Looking To Set Up A 5-Year Fixed Deposit? Find Out Latest Interest Rates Paid By Banks
A fixed deposit (FD) is a financial instrument that offers a fixed income on deposit of money. This cash deposit is for a specific maturity period - ranging from few days to few years - also known as term of the fixed deposit. Major banks today, from the country's largest lender State Bank of India to its private sector peers ICICI Bank and HDFC Bank, pay an interest rate ranging from 3.5 per cent to 7.75 per cent on fixed deposits under Rs 1 crore for a period of up to five years. State-run SBI recently announced a hike in its fixed deposit interest rates in select maturities.
Here's a comparison of interest rates offered by SBI, HDFC Bank, ICICI Bank and Axis Bank on a fixed deposit below Rs 1 crore for a term of up to 5 years:
SBI
| Term | Interest rate for general public (% per annum) | Interest rate for senior citizens (% per annum) |
|---|---|---|
| 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 | 6.7 | 7.2 |
| 2 years to less than 3 years | 6.75 | 7.25 |
| 3 years to less than 5 years | 6.8 | 7.3 |
| (Source: sbi.co.in) | ||
HDFC Bank
| Interest rate (%) | ||
|---|---|---|
| Term | For general public | For senior citizens |
| 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 | 6.35% | 6.85% |
| 6 months 4 days | 6.35% | 6.85% |
| 6 months 5 days- 9 months | 6.40% | 6.90% |
| 9 months 1 day- 9 months 3 days | 6.40% | 6.90% |
| 9 months 4 days | 6.40% | 6.90% |
| 9 months 5 days - 9 months 15 days | 6.40% | 6.90% |
| 9 months 16 days | 6.40% | 6.90% |
| 9 months 17 days < 1 Year | 6.40% | 6.90% |
| 1 Year | 6.85% | 7.35% |
| 1 year 1 day - 1 year 3 days | 6.65% | 7.15% |
| 1 year 4 days | 6.65% | 7.15% |
| 1 year 5 days - 1 Year 15 Days | 6.65% | 7.15% |
| 1 Year 16 days | 6.65% | 7.15% |
| 1 year 17 days - 2 Years | 7.00% | 7.50% |
| 2 years 1day - 2 Years 15 days | 7.00% | 7.50% |
| 2 Years 16 days | 7.00% | 7.50% |
| 2 years 17 days - 3 Years | 7.00% | 7.50% |
| 3 years 1 day - 5 years | 7.00% | 7.50% |
| (Source: hdfcbank.com) | ||
ICICI Bank
| Interest rate (%) | ||
|---|---|---|
| Term | For general public | For senior citizens |
| 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 | 5.75 | 6.25 |
| 61 days to 90 days | 6 | 6.5 |
| 91 days to 120 days | 6 | 6.5 |
| 121 days to 184 days | 6 | 6.5 |
| 185 days to 289 days | 6.25 | 6.75 |
| 290 days to less than 1 year | 6.5 | 7 |
| 1 year to 389 days | 6.6 | 7.1 |
| 390 days to 2 years | 6.75 | 7.25 |
| 2 years 1 day upto 5 years | 7 | 7.5 |
| (Source: icicibank.com) | ||
Axis Bank
| Term | Interest rate for general public (% per annum) | Interest rate for senior citizens (% per annum) |
|---|---|---|
| 7 days to 14 days | 3.5 | 3.5 |
| 15 days to 29 days | 3.5 | 3.5 |
| 30 days to 45 days | 5.5 | 5.5 |
| 46 days to 60 days | 6 | 6 |
| 61 days < 3 months | 6 | 6 |
| 3 months < 4 months | 6 | 6 |
| 4 months < 5 months | 6 | 6 |
| 5 months < 6 months | 6 | 6 |
| 6 months < 7 months | 6.25 | 6.5 |
| 7 months < 8 months | 6.25 | 6.5 |
| 8 months < 9 months | 6.25 | 6.5 |
| 9 months < 10 months | 6.5 | 6.75 |
| 10 months < 11 months | 6.5 | 6.75 |
| 11 months < 1 year | 6.5 | 6.75 |
| 1 year < 13 months | 7.1 | 7.75 |
| 13 months < 14 months | 7.1 | 7.75 |
| 14 months < 15 months | 7 | 7.65 |
| 15 months < 16 months | 7 | 7.65 |
| 16 months < 17 months | 7 | 7.65 |
| 17 months < 18 months | 7 | 7.65 |
| 18 Months < 2 years | 7 | 7.65 |
| 2 years < 30 months | 7 | 7.65 |
| 30 months < 3 years | 7 | 7.5 |
| 3 years < 5 years | 7 | 7.5 |
| (Source: axisbank.com) | ||
Unlike market-linked instruments such as mutual funds, investment in bank FDs does not involve any equity-related risks and thus FDs are more suitable for investors with low-risk appetite, say financial planners.
