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Fixed Deposit Interest Rates Paid By Banks On Deposits Below Rs. 2 Crore

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

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Fixed Deposit Interest Rates Paid By Banks On Deposits Below Rs. 2 Crore

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


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:

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

Kotak Mahindra Bank

The following FD interest rates are applicable on deposits below Rs. 2 crore from June 6, 2019, according to kotak.com:

PeriodGeneral public (% p.a.)Senior Citizen (% p.a.)
7 - 14 days3.504.00
15 - 30 days4.004.50
31 - 45 days5.005.50
46 - 90 days5.506.00
91 - 120 days6.006.50
121 - 179 days6.256.75
180 days6.406.90
181 days to 269 days6.507.00
270 days6.507.00
271 days to 363 days6.757.25
364 days7.007.50
365 days to 389 days7.107.60
390 days (12 months 25 days)7.207.70
391 days - less than 23 Months7.207.70
23 months7.207.70
23 months 1 day- less than 2 years7.207.70
2 years- less than 3 years7.107.60
3 years and above but less than 4 years7.007.50
4 years and above but less than 5 years6.757.25
5 years and above up to and inclusive of 10 years6.507.00

HDFC Bank

The following FD interest rates are applicable on deposits below Rs. 2 crore from June 6, 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 March 7, 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 days6.256.75
91 days to 120 days6.256.75
121 days to 184 days6.256.75
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 years7.17.6
2 years 1 day up to 3 years7.58
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

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.



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