Want To Open A Fixed Deposit Account? Compare New Interest Rates Paid By Top Banks
Banks make adjustments in the interest rates for retail customers from time to time. Lenders adjust these interest rates based on factors such as cost of borrowing from the Reserve Bank of India (RBI). The central bank earlier this month announced a 25-basis-point hike in repo rate to 6.5 per cent. That made short-term borrowing of funds from the central bank more expensive for commercial banks. Public sector banking major State Bank of India (SBI) and private sector peer HDFC Bank recently revised their FD interest rates across select maturities.
Here's a comparison of FD interest rates paid by top banks today on amounts up to Rs 1 crore:
HDFC Bank FD interest rates
HDFC Bank has revised its interest rates with effect from August 6, 2018, stated hdfcbank.com.
| Period | < 1 Crore | |
|---|---|---|
| Interest Rate (per annum) | Senior Citizen Rates (per annum) | |
| 7 - 14 days | 3.50% | 4.00% |
| 15 - 29 days | 4.25% | 4.75% |
| 30 - 45 days | 5.75% | 6.25% |
| 46 - 60 days | 6.25% | 6.75% |
| 61 - 90 days | 6.25% | 6.75% |
| 91 days - 6 months | 6.25% | 6.75% |
| 6 months 1 day- 6 months 3 days | 6.75% | 7.25% |
| 6 months 4 days | 6.75% | 7.25% |
| 6 months 5 days- 9 months | 6.75% | 7.25% |
| 9 months 1 day- 9 months 3 days | 7.00% | 7.50% |
| 9 months 4 days | 7.00% | 7.50% |
| 9 months 5 days - 9 months 15 days | 7.00% | 7.50% |
| 9 months 16 days | 7.00% | 7.50% |
| 9 months 17 days < 1 Year | 7.00% | 7.50% |
| 1 Year | 7.25% | 7.75% |
| 1 year 1 day - 1 year 3 days | 7.25% | 7.75% |
| 1 year 4 days | 7.25% | 7.75% |
| 1 year 5 days - 1 Year 15 Days | 7.25% | 7.75% |
| 1 Year 16 days | 7.25% | 7.75% |
| 1 year 17 days - 2 Years | 7.25% | 7.75% |
| 2 years 1 day - 2 Years 15 days | 7.10% | 7.60% |
| 2 Years 16 days | 7.10% | 7.60% |
| 2 years 17 days - 3 Years | 7.10% | 7.60% |
| 3 years 1 day - 5 years | 7.10% | 7.60% |
| 5 Years 1 Day - 8 Years | 6.00% | 6.50% |
| 8 Years 1 Day - 10 Years | 6.00% | 6.50% |
State Bank of India (SBI) FD Interest Rates
SBI revised its interest rates on retail fixed deposits with effect from August 30, stated sbi.co.in. The following FD interest rates are for deposits below Rs 1 crore:
(All figures in % per annum)
| Term | Interest rate for general public w.e.f. 30.07.2018 | Interest rate for senior citizens w.e.f. 30.07.2018 |
|---|---|---|
| 7 days to 45 days | 5.75 | 6.25 |
| 46 days to 179 days | 6.25 | 6.75 |
| 180 days to 210 days | 6.35 | 6.85 |
| 211 days to less than 1 year | 6.4 | 6.9 |
| 1 year to less than 2 year | 6.7 | 7.2 |
| 2 years to less than 3 years | 6.75 | 7.25 |
| 3 years to less than 5 years | 6.8 | 7.3 |
| 5 years and up to 10 years | 6.85 | 7.35 |
ICICI Bank FD Interest Rates
Fixed deposit (FD) rates offered by ICICI Bank:
Interest rates on Domestic, NRO & NRE deposits (Less than Rs 1 crore), as per icicibank.com:
| Rate of Interest (% p.a.) w.e.f June 07, 2018 | ||
|---|---|---|
| Tenure | General public | Senior Citizen |
| 7 days to 14 days | 4 | 4.5 |
| 15 days to 29 days | 4.25 | 4.75 |
| 30 days to 45 days | 5.5 | 6 |
| 46 days to 60 days | 5.75 | 6.25 |
| 61 days to 90 days | 6 | 6.5 |
| 91 days to 120 days | 6 | 6.5 |
| 121 days to 184 days | 6 | 6.5 |
| 185 days to 289 days | 6.25 | 6.75 |
| 290 days to less than 1 year | 6.5 | 7 |
| 1 year to 389 days | 6.6 | 7.1 |
| 390 days to 2 years | 6.75 | 7.25 |
| 2 years 1 day upto 5 years | 7 | 7.5 |
| 5 years 1 day upto 10 years | 7 | 7.5 |
| 5 Years Tax saver FD(Max upto Rs. 1.50 lac) | 7 | 7.5 |
| (Source: icicibank.com) | ||
Canara Bank FD Interest Rates
Canara Bank pays the following interest rates on term deposits up to Rs 1 crore, stated canarabank.com:
| Term | Interest rate (%) for general public w.e.f. 04.08.2018 | Interest rate (%) for senior citizen w.e.f. 04.08.2018 |
|---|---|---|
| 7 days to 14 days * | 5.75 | 6.25 |
| 15 days to 30 days | 5.75 | 6.25 |
| 31 days to 45 days | 5.75 | 6.25 |
| 46 days to 60 days | 6.25 | 6.75 |
| 61 days to 90 days | 6.25 | 6.75 |
| 91 days to 120 days | 6.25 | 6.75 |
| 121 days to 179 days | 6.25 | 6.75 |
| 180 days to 269 days | 6.35 | 6.85 |
| 270 days to less than 1 year | 6.4 | 6.9 |
| 1 year only | 6.7 | 7.2 |
| Above 1 year to less than 2 years | 7 | 7.5 |
| 2 years & above to less than 3 years | 6.7 | 7.2 |
| 3 years & above to less than 5 years | 6.2 | 6.7 |
| 5 years & above to less than 8 years | 6.2 | 6.7 |
| 8 years & above to 10 years | 6.2 | 6.7 |
| (Source: canarabank.com) | ||
In contrast to equity-related financial instruments such as mutual funds, fixed deposits offer fixed returns without market risks. That is why investors with a low appetite for risk prefer investment in FD over a mutual fund, say financial planners.