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Bank Fixed Deposit (FD): Interest Rate, Lock-In Period, Other Details

Before creating an FD, one can always check the amount of interest that will accrue on the FD investment.

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Bank Fixed Deposit (FD): Interest Rate, Lock-In Period, Other Details

From 7 days to 10 years, bank fixed deposits come with different maturity periods.


Bank fixed deposits (FDs) are very popular among investors looking for a guaranteed return from their investments. Leading banks like State Bank of India (SBI), HDFC Bank, ICICI Bank, among others offer the facility of opening a fixed deposit. From 7 days to 10 years, bank fixed deposits come with different maturity periods. Investors can opt for a monthly, quarterly and annual interest payout. He/she can also keep the entire amount as well as the interest income fixed to receive the proceeds on the FD investment at the time of maturity. Before creating an FD, one can always check the amount of interest that will accrue on the FD investment. Most banks offer this facility on their websites.

(Also read: Senior Citizen Savings Scheme Vs Public Provident Fund Scheme)

Given below are the latest interest rates offered by SBI, HDFC Bank, ICICI Bank, UCO Bank on fixed deposits:

State Bank of India

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)

 

HDFC Bank

The following FD interest rates are applicable on deposits below Rs. 1 crore with effect 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 months 1 day- 6 months 3 days6.75%7.25%
6 months 4 days6.75%7.25%
6 months 5 days- 9 months6.75%7.25%
9 months 1 day- 9 months 3 days7.10%7.60%
9 months 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 1 day - 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 1 day - 5 years7.25%7.75%
5 Years 1 day - 8 Years6.50%7.00%
8 Years 1 day - 10 Years6.50%7.00%
(Source: hdfcbank.com)

 

ICICI Bank

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

Rate of Interest (% p.a.) w.e.f November 15, 2018
Tenure PeriodGeneralSenior Citizen
7 days to 14 days44.5
15 days to 29 days4.254.75
30 days to 45 days5.56
46 days to 60 days66.5
61 days to 90 days6.256.75
91 days to 120 days6.256.75
121 days to 184 days6.256.75
185 days to 289 days6.57
290 days to less than 1 year6.757.25
1 year to 389 days6.97.4
390 days to 2 years7.17.6
2 years 1 day up to 3 years7.58
3 years 1 day up to 5 years7.257.75
5 years 1 day up to 10 years77.5
5 years Tax saver FD (max up to Rs. 1.50 lakh)7.257.75
(Source: icicibank.com)

UCO Bank

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

Sr. No.Time PeriodRevised Rate w.e.f 11.01.2019
17 - 14 Days4.50%
215 - 29 Days4.50%
330 - 45 Days5.00%
446 - 60 Days5.50%
561 - 90 Days5.50%
691 - 120 Days6.00%
7121 - 150 Days6.00%
8151-180 Days6.00%
9181 to 364 days6.35%
101 year6.60%
11More than 1 year up to 2 Years6.50%
12Above 2 Years up to 3 Years6.50%
13Above 3 Years and less than 5 Years6.50%
145 years and above6.50%

 

Bank FD accounts with a lock-in period of five or 10 years are eligible for deduction in income tax under Section 80C of the Income Tax Act. In the interim Budget for 2019-20, the government proposed to raise the tax deducted at source (TDS) threshold on interest earned on bank and post office deposits from Rs. 10,000 to Rs. 40,000. The proposed TDS hike will come into effect from April 1, 2019.



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