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Latest Fixed Deposit Interest Rates Paid By Public, Private Banks

Unlike stocks and mutual funds, fixed deposits offer assured returns as they are unaffected by market volatility, experts say

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Latest Fixed Deposit Interest Rates Paid By Public, Private Banks

Fixed deposit interest rates are subject to change from time to time


Fixed deposits (FDs) are secure investment instruments that offer higher interest rates than deposits in savings accounts. Unlike stocks and mutual funds, fixed deposits offer safe returns as they are unaffected by market volatility, experts say. FDs are of two types: with premature withdrawal facility and without premature without facility. The fixed deposits which offer premature withdrawal facility do not offer income tax benefits. On the other hand, FDs without a premature withdrawal facility offer income tax benefits but require a lock-in period of five or ten years.  FD accounts can be started for a specific period, which can be as short as seven days.

Fixed deposit interest rates are subject to change from time to time. Private sector lender ICICI Bank revised its fixed deposit interest rates with effect from Monday.

Here's a comparison of fixed deposit (FD) interest rates paid by State Bank of India (SBI), Punjab National Bank (PNB), HDFC Bank and ICICI Bank:

State Bank of India

The following FD interest rates are applicable on deposits below Rs. 2 crore with effect from May 9, 2019, according to sbi.co.in:

PeriodGeneral public (% p.a.)Senior citizens (% p.a.)
7 days to 45 days5.756.25
46 days to 179 days6.256.75
180 days to 210 days6.356.85
211 days to less than 1 year6.46.9
1 year to less than 2 year77.5
2 years to less than 3 years6.757.25
3 years to less than 5 years6.77.2
5 years and up to 10 years6.67.1

Punjab National Bank

The following FD interest rates are applicable on deposits up to Rs. 2 crore with effect from May 1, 2019, according to pnbindia.in:

PeriodGeneral public (% p.a.)Senior Citizen (% p.a.)
7 to 14 days5.756.25
15 to 29 days5.756.25
30 to 45 days5.756.25
46 to 90 days6.356.85
91 to 179 days6.356.85
111 days6.57
180 days to 270 Days6.356.85
222 days6.67.1
271 days to less than 1 year6.356.85
333 days6.957.45
1 year77.5
555 days6.857.35
above 1 year & up to 3 years6.757.25
above 3 year & up to 5 years6.256.75
above 5 years & up to 10 years6.256.75

HDFC Bank

The following FD interest rates are applicable on deposits below Rs. 2 crore from June 12, 2019, according to hdfcbank.com:

PeriodGeneral Public (% p.a.)Senior Citizen (% p.a.)
7 - 14 days3.504.00
15 - 29 days4.254.75
30 - 45 days5.756.25
46 - 60 days6.256.75
61 - 90 days6.256.75
91 days - 6 months6.256.75
6 months 1 day- 6 months 3 days6.757.25
6 months 4 days6.757.25
6 months 5 days- 9 months6.757.25
9 months 1 day- 9 months 3 days7.107.60
9 months 4 days7.107.60
9 months 5 days - 9 months 15 days7.107.60
9 months 16 days7.107.60
9 months 17 days < 1 Year7.107.60
1 year7.307.80
1 year 1 day - 1 year 3 days7.307.80
1 year 4 days7.307.80
1 year 5 days - 1 year 15 days7.307.80
1 Year 16 days7.307.80
1 year 17 days - 2 years7.307.80
2 years 1 day - 2 years 15 days7.407.90
2 years 16 days7.407.90
2 years 17 days - 3 years7.407.90
3 years 1 day - 5 years7.257.75
5 years 1 day - 8 years6.507.00
8 years 1 day - 10 years6.507.00

ICICI Bank

The following FD interest rates are applicable on deposits below Rs. 2 crore from June 17, 2019, according to icicibank.com:

PeriodGeneral public (% p.a.)Senior citizens (% p.a.)
7 days to 14 days44.5
15 days to 29 days4.254.75
30 days to 45 days5.56
46 days to 60 days66.5
61 days to 90 days66.5
91 days to 120 days66.5
121 days to 184 days66.5
185 days to 289 days6.57
290 days to less than 1 year6.757.25
1 year to 389 days6.97.4
390 days to 2 years77.5
2 years 1 day up to 3 years7.37.8
3 years 1 day up to 5 years7.257.75
5 years 1 day up to 10 years77.5
5 Years Tax saver FD (Max up to Rs. 1.50 lac)7.257.75

Senior citizens usually get a higher rate of interest on fixed deposits compared to general public. 
 



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