Fixed Deposit Interest Rates Paid By Banks On Deposits Below Rs. 2 Crore
A fixed deposit (FDs) is a financial instrument which offers guaranteed return. Unlike stocks and mutual funds, fixed deposits offer assured returns as they are unaffected by market volatility, experts say. One can invest money in fixed deposits for a specific period, ranging from seven days to 10 years. Senior citizens usually get a higher rate of interest on fixed deposits compared to general public. Fixed deposit interest rates are subject to change from time to time. Last week, private sector lenders HDFC Bank and Kotak Mahindra Bank revised their fixed deposit interest rates.
Here's a comparison of fixed deposit (FD) interest rates paid by State Bank of India (SBI), Punjab National Bank (PNB), Kotak Mahindra Bank, 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:
| Period | General public (% p.a.) | Senior citizens (% p.a.) |
|---|---|---|
| 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 | 7 | 7.5 |
| 2 years to less than 3 years | 6.75 | 7.25 |
| 3 years to less than 5 years | 6.7 | 7.2 |
| 5 years and up to 10 years | 6.6 | 7.1 |
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:
| Period | General public (% p.a.) | Senior Citizen (% p.a.) |
|---|---|---|
| 7 to 14 days | 5.75 | 6.25 |
| 15 to 29 days | 5.75 | 6.25 |
| 30 to 45 days | 5.75 | 6.25 |
| 46 to 90 days | 6.35 | 6.85 |
| 91 to 179 days | 6.35 | 6.85 |
| 111 days | 6.5 | 7 |
| 180 days to 270 Days | 6.35 | 6.85 |
| 222 days | 6.6 | 7.1 |
| 271 days to less than 1 year | 6.35 | 6.85 |
| 333 days | 6.95 | 7.45 |
| 1 year | 7 | 7.5 |
| 555 days | 6.85 | 7.35 |
| above 1 year & up to 3 years | 6.75 | 7.25 |
| above 3 year & up to 5 years | 6.25 | 6.75 |
| above 5 years & up to 10 years | 6.25 | 6.75 |
Kotak Mahindra Bank
The following FD interest rates are applicable on deposits below Rs. 2 crore from June 6, 2019, according to kotak.com:
| Period | General public (% p.a.) | Senior Citizen (% p.a.) |
|---|---|---|
| 7 - 14 days | 3.50 | 4.00 |
| 15 - 30 days | 4.00 | 4.50 |
| 31 - 45 days | 5.00 | 5.50 |
| 46 - 90 days | 5.50 | 6.00 |
| 91 - 120 days | 6.00 | 6.50 |
| 121 - 179 days | 6.25 | 6.75 |
| 180 days | 6.40 | 6.90 |
| 181 days to 269 days | 6.50 | 7.00 |
| 270 days | 6.50 | 7.00 |
| 271 days to 363 days | 6.75 | 7.25 |
| 364 days | 7.00 | 7.50 |
| 365 days to 389 days | 7.10 | 7.60 |
| 390 days (12 months 25 days) | 7.20 | 7.70 |
| 391 days - less than 23 Months | 7.20 | 7.70 |
| 23 months | 7.20 | 7.70 |
| 23 months 1 day- less than 2 years | 7.20 | 7.70 |
| 2 years- less than 3 years | 7.10 | 7.60 |
| 3 years and above but less than 4 years | 7.00 | 7.50 |
| 4 years and above but less than 5 years | 6.75 | 7.25 |
| 5 years and above up to and inclusive of 10 years | 6.50 | 7.00 |
HDFC Bank
The following FD interest rates are applicable on deposits below Rs. 2 crore from June 6, 2019, according to hdfcbank.com:
| Period | General Public (% p.a.) | Senior Citizen (% p.a.) |
|---|---|---|
| 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 | 7.10 | 7.60 |
| 9 months 4 days | 7.10 | 7.60 |
| 9 months 5 days - 9 months 15 days | 7.10 | 7.60 |
| 9 months 16 days | 7.10 | 7.60 |
| 9 months 17 days < 1 Year | 7.10 | 7.60 |
| 1 year | 7.30 | 7.80 |
| 1 year 1 day - 1 year 3 days | 7.30 | 7.80 |
| 1 year 4 days | 7.30 | 7.80 |
| 1 year 5 days - 1 year 15 days | 7.30 | 7.80 |
| 1 Year 16 days | 7.30 | 7.80 |
| 1 year 17 days - 2 years | 7.30 | 7.80 |
| 2 years 1 day - 2 years 15 days | 7.40 | 7.90 |
| 2 years 16 days | 7.40 | 7.90 |
| 2 years 17 days - 3 years | 7.40 | 7.90 |
| 3 years 1 day - 5 years | 7.25 | 7.75 |
| 5 years 1 day - 8 years | 6.50 | 7.00 |
| 8 years 1 day - 10 years | 6.50 | 7.00 |
ICICI Bank
The following FD interest rates are applicable on deposits below Rs. 2 crore from March 7, 2019, according to icicibank.com:
| Period | General public (% p.a.) | Senior citizens (% p.a.) |
|---|---|---|
| 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 | 6 | 6.5 |
| 61 days to 90 days | 6.25 | 6.75 |
| 91 days to 120 days | 6.25 | 6.75 |
| 121 days to 184 days | 6.25 | 6.75 |
| 185 days to 289 days | 6.5 | 7 |
| 290 days to less than 1 year | 6.75 | 7.25 |
| 1 year to 389 days | 6.9 | 7.4 |
| 390 days to 2 years | 7.1 | 7.6 |
| 2 years 1 day up to 3 years | 7.5 | 8 |
| 3 years 1 day up to 5 years | 7.25 | 7.75 |
| 5 years 1 day up to 10 years | 7 | 7.5 |
| 5 Years Tax saver FD (Max up to Rs. 1.50 lac) | 7.25 | 7.75 |
The fixed deposit accounts which have a lock-in period of five or 10 years also offer income tax benefit under Section 80C of the Income Tax Act.
