Bank Fixed Deposit (FD): Interest Rate, Lock-In Period, Other Details
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.
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:
| Tenors | Revised For Public w.e.f. 28.11.2018 | Revised for Senior Citizens w.e.f. 28.11.2018 |
|---|---|---|
| 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 | 6.8 | 7.3 |
| 2 years to less than 3 years | 6.8 | 7.3 |
| 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
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:
| Period | Interest rate on FD less than Rs. 1 Crore | |
|---|---|---|
| General public | Senior citizen | |
| 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% |
| (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 Period | General | Senior Citizen |
| 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 lakh) | 7.25 | 7.75 |
| (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 Period | Revised Rate w.e.f 11.01.2019 |
|---|---|---|
| 1 | 7 - 14 Days | 4.50% |
| 2 | 15 - 29 Days | 4.50% |
| 3 | 30 - 45 Days | 5.00% |
| 4 | 46 - 60 Days | 5.50% |
| 5 | 61 - 90 Days | 5.50% |
| 6 | 91 - 120 Days | 6.00% |
| 7 | 121 - 150 Days | 6.00% |
| 8 | 151-180 Days | 6.00% |
| 9 | 181 to 364 days | 6.35% |
| 10 | 1 year | 6.60% |
| 11 | More than 1 year up to 2 Years | 6.50% |
| 12 | Above 2 Years up to 3 Years | 6.50% |
| 13 | Above 3 Years and less than 5 Years | 6.50% |
| 14 | 5 years and above | 6.50% |
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.