Fixed Deposit (FD) Interest Rates Of Public, Private Banks Compared
Bank fixed deposits (FDs) are fixed income instruments which offer fixed returns for a pre-determined specific period of time. Bank FDs are meant for people who are looking for guaranteed returns, unaffected by market uncertainties, say analysts. These accounts require customers to deposit a lump sum amount for a rate of interest that is higher than savings accounts. The tenure of an FD ranges from seven days to 10 years. FDs with lock-in periods of five or 10 years offer income tax benefits under Section 80 C of Income Tax Act, 1961. Leading banks like State Bank of India (SBI), HDFC Bank, ICICI Bank, among others offer the option of opening a fixed deposit.
Given below is a comparison of fixed deposit (FD) interest rates paid by SBI, HDFC Bank, ICICI Bank and Central Bank of India:
State Bank of India (SBI)
The following FD interest rates are applicable on deposits below Rs 2 crore, with effect from February 22, 2019, according to bank's website- sbi.co.in:
| Period | General public (% p.a.) | Senior citizens (% p.a.) |
|---|---|---|
| 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 | 6.40% | 6.90% |
| 1 year to less than 2 year | 6.80% | 7.30% |
| 2 years to less than 3 years | 6.80% | 7.30% |
| 3 years to less than 5 years | 6.80% | 7.30% |
| 5 years and up to 10 years | 6.85% | 7.35% |
HDFC Bank
The following FD interest rates are applicable on deposits below Rs 2 crore, with effect from April 11, 2019, according to bank's website- hdfcbank.com:
| Period | General public (% p.a.) | Senior citizen (% p.a.) |
|---|---|---|
| 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 | 6.75% | 7.25% |
| 6 months 4 days | 6.75% | 7.25% |
| 6 months 5 days - 9 months | 6.75% | 7.25% |
| 9 months 1 day- 9 months 3 days | 7.10% | 7.60% |
| 9 months 4 days | 7.10% | 7.60% |
| 9 months 5 days - 9 months 15 days | 7.10% | 7.60% |
| 9 months 16 days | 7.10% | 7.60% |
| 9 months 17 days < 1 Year | 7.10% | 7.60% |
| 1 Year | 7.30% | 7.80% |
| 1 year 1 day - 1 year 3 days | 7.30% | 7.80% |
| 1 year 4 days | 7.30% | 7.80% |
| 1 year 5 days - 1 Year 15 Days | 7.30% | 7.80% |
| 1 Year 16 days | 7.30% | 7.80% |
| 1 year 17 days - 2 Years | 7.30% | 7.80% |
| 2 years 1 day - 2 Years 15 days | 7.40% | 7.90% |
| 2 Years 16 days | 7.40% | 7.90% |
| 2 years 17 days - 3 Years | 7.40% | 7.90% |
| 3 years 1 day - 5 years | 7.25% | 7.75% |
| 5 Years 1 Day - 8 Years | 6.50% | 7.00% |
| 8 Years 1 Day - 10 Years | 6.50% | 7.00% |
ICICI Bank
The following FD interest rates are applicable on deposits below Rs 2 crore, with effect from March 7, 2019, according to bank's website- icicibank.com:
| Period | General public (% p.a.) | Senior citizens (% p.a.) |
|---|---|---|
| 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 | 6 | 6.5% |
| 61 days to 90 days | 6.25 | 6.75% |
| 91 days to 120 days | 6.25 | 6.75% |
| 121 days to 184 days | 6.25 | 6.75% |
| 185 days to 289 days | 6.5 | 7% |
| 290 days to less than 1 year | 6.75 | 7.25% |
| 1 year to 389 days | 6.9 | 7.4% |
| 390 days to 2 years | 7.1 | 7.6% |
| 2 years 1 day up to 3 years | 7.5 | 8% |
| 3 years 1 day up to 5 years | 7.25 | 7.75% |
| 5 years 1 day up to 10 years | 7 | 7.5% |
| 5 Years Tax saver FD (Max up to Rs. 1.50 lac) | 7.25 | 7.75% |
Central Bank of India
The following FD interest rates are applicable on deposits below Rs 2 crore, with effect from March 1, 2019, according to bank's website- centralbankofindia.co.in:
| Sr.No. | Maturity Period | Less than 2 cr w.e.f 01/03/2019 |
|---|---|---|
| 1 | 7 -14 days | 4.8% |
| 2 | 15 - 30 days | 5.55% |
| 3 | 31 - 45 days | 5.55% |
| 4 | 46 - 59 days | 5.55% |
| 5 | 60 - 90 days | 5.55% |
| 6 | 91 - 179 days | 6.5% |
| 7 | 180 - 270 days | 6.55% |
| 8 | 271 - 364 days | 6.55% |
| 9 | 1 yr to less than 2 yrs | 6.65% |
| 10 | 2 yr to less than 3 years | 6.55% |
| 11 | 3 yr to less than 5 years | 6.55% |
| 12 | 5 years & above upto 10 years | 6.55% |
| 13 | 555 days | 6.65% |
| 14 | 777 days | 6.55% |
| 15 | Cent Double | 6.55% |
Small finance banks, on the other hand, pay higher returns on fixed deposits as compared to private and public sector banks.