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Axis Bank Revises Fixed Deposit (FD) Interest Rates; What Other Lenders Offer

In a bank FD account, money is deposited for a stated period of time and a fixed interest rate is paid at the end of that period.

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Axis Bank Revises Fixed Deposit (FD) Interest Rates; What Other Lenders Offer

Bank FD interest rates are higher for senior citizens as compared to those for the general public.


Bank fixed deposit (FD), a fixed-income instrument, offers higher interest rates than the deposits in savings accounts. The annual returns on bank fixed deposits do not change according to geopolitical and macroeconomic uncertainties. In a bank FD account, money is deposited for a stated period of time and a fixed interest rate is paid at the end of that period. FD interest rates of most banks are higher for senior citizens as compared to those for the general public. The interest rates, which are revised from time to time, vary according to separate maturity baskets across different lenders.

Private sector lender Axis Bank revised its fixed deposit (FD) rates with effect from February 23, 2019. The latest rates are applicable across various tenors for domestic term deposits or fixed deposits (FDs). Country's largest lender State Bank of India (SBI) last revised its fixed deposit or FD interest rates on select maturities with effect from November 28, 2018. HDFC Bank and ICICI Bank last revised FD interest rates with effect from November 6, 2018 and November 15, 2018, respectively.

Given below are the latest interest rates offered by Axis Bank, SBI, HDFC Bank and ICICI Bank on fixed deposits (FDs):

Axis Bank

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

Interest rates on deposits below Rs 1 crore (with effect from February 23, 2019)
TermGeneral publicSenior citizens
7 days to 14 days3.53.5
15 days to 29 days3.53.5
30 days to 45 days5.55.5
46 days to 60 days6.256.25
61 days < 3 months6.256.25
3 months < 4 months6.256.25
4 months < 5 months6.256.25
5 months < 6 months6.256.25
6 months < 7 months6.757
7 months < 8 months6.757
8 months < 9 months6.757
9 months < 10 months7.107.35
10 months < 11 months7.107.35
11 months < 1 year7.107.35
1 year < 1 year 5 days7.307.95
1 year 5 days < 1 year 11 days7.307.95
1 year 11 days < 13 months7.307.95
13 months < 14 months7.358
14 months < 15 months7.307.95
15 months < 16 months7.307.95
16 months < 17 months7.307.95
17 months < 18 months7.307.95
18 Months < 2 years7.307.95
2 years < 30 months7.508.15
30 months < 3 years7.508
3 years < 5 years7.257.75
5 years to 10 years7.257.75

 

State Bank of India (SBI)

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)

The fixed deposit accounts which have a lock-in period of five or 10 years also offer income tax benefit under Section 80C of the Income Tax Act, 1961.

 



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