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Fixed Deposit (FD) Interest Rates For Senior Citizens: SBI Vs ICICI Bank

ICICI Bank fixed deposit (FD) interest rate on a one-year tenure & on an amount less than Rs 1 crore fetches 7.10% for senior citizens.

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Fixed Deposit (FD) Interest Rates For Senior Citizens: SBI Vs ICICI Bank

SBI offers 6.90% interest rate on a one-year fixed deposit of less than Rs 1 crore for senior citizens.


State Bank of India (SBI) has recently raised its fixed deposit (FD) interest rates. India's largest bank SBI also revised its recurring deposit, and marginal cost based fund lending rate (MCLR) - the rate below which it cannot lend. ICICI Bank, the country's largest private sector lender, has also raised its MCLR. Interest rates on fixed deposits for senior citizens are usually higher as compared to others. For example, a one-year fixed deposit of less than Rs 1 crore in SBI by a senior citizen fetches an interest rate of 6.90 per cent while that by a person below the age of 60 years, an FD of a similar tenure fetches an interest rate of 6.40 per cent. In ICICI Bank, a one-year FD of less than Rs 1 crore by senior citizens fetches an interest rate of 7.10 per cent while that by a person below the age of 60 years, an FD of the same tenure will fetch an interest rate of 6.60 per cent.

(Also Read: Minimum Balance Requirements, Non-Maintenance Charges Of State Bank of India (SBI) Vs ICICI Bank Vs HDFC Bank)

Given below are fixed deposit interest rates of senior citizens and others offered by SBI, ICICI Bank

(Also Read: State Bank Of India (SBI) Home Loan Interest Rates For Women, Eligibility, Documents Required)

Fixed deposit interest rates for senior citizens and others offered by SBI

(Also Read: State Bank Of India (SBI) Closes Over 41 Lakh Savings Accounts)

1. SBI revised interest rates on retail domestic term or fixed deposits (Below Rupees 1 crore) with effect from 28.02.2018, according to its website - sbi.co.in.

Here are the revised interest rates offered by SBI, as given on its website:

(All figures in % per annum)
 
TenorsExisting for Public w.e.f. 01.11.2017Revised For Public w.e.f. 28.02.2018Existing for Senior Citizens w.e.f. 01.11.2017Revised for Senior Citizens w.e.f. 28.02.2018
7 days to 45 days
5.25
5.75
5.75
6.25
46 days to 179 days
6.25
6.25
6.75
6.75
180 days to 210 days
6.25
6.35
6.75
6.85
211 days to less than 1 year
6.25
6.4
6.75
6.9
1 year
6.25
6.4
6.75
6.9
Above 1 year to 455 days
6.25
6.4
6.75
6.9
456 days to less than 2 years
6.25
6.4
6.75
6.9
2 years to less than 3 years
6
6.5
6.5
7
3 years to less than 5 years
6
6.5
6.5
7
5 years and up to 10 years
6
6.5
6.5
7

2. SBI revised interest rates on retail domestic term or fixed deposits (Rs 1 crore to Rs 10 crore) with effect from 28.02.2018

(All figures in % per annum)
 
TenorsExisting w.e.f. 30.01.2018Revised w.e.f 28.02.2018Existing for Senior Citizen w.e.f 30.01.2018Revised for Senior Citizen w.e.f. 28.02.2018
7 days to 45 days
5.25
5.75
5.75
6.25
46 days to 179 days
6.25
6.7
6.75
7.2
180 days to 210 days
6.25
6.7
6.75
7.2
211 days to less than 1 year
6.25
6.75
6.75
7.25
1 year to 455 days
6.25
6.75
6.75
7.25
456 days to less than 2 years
6.25
6.75
6.75
7.25
2 years to less than 3 years
6
6.75
6.5
7.25
3 years to less than 5 years
6
6.65
6.5
7.15
5 years and up to 10 years
6
6.25
6.5
6.75

3.SBI revised interest rates on retail domestic term or fixed deposits (above Rs. 10 crore) with effect from 28.02.2018

(All figures in % per annum)
 
TenorsExisting w.e.f. 30.01.2018Revised w.e.f 28.02.2018Existing for Senior Citizen w.e.f 30.01.2018Revised for Senior Citizen w.e.f. 28.02.2018
7 days to 45 days
5.25
5.75
5.75
6.25
46 days to 179 days
6.25
6.7
6.75
7.2
180 days to 210 days
6.25
6.7
6.75
7.2
211 days to less than 1 year
6.25
6.75
6.75
7.25
1 year to 455 days
6.25
6.75
6.75
7.25
456 days to less than 2 years
6.25
6.75
6.75
7.25
2 years to less than 3 years
6
6.75
6.5
7.25
3 years to less than 5 years
6
6.65
6.5
7.15
5 years and up to 10 years
6
6.25
6.5
6.75

Fixed deposit interest rates for senior citizens and others offered by ICICI Bank

Interest rates on Domestic, NRO & NRE deposits (less than Rs 1 crore), according to icicibank.com, the official website of ICICI Bank.
 
Tenure Period
Rate of Interest (% p.a.) w.e.f December 11, 2017
GeneralSenior Citizen*
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 days6.256.75
290 days to less than 1 year6.57
1 year to 389 days6.67.1
390 days to 2 years6.757.25
2 years 1 day upto 5 years6.57
5 years 1 day upto 10 years6.57
5 Years Tax saver FD(Max upto Rs. 1.50 lac)6.57

Recently, SBI also cut its charges for non-maintenance of minimum balance in savings accounts. However, the minimum balance requirements for metro, urban, semi-urban and rural centres are the same.

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