Interest Rates Offered By Banks On Fixed Deposits Below Rs 2 Crore
Fixed deposits (FDs), also known as term deposits, offer guaranteed returns on investments. In a fixed deposit account, money can be invested for a higher rate of interest than savings accounts. One can deposit a lump sum of money in fixed deposits for a specific period, ranging from seven days to 10 years. Lenders also pay slightly higher interest rates on fixed deposits to senior citizens, compared to the general public. Fixed deposits are of two types: with premature withdrawal facility and without premature withdrawal facility. The fixed deposits which offer premature withdrawal facility do not offer income tax benefits. However, FDs without a premature withdrawal facility require a lock-in period of five or 10 years and offer income tax benefits.
Given below are the latest interest rates offered by SBI, HDFC Bank, ICICI Bank, IDBI Bank and Federal Bank on fixed deposits (FDs) below 2 crore:
State Bank of India (SBI)
The following FD interest rates are applicable on deposits below Rs 2 crore, according to the bank's website - sbi.co.in:
| Tenors | Revised For Public w.e.f. 22.02.2019 | Revised for Senior Citizens w.e.f. 22.02.2019 |
|---|---|---|
| 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 2 crore with effect from March 7, 2019 according to the bank's website - hdfcbank.com:
| Period | Interest rate on FD less than Rs 2 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 2 crore, with effect from March 7, 2019, according to the bank's website - icicibank.com:
| Rate of Interest (% p.a.) w.e.f March 7, 2019 | ||
|---|---|---|
| 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) | ||
IDBI Bank
The following FD interest rates are applicable on deposits below Rs 2 crore, with effect from March 4, 2019, according to the bank's website - idbi.com:
| Maturity Slab | Interest Rate (% p.a.) for general public | Senior Citizen's Interest rates |
|---|---|---|
| 15-30days | 5.75 | 6.25 |
| 31-45 days | 5.75 | 6.25 |
| 46-60 days | 6.25 | 6.75 |
| 61-90 days | 6.25 | 6.75 |
| 91-6 months | 6.25 | 6.75 |
| 6 months 1 day to 270 days | 6.5 | 7 |
| 271 days to < 1year | 6.5 | 7 |
| 1 year | 7.25 | 7.75 |
| >1yrs to 2yrs | 7.2 | 7.7 |
| >2 yrs to < 3 yrs | 7.05 | 7.55 |
| 3 yrs to < 1100 days | 6.85 | 7.35 |
| 1100 Days | 7.3 | 7.80 |
| (7.40) Applicable to Non-Callable Deposits | (7.90) Applicable to Non-Callable Deposits | |
| > 1100 days to < 5 yrs | 6.85 | 7.35 |
| 5 years | 6.85 | 7.35 |
| > 5yrs - 7yrs | 6.25 | 6.75 |
| >7 yrs - 10 yrs | 6.25 | 6.75 |
| >10 yrs - 20 yrs* | 6 | 6.5 |
Federal Bank
The following FD interest rates are applicable on deposits below Rs 2 crore, with effect from February 23, 2019, according to the bank's website - federalbank.co.in:
| Period | Less than Rs 2 crore |
|---|---|
| 7 days to 14 days | 3.50% |
| 15 days to 29 days | 4.50% |
| 30 days to 60 days | 5.00% |
| 61 days to 90 days | 5.70% |
| 91 days to 180 days | 6.50% |
| 181 days to less than 1 year | 6.90% |
| 1 year to 549 days | 7.30% |
| 550 days | 7.50% |
| 551 Days to 2 years | 7.30% |
| Above 2 years to less than 3 years | 7.40% |
| 3 years and above | 7.25% |
An additional interest rate of 0.50 per cent is available for deposits of senior citizens for all tenors, according to bank's website.