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Bank Fixed Deposit (FD): Interest Rates For Regular, Senior Citizens Compared

Fixed Deposit interest rates: Interest rates on fixed deposits vary according to separate maturity baskets across different banks.

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Bank Fixed Deposit (FD): Interest Rates For Regular, Senior Citizens Compared

Some fixed deposits also offer the benefit of income tax deduction.


Bank fixed deposits (FDs) are fixed-income instruments with a guaranteed rate of return on investments. Investing in a fixed deposit is secure because the returns are fixed across predetermined, specific periods of time. Some fixed deposits also offer the benefit of income tax deduction. However, bank fixed deposits which come with a premature withdrawal facility do not offer income tax deduction benefits. Fixed deposit accounts which do not offer a premature withdrawal facility offer this benefit but have a lock-in period.

Top lenders like State Bank of India (SBI), ICICI Bank and HDFC Bank offer the option of creating a fixed deposit account. Interest rates on fixed deposits vary according to separate maturity baskets across different banks
 

Given below are interest rates offered by SBI, ICICI Bank, HDFC Bank, Bank of Baroda and Canara Bank on fixed deposits up to Rs 1 crore:

State Bank of India (SBI):

The following FD interest rates are applicable on deposits below Rs 1 crore, according to the bank's website - sbi.co.in:

TenorsRevised For Public w.e.f. 28.11.2018Revised for Senior Citizens w.e.f. 28.11.2018
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 year6.87.3
2 years to less than 3 years6.87.3
3 years to less than 5 years6.87.3
5 years and up to 10 years6.857.35
(Source: sbi.co.in)

 

ICICI Bank

The following FD interest rates are applicable on deposits below Rs 1 crore, according to the bank's website - icicibank.com:

Maturity PeriodInterest rates (per annum)
Term deposits of less than Rs 1 crore
New rates (with effect from  November 15)Increase in basis points (bps)
7 days to 14 days4.00%-
15 days to 29 days4.25%-
30 days to 45 days5.50%-
46 days to 60 days6.00%25 bps
61 days to 90 days6.25%25 bps
91 days to 120 days6.25%25 bps
121 days to 184 days6.25%25 bps
185 days to 289 days6.50%-
290 days to less than 1 year6.75%-
1 year to 389 days6.90%15 bps
390 days upto  2 years7.10%10 bps
2 years 1 day upto 3 years7.50%25 bps
3 years 1 day upto 5 years7.25%-
5 years 1 day upto 10 years7.00%-
5 years (80C FD)7.25%-

 

HDFC Bank

The following FD interest rates are applicable on deposits below Rs. 1 crore from November 6, 2018, according to the bank's website - hdfcbank.com:

PeriodInterest rate on FD less than Rs 1 Crore
 General publicSenior citizen
7 - 14 days3.50%4.00%
15 - 29 days4.25%4.75%
30 - 45 days5.75%6.25%
46 - 60 days6.25%6.75%
61 - 90 days6.25%6.75%
91 days - 6 months6.25%6.75%
6 mnths 1 day- 6 mnths 3 days6.75%7.25%
6 mnths 4 days6.75%7.25%
6 mnths 5 days- 9 mnths6.75%7.25%
9 mnths 1 day- 9 mnths 3 days7.10%7.60%
9 mnths 4 days7.10%7.60%
9 months 5 days - 9 months 15 days7.10%7.60%
9 months 16 days7.10%7.60%
9 months 17 days < 1 Year7.10%7.60%
1 Year7.30%7.80%
1 year 1 day - 1 year 3 days7.30%7.80%
1 year 4 days7.30%7.80%
1 year 5 days - 1 Year 15 Days7.30%7.80%
1 Year 16 days7.30%7.80%
1 year 17 days - 2 Years7.30%7.80%
2 years 1day - 2 Years 15 days7.40%7.90%
2 Years 16 days7.40%7.90%
2 years 17 days - 3 Years7.40%7.90%
3 years 1day - 5 years7.25%7.75%
5 Years 1 Day - 8 Years6.50%7.00%
8 Years 1 Day - 10 Years6.50%7.00%

 

Bank of Baroda

The following FD interest rates are applicable on deposits below Rs 1 crore, according to bank's website- bankofbaroda.com:

TenorsBelow Rs 1 Cr. (w.e.f. 01.11.18)
7 days to 14 days4.5
15 days to 45 days4.75
46 days to 90 days5
91 days to 180 days5.75
181 days to 270 days6.5
271 days & above and less than 1 year6.5
1 year6.7
Above 1 year to 400 days6.85
Above 400 days and upto 2 Years6.8
Above 2 Years and upto 3 Years6.7
Above 3 Years and upto 5 Years6.7
Above 5 Years and upto 10 Years6.7

An additional interest of 0.50 per cent is applicable on fixed deposits for senior citizens for all tenors, stated the bank.

Canara Bank

The following FD interest rates are applicable on deposits below Rs 1 crore, according to Canara bank's website - canarabank.com:

DomesticRate of Interest (%) p.a.
 For Deposits less than Rs.1 Crore w.e.f. 01.11.2018
Term Deposits (All Maturities)General PublicSenior Citizen
Rate of Interest (% p.a)Rate of Interest (% p.a)
7 days to 14 days 5.756.25
15 days to 30 days5.756.25
31 days to 45 days5.756.25
46 days to 60 days6.256.75
61 days to 90 days6.256.75
91 days to 120 days6.256.75
121 days to 179 days6.256.75
180 days to 269 days6.356.85
270 days to less than 1 year6.46.9
1 year only7.07.5
Above 1 year to less than 2 years77.5
2 years & above to less than 3 years6.77.2
3 years & above to less than 5 years6.26.7
5 years & above to less than 8 years6.26.7
8 years & above to 10 years6.26.7
444 Days (Canara Shikhar Deposit)7.057.55
555 Days (Canara Shikhar Deposit)7.107.60

Small finance banks, meanwhile, offer rates of interest that are higher than the mainstream banks.



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