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Interest Rates Offered By Banks On Fixed Deposits Below Rs 2 Crore

Fixed deposits are of two types: with premature withdrawal facility and without premature without facility.

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Interest Rates Offered By Banks On Fixed Deposits Below Rs 2 Crore

The fixed deposits which offer premature withdrawal facility do not offer income tax benefits.


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:

TenorsRevised For Public w.e.f. 22.02.2019Revised for Senior Citizens w.e.f. 22.02.2019
7 days to 45 days5.75%6.25%
46 days to 179 days6.25%6.75%
180 days to 210 days6.35%6.85%
211 days to less than 1 year6.4%6.9%
1 year to less than 2 year6.8%7.3%
2 years to less than 3 years6.8%7.3%
3 years to less than 5 years6.8%7.3%
5 years and up to 10 years6.85%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:

PeriodInterest rate on FD less than Rs 2 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 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 PeriodGeneralSenior Citizen
7 days to 14 days4%4.5%
15 days to 29 days4.25%4.75%
30 days to 45 days5.5%6%
46 days to 60 days6%6.5%
61 days to 90 days6.25%6.75%
91 days to 120 days6.25%6.75%
121 days to 184 days6.25%6.75%
185 days to 289 days6.5%7%
290 days to less than 1 year6.75%7.25%
1 year to 389 days6.9%7.4%
390 days to 2 years7.1%7.6%
2 years 1 day up to 3 years7.5%8%
3 years 1 day up to 5 years7.25%7.75%
5 years 1 day up to 10 years7%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 SlabInterest Rate (% p.a.) for general publicSenior Citizen's Interest rates
15-30days5.756.25
31-45 days5.756.25
46-60 days6.256.75
61-90 days6.256.75
91-6 months6.256.75
6 months 1 day to 270 days6.57
271 days to < 1year6.57
1 year7.257.75
>1yrs to 2yrs7.27.7
>2 yrs to < 3 yrs7.057.55
3 yrs to < 1100 days6.857.35
1100 Days7.37.80
 (7.40) Applicable to Non-Callable Deposits(7.90) Applicable to Non-Callable Deposits
> 1100 days to < 5 yrs6.857.35
5 years6.857.35
> 5yrs - 7yrs6.256.75
>7 yrs - 10 yrs6.256.75
>10 yrs - 20 yrs*66.5

 

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:

PeriodLess than Rs 2 crore
7 days to 14 days3.50%
15 days to 29 days4.50%
30 days to 60 days5.00%
61 days to 90 days5.70%
91 days to 180 days6.50%
181 days to less than 1 year6.90%
1 year to 549 days7.30%
550 days7.50%
551 Days to 2 years7.30%
Above 2 years to less than 3 years7.40%
3 years and above7.25%

An additional interest rate of 0.50 per cent is available for deposits of senior citizens for all tenors, according to bank's website.



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