Fixed Deposit Rates: SBI Vs ICICI Bank Vs HDFC Bank Vs Axis Bank

SBI has cut its bank FD rates by 25 basis points across most maturities, with effect from November 1, 2017.

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Fixed Deposit Rates: SBI Vs ICICI Bank Vs HDFC Bank Vs Axis Bank

Fixed Deposit Rates: A 1-year SBI FD will now fetch an interest rate of 6.25%.

Interest rates on fixed deposits offered by various banks vary widely depending on their tenure. So, before a customer invests in FD, he/she needs to compare them thoroughly in order to get the best rates. For example, on a 1-year tenure of fixed deposit for less than Rs 1 crore, State Bank of India (SBI), India's biggest lender, offers an interest rate of 6.25 per cent. The two biggest private banks - ICICI Bank and HDFC Bank offer 6.5 per cent and 6.75 per cent respectively on the same tenure and deposit amount. Axis Bank, on the other hand, offers 6.5 per cent.


Here we bring to you in detail the various FD rates offered by SBI, HDFC Bank, ICICI Bank and Axis Bank:

 

State Bank of India (SBI) Fixed Deposit Rates:

SBI, India's largest bank, has cut its bank FD rates by 25 basis points across most maturities, with effect from November 1, 2017. A one-year SBI fixed deposit will fetch an interest rate of 6.25 per cent, from 6.50 per cent earlier, according to the bank's website. Senior citizens will get 6.75 per cent, as compared to 7 per cent earlier. The revised interest rates are as under:
 
TenorsRevised For Public w.e.f. 01.11.2017 (%)Revised for Senior Citizens w.e.f. 01.11.2017 (%)
7 days to 45 days5.255.75
46 days to 179 days6.256.75
180 days to 210 days6.256.75
211 days to less than 1 year6.256.75
1 year6.256.75
Above 1 year to 455 days6.256.75
456 days to less than 2 years6.256.75
2 years to less than 3 years66.5
3 years to less than 5 years66.5
5 years and up to 10 years66.5
 

ICICI Bank Fixed Deposit Rates:


Interest rates on Domestic, NRO & NRE deposits(Less than Rs 1 crore)

   
Tenure Period
Rate of Interest (% p.a.) w.e.f July 19, 2017
GeneralSenior Citizen*
7 days to 14 days44.5
15 days to 29 days4.254.75
30 days to 45 days5.56
46 days to 60 days5.756.25
61 days to 90 days66.5
91 days to 120 days66.5
121 days to 184 days66.5
185 days to 289 days6.256.75
290 days to less than 1 year6.57
1 year to 389 days6.757.25
390 days to 2 years6.757.25
2 years 1 day upto 5 years6.57
5 years 1 day upto 10 years6.57
5 Years Tax saver FD(Max upto Rs. 1.50 lac)6.57
 

 

HDFC Bank Fixed Deposit Rates:


Domestic / NRO / NRE Term Deposits

 
Period                               < 1 Crore                     >=1 Crore to < 5 Crores
 Interest Rate **Senior Citizen Rates Interest Rate **Senior Citizen Rates 
 (per annum)(per annum)(per annum)(per annum)
7 - 14 days3.50%4.00%4.25%4.75%
15 - 29 days4.25%4.75%4.25%4.75%
30 - 45 days5.50%6.00%4.25%4.75%
46 - 60 days5.75%6.25%6.00%6.50%
61 - 90 days5.75%6.25%6.05%6.55%
91 days - 6 months5.75%6.25%6.25%6.75%
6 mnths 1 day- 6 mnths 3 days6.00%6.50%5.25%5.75%
6 mnths 4 days6.00%6.50%6.30%6.80%
6 mnths 5 days- 9 mnths6.00%6.50%5.25%5.75%
9 mnths 1 day- 9 mnths 3 days6.00%6.50%5.25%5.75%
9 mnths 4 days6.00%6.50%6.30%6.80%
9 months 5 days - 9 months 15 days6.00%6.50%5.25%5.75%
9 months 16 days6.25%6.75%5.25%5.75%
9 months 17 days < 1 Year6.25%6.75%5.25%5.75%
1 Year6.75%7.25%6.50%7.00%
1 year 1 day - 1 year 3 days6.75%7.25%4.90%5.40%
1 year 4 days6.25%6.75%6.50%7.00%
1 year 5 days - 1 Year 15 Days6.25%6.75%5.00%5.50%
1 Year 16 days6.25%6.75%5.00%5.50%
1 year 17 days - 2 Years6.25%6.75%5.00%5.50%
2 years 1day - 2 Years 15 days6.00%6.50%4.85%5.35%
2 Years 16 days6.00%6.50%4.85%5.35%
2 years 17 days - 3 Years6.00%6.50%4.85%5.35%
3 years 1day - 5 years6.00%6.50%4.85%5.35%
5 Years 1 Day - 8 Years6.00%6.50%4.85%5.35%
8 Years 1 Day - 10 Years6.00%6.50%4.85%5.35%


Axis Bank Fixed Deposit Rates


These are Axis Bank’s Fixed Deposit rates with effect from 10.10.2017:

 
PeriodInterest rates (% P.A.) 
 Interest rate on deposits below Rs 1 croreInterest rates on deposits of Rs. 1 Crore < Rs.5 Crore
7 days to 14 days3.55.5
15 days to 29 days3.55.5
30 days to 45 days5.55.5
46 days to 60 days66
61 days < 3 months66
3 months < 4 months6.26
4 months < 5 months6.256
5 months < 6 months6.256
6 months < 7 months6.256.25
7 months < 8 months6.256.25
8 months < 9 months6.256.25
9 months < 10 months6.56.25
10 months < 11 months6.56.25
11 months < 1 year6.56.25
1 year < 13 months6.756.5
13 months < 14 months6.756.5
14 months < 15 months6.756.5
15 months < 16 months6.756.5
16 months < 17 months6.756.5
17 months < 18 months6.856.6
18 Months < 2 years6.256
2 years < 30 months6.256
30 months < 3 years6.256
3 years < 5 years6.256
5 years to 10 years6.256


Following are Axis Bank’s Fixed deposit rates for senior citizens

 
Interest rates (% P.A.)  
 Interest rate on deposits below Rs. 1 CroreInterest rates on deposits of Rs 1 Crore < Rs.5 Crore
7 days to 14 days3.55.5
15 days to 29 days3.55.5
30 days to 45 days5.55.5
46 days to 60 days66
61 days < 3 months66
3 months < 4 months6.26
4 months < 5 months6.256
5 months < 6 months6.256
6 months < 7 months6.56.5
7 months < 8 months6.56.5
8 months < 9 months6.56.5
9 months < 10 months6.756.5
10 months < 11 months6.756.5
11 months < 1 year6.756.5
1 year < 13 months7.257
13 months < 14 months7.257
14 months < 15 months7.257
15 months < 16 months7.257
16 months < 17 months7.257
17 months < 18 months7.357.1
18 Months < 2 years6.756.5
2 years < 30 months6.756.5
30 months < 3 years6.756.5
3 years < 5 years6.756.5
5 years to 10 years6.756.5

  Bank fixed deposits (FDs) are one of the most popular instruments used to save money for the future. Despite falling interest rates, many people prefer FDs over other savings/investment products as they offer a secured return and easy access to liquidity in case of an emergency.

Although, bank FDs are most popular savings instrument in India, you must know that interest earned from a fixed deposit is taxable. Banks are liable to deduct TDS at the rate of 10 per cent on the interest earned (based on FD interest rates) if the interest income for the year is more than Rs. 10,000.

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