Want To Open A Fixed Deposit (FD) Account? Compare Interest Rates Paid By Top Banks
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 period | General public | Senior citizens |
| 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 |
| 5 years and up to 10 years | 6.85 | 7.35 |
| (Source: sbi.co.in) | ||
HDFC Bank
| Interest rate in per cent effective from August 6, 2018 | ||
|---|---|---|
| Maturity period | General public | 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 mnths 1 day- 6 mnths 3 days | 6.75 | 7.25 |
| 6 mnths 4 days | 6.75 | 7.25 |
| 6 mnths 5 days- 9 mnths | 6.75 | 7.25 |
| 9 mnths 1 day- 9 mnths 3 days | 7.00 | 7.50 |
| 9 mnths 4 days | 7.00 | 7.50 |
| 9 months 5 days - 9 months 15 days | 7.00 | 7.50 |
| 9 months 16 days | 7.00 | 7.50 |
| 9 months 17 days < 1 Year | 7.00 | 7.50 |
| 1 Year | 7.25 | 7.75 |
| 1 year 1 day - 1 year 3 days | 7.25 | 7.75 |
| 1 year 4 days | 7.25 | 7.75 |
| 1 year 5 days - 1 Year 15 Days | 7.25 | 7.75 |
| 1 Year 16 days | 7.25 | 7.75 |
| 1 year 17 days - 2 Years | 7.25 | 7.75 |
| 2 years 1day - 2 Years 15 days | 7.10 | 7.60 |
| 2 Years 16 days | 7.10 | 7.60 |
| 2 years 17 days - 3 Years | 7.10 | 7.60 |
| 3 years 1day - 5 years | 7.10 | 7.60 |
| 5 Years 1 Day - 8 Years | 6.00 | 6.50 |
| 8 Years 1 Day - 10 Years | 6.00 | 6.50 |
| (Source: hdfcbank.com) | ||
ICICI Bank
| Interest rate in per cent effective from August 14, 2018 | ||
|---|---|---|
| Maturity period | General public | 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 | 6.5 | 7 |
| 290 days to less than 1 year | 6.75 | 7.25 |
| 1 year to 389 days | 6.75 | 7.25 |
| 390 days to 2 years | 7 | 7.5 |
| 2 years 1 day upto 5 years | 7.25 | 7.75 |
| 5 years 1 day upto 10 years | 7 | 7.5 |
| (Source: icicibank.com) | ||
Kotak Mahindra Bank:
| Domestic / NRO TD Rates with effect from | 17-Sep-18 | |
|---|---|---|
| Maturity Periods | Less than Rs.1 Crore | Senior Citizens Less than Rs.1 Crore * |
| 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 | 7.00% | 7.50% |
| 181 Days to 269 Days | 7.00% | 7.50% |
| 270 Days | 7.00% | 7.50% |
| 271 Days - 363 Days | 7.25% | 7.75% |
| 364 Days | 7.25% | 7.75% |
| 365 Days - 389 Days | 7.40% | 7.90% |
| 390 Days (12months 25Days) | 7.50% | 8.00% |
| 391 Days -Less than 23 Months | 7.50% | 8.00% |
| 23 months | 7.50% | 8.00% |
| 23 months 1 Day- less than 2 years | 7.50% | 8.00% |
| 2 years- less than 3 years | 7.25% | 7.75% |
| 3 years and above but less than 4 years | 7.10% | 7.60% |
| 4 years and above but less than 5 years | 7.00% | 7.50% |
| 5 years and above up to and inclusive of 10 years | 6.50% | 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.