Axis Bank Revises Fixed Deposit (FD) Interest Rates; What Other Lenders Offer
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) | ||
|---|---|---|
| Term | General public | Senior citizens |
| 7 days to 14 days | 3.5 | 3.5 |
| 15 days to 29 days | 3.5 | 3.5 |
| 30 days to 45 days | 5.5 | 5.5 |
| 46 days to 60 days | 6.25 | 6.25 |
| 61 days < 3 months | 6.25 | 6.25 |
| 3 months < 4 months | 6.25 | 6.25 |
| 4 months < 5 months | 6.25 | 6.25 |
| 5 months < 6 months | 6.25 | 6.25 |
| 6 months < 7 months | 6.75 | 7 |
| 7 months < 8 months | 6.75 | 7 |
| 8 months < 9 months | 6.75 | 7 |
| 9 months < 10 months | 7.10 | 7.35 |
| 10 months < 11 months | 7.10 | 7.35 |
| 11 months < 1 year | 7.10 | 7.35 |
| 1 year < 1 year 5 days | 7.30 | 7.95 |
| 1 year 5 days < 1 year 11 days | 7.30 | 7.95 |
| 1 year 11 days < 13 months | 7.30 | 7.95 |
| 13 months < 14 months | 7.35 | 8 |
| 14 months < 15 months | 7.30 | 7.95 |
| 15 months < 16 months | 7.30 | 7.95 |
| 16 months < 17 months | 7.30 | 7.95 |
| 17 months < 18 months | 7.30 | 7.95 |
| 18 Months < 2 years | 7.30 | 7.95 |
| 2 years < 30 months | 7.50 | 8.15 |
| 30 months < 3 years | 7.50 | 8 |
| 3 years < 5 years | 7.25 | 7.75 |
| 5 years to 10 years | 7.25 | 7.75 |
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:
| 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) | ||
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.