Looking To Set Up A Term Deposit? Compare Latest Interest Rates Here

Bank FD Rates: Currently, the country's biggest lenders, such as SBI and HDFC Bank, provide annual returns up to 5.4-5.5 per cent to the general public, and 6.2-6.25 per cent to senior citizens, on fixed deposits.

Looking To Set Up A Term Deposit? Compare Latest Interest Rates Here

Bank FD Rate: Most banks provide slightly higher returns to senior citizens compared to other depositors

Bank FD Interest Rate: Many investors find fixed deposits a comfortable and convenient mode of investment to earn low but guaranteed returns. Financial planners often suggest fixed deposits only to investors with nil or very low appetite for risk. With key interest rates at multi-year lows, returns of fixed deposits have reduced in recent times. Yet, the returns out of a term deposit - wherein the money is locked in for a pre-defined period of time, say few years - are guaranteed, contrary to equities or equity-based funds.

Currently, the country's biggest lenders, such as SBI and HDFC Bank, provide annual returns up to 5.4-5.5 per cent to the general public, and 6.2-6.25 per cent to senior citizens, on fixed deposits. 

Here's a comparison of the interest rates provided by SBI, HDFC Bank and some other top lenders of the country at present:

HDFC Bank

Maturity PeriodInterest Rate (With Effect From August 25)
PublicSenior citizen
Seven days to 14 days2.50%    3.00%
15 days to 29 days2.50%   3.00%
30 days to 45 days3.00%    3.50%
46 days to 60 days3.00%  3.50%
61 days to 90 days3.00%  3.50%
91 days to six months3.50%    4.00%
Six months one day to nine months4.40%   4.90%
Nine months one day to less than one year4.40%    4.90%
One year5.10%   5.60%    
One year one day to two years5.10%   5.60%
Two years one day to three years5.15%   5.65%
Three years one day to five years5.30%   5.80%
Five years one day to 10 years5.50%   6.25%
(Source: hdfcbank.com)

SBI 

Maturity PeriodInterest Rate With Effect From May 27
PublicSenior citizen
Seven days to 45 days2.9%3.4%
46 days to 179 days3.9%4.4%
180 days to 210 days4.4%4.9%
211 days to less than one year4.4%4.9%
One year to less than two years5.1%5.6%
Two years to less than three years5.1%5.6%
Three years to less than five years5.3%5.8%
Five years and up to 10 years5.4%6.2%
(Source: sbi.co.in)

ICICI Bank 

Lock-InInterest Rate With Effect From August 7
PublicSenior citizen
Seven to 14 days2.50%3%
15 to 29 days2.50%3%
30 to 45 days3%3.50%
46 to 60 days3%3.50%
61 to 90 days3%3.50%
91 to 120 days4%4.50%
121 to 184 days4%4.50%
185 to 210 days4.40%4.90%
211 to 270 days4.40%4.90%
271 to 289 days4.40%4.90%
290 days to less than one year 4.50%5%
One year to 389 days5%5.50%
390 days to less than 18 months5%5.50%
18 months and one day to two years5.10%5.60%
Two years and one day to three years5.10%5.60%
Three years and one day to five years5.35%5.85%
Five years and one day to 10 years5.50%6.30%
Five years tax-saver FD (maximum Rs 1.50 lakh)5.35%5.85%
(Source: icicibank.com)

Kotak Mahindra Bank 

Maturity PeriodInterest Rate With Effect From August 26
Seven to 14 days2.50%
15 to 30 days2.50%
31 to 45 days3%
46 to 90 days3%
91 to 120 days4%
121 to 179 days4%
180 days4.60%
181 to 269 days4.70%
270 days4.70%
271 to 363 days4.70%
364 days4.75%
365 to 389 days4.75%
390 days (12 months and 25 days)5.10%
391 days to less than 23 months5.10%
23 months5.10%
23 months and one day to less than two years5.10%
Two years to less than three years4.90%
Three years and above but less than four years4.90%
Four years and above but less than five years4.75%
Five years and above up to 10 years4.50%
(Source: kotak.com)

All these commercial banks offer slightly higher returns to senior citizen customers compared to other depositors.

Meanwhile, the Reserve Bank of India (RBI) has reduced the repo rate by a total of 115 basis points since February, on top of the 135 basis points in an easing cycle last year, from 6.50 per cent.