. As an example, when we search for the old interest rates for ICICI Bank (duration same as that of above), the first result is an article of Economic Times which then has the screenshot of ICICI Bank in it.
Option – 3 YouTube
YouTube is the second biggest search engine after Google. Similar to how we searched on Google, you can also search on YouTube and I will recommend a way for the same.
Taking the same example as above, I can try to search for the ICICI Bank FD rates for November 2022 by typing in “icici bank fd rates November 2022” in the search bar of YouTube and voila, the first video will give us the required information. Luck may not always be on our side always so try to experiment with the search queries.
Option – 4 (Guaranteed to Work)
The last option is the most difficult one because it will require you to make extra effort. This will be the effort to either visit the branch (preferred) or to call the customer care of the bank. If you choose to visit the branch of the bank, they should be able to give you the required information (usually not that easily). Also, ask your brach if they have Finacle installed for banking operations and if so, you can ask them to check the interest using the DEPMOD menu. If they ask, how you know – don’t forget to mention Every Paisa Matters.
Hope this thread solves your query about how to get the Interest Rate for your old Fixed Deposit. If you have any further queries, please post a comment below and for any feedbacks, email us.