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Fixed Deposit Interest Rates Of Public, Private Lenders Compared Here

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 Of Public, Private Lenders Compared Here

FD 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, say experts. Financial institutions such as banks, post office, small finance banks and non-banking financial companies offer fixed deposit schemes. Customers can invest money in fixed deposits for a specific period, ranging from seven days to 10 years. Banks usually pay a higher rate of interest to senior citizens compared to general public on fixed deposit accounts.

Here's a comparison of fixed deposit (FD) interest rates paid by SBI, PNB, IndusInd 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

IndusInd Bank

The following FD interest rates are applicable on deposits below Rs. 2 crore according to indusind.com:

PeriodGeneral public (% p.a.)
7 days to 14 days3.75
15 days to 30 days4.25
31 days to 45 days5.75
46 days to 60 days6
61 days to 90 days6.25
91 days to 120 days6.5
121 days to 180 days6.75
181 days to 210 days7
211 days to 269 days7
270 days or below 1 years7.25
1 Years to 1 Years 2 Months7.6
Above 1 Years 2 Months to 1 Years 4 Months7.6
Above 1 Years 4 Months to below 2 Years7.75
2 years to below 2 years 6 Months7.75
2 years 6 Months to below 2 years 9 Months7.75
2 years 9 Months to below 3 years7.75
3 years to below 61 month7.35
61 month and above7.25
Indus Tax Saver Scheme (5 years)7.5

An additional interest rate of 0.50 per cent over and above the card rates is applicable for term deposits of senior citizens, according to the bank's website.

HDFC Bank

The following FD interest rates are applicable on deposits below Rs. 2 crore from April 11, 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

FD interest rates are subject to change from time to time. 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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