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Want To Open A Fixed Deposit (FD) Account? Compare Interest Rates Paid By Top Banks

The fixed deposits (FDs) usually offer higher interest rates to senior citizens as compared to those for the general public.

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Want To Open A Fixed Deposit (FD) Account? Compare Interest Rates Paid By Top Banks

Fixed deposit (FD) accounts offer higher interest rates than savings accounts.


A fixed deposit (FD) account, also called as term deposit account, is an interest-bearing account that has a specified date of maturity. The funds in these accounts are held for a fixed term, and guarantee a return of principal. This means, the interest rate remains unchanged for the nominated term. So the account holders exactly know the worth of his/her investment. The fixed deposits (FDs) usually offer higher interest rates to senior citizens as compared to those for the general public.

Fixed deposit (FD) accounts offer higher interest rates than savings accounts. Banks keep on revising their fixed deposit interest rates from time-to-time. On a four-year fixed deposit below Rs. 1 crore for general public, SBI currently pays an interest rate of 6.8 per cent. While HDFC Bank offers 7.10 per cent, ICICI Bank pays 7.25 per cent and Kotak Mahindra Bank offers 7.10% interest for the same tenor and amount.

Here are fixed deposit or FD interest rates offered by SBI, HDFC Bank, ICICI Bank and Kotak Mahindra Bank on deposits below Rs. 1 crore

State Bank of India (SBI)

 Interest rate in per cent effective from July 30, 2018
Maturity periodGeneral publicSenior citizens
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 year6.77.2
2 years to less than 3 years6.757.25
3 years to less than 5 years6.87.3
5 years and up to 10 years6.857.35
(Source: sbi.co.in)

 

HDFC Bank

 Interest rate in per cent effective from August 6, 2018
Maturity periodGeneral publicSenior citizens
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 mnths 1 day- 6 mnths 3 days6.757.25
6 mnths 4 days6.757.25
6 mnths 5 days- 9 mnths6.757.25
9 mnths 1 day- 9 mnths 3 days7.007.50
9 mnths 4 days7.007.50
9 months 5 days - 9 months 15 days7.007.50
9 months 16 days7.007.50
9 months 17 days < 1 Year7.007.50
1 Year7.257.75
1 year 1 day - 1 year 3 days7.257.75
1 year 4 days7.257.75
1 year 5 days - 1 Year 15 Days7.257.75
1 Year 16 days7.257.75
1 year 17 days - 2 Years7.257.75
2 years 1day - 2 Years 15 days7.107.60
2 Years 16 days7.107.60
2 years 17 days - 3 Years7.107.60
3 years 1day - 5 years7.107.60
5 Years 1 Day - 8 Years6.006.50
8 Years 1 Day - 10 Years6.006.50
(Source: hdfcbank.com)

 

ICICI Bank

 Interest rate in per cent effective from August 14, 2018 
Maturity periodGeneral publicSenior citizens
7 days to 14 days44.5
15 days to 29 days4.254.75
30 days to 45 days5.56
46 days to 60 days5.756.25
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 days6.757.25
390 days to 2 years77.5
2 years 1 day upto 5 years7.257.75
5 years 1 day upto 10 years77.5
(Source: icicibank.com)

 

Kotak Mahindra Bank:

Domestic / NRO TD Rates with effect from17-Sep-18
Maturity PeriodsLess than Rs.1 CroreSenior Citizens Less than Rs.1 Crore *
7 - 14 Days3.50%4.00%
15 - 30 Days4.00%4.50%
31 - 45 Days5.00%5.50%
46 - 90 Days5.50%6.00%
91 - 120 Days6.00%6.50%
121 - 179 Days6.25%6.75%
180 Days7.00%7.50%
181 Days to 269 Days7.00%7.50%
270 Days7.00%7.50%
271 Days - 363 Days7.25%7.75%
364 Days7.25%7.75%
365 Days - 389 Days7.40%7.90%
390 Days (12months 25Days)7.50%8.00%
391 Days -Less than 23 Months7.50%8.00%
23 months7.50%8.00%
23 months 1 Day- less than 2 years7.50%8.00%
2 years- less than 3 years7.25%7.75%
3 years and above but less than 4 years7.10%7.60%
4 years and above but less than 5 years7.00%7.50%
5 years and above up to and inclusive of 10 years6.50%7.00%
(Source: kotak.com)

Meanwhile, small finance banks offer much higher interest rates on fixed deposit or FD accounts than larger peers like State Bank of India (SBI), HDFC Bank and ICICI Bank.



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