Fixed Deposit (FD) Interest Rates Of Key Lenders To General, Senior Citizens Compared
Bank fixed deposits or FDs are safe instruments of fixed income. When you invest money in a fixed deposit, banks guarantee the rate of annual return on your investment. This is why fixed deposits are considered a secure form of investment. Fixed deposit returns are not linked to market volatility. So, even if markets fluctuate, returns on fixed deposits stay unchanged. Banks, however, change fixed deposit or FD interest rates from time to time.
HDFC Bank released its latest fixed deposit or FD interest rates on Saturday. However, state-run lender State Bank of India (SBI) and private sector peer ICICI Bank last revised their FD interest rates in July and August respectively. Bank of Maharashtra last revised its FD interest rates in August.
On a fixed deposit of one-year tenure, SBI offers an interest of 6.7 per cent, HDFC Bank of 7.25 per cent, ICICI Bank of 6.75 per cent and Bank of Maharashtra of 6.5 per cent.
Given below is a comparison of fixed deposit interest rates of SBI, HDFC Bank, ICICI Bank and Bank of Maharashtra:
State Bank of India
The following FD interest rates are applicable on deposits below Rs 1 crore as stated on sbi.co.in:
| Tenors | Revised For Public w.e.f. 30.07.2018 | Revised 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 |
HDFC Bank
The following FD interest rates are for deposits below Rs 1 crore as stated on 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 mnths 1 day- 6 mnths 3 days | 6.75% | 7.25% |
| 6 mnths 4 days | 6.75% | 7.25% |
| 6 mnths 5 days- 9 mnths | 6.75% | 7.25% |
| 9 mnths 1 day- 9 mnths 3 days | 7.00% | 7.50% |
| 9 mnths 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 1day - 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% |
ICICI Bank
The following FD interest rates are for deposits below Rs 1 crore as stated on icicibank.com:
| Tenure Period | Rate of Interest (% p.a.) w.e.f August 14, 2018 | |
|---|---|---|
| General | 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 | 6.5 | 7 |
| 290 days to less than 1 year | 6.75 | 7.25 |
| 1 year to 389 days | 6.75 | 7.25 |
| 390 days to 2 years | 7 | 7.5 |
| 2 years 1 day upto 5 years | 7.25 | 7.75 |
| 5 years 1 day upto 10 years | 7 | 7.5 |
| 5 Years Tax saver FD(Max upto Rs. 1.50 lac) | 7.25 | 7.75 |
Bank of Maharashtra
The following FD interest rates are from bankofmaharashtra.in:
| Duration | For amount less than Rs. 1.00 crore (% per annum w.e.f. 13.08.2018) |
|---|---|
| 7-45 days | 4.25 |
| 46-90 days | 5.25 |
| 91-364 days | 6 |
| 365 Days/ 1 year | 6.5 |
| Over 1 year to 2 years | 6.5 |
| Over 2 years to 3 years | 6.6 |
| Above 3 years | 6.5 |
Bank of Maharashtra offers an additional FD interest rate of 0.50 per cent per annum to senior citizens on all maturity slabs of 91 days and above for deposits up to Rs 1 crore.
Fixed deposits which have a lock-in period of five or 10 years offer income tax benefits under Section 80 C of the Income-Tax Act, 1961.