This Article is From Mar 09, 2019

FD Interest Rates Paid By Major Banks On Deposits Below 2 Crores

According to experts, investing in fixed deposit is secure because the returns on FD are fixed across predetermined, specific periods of time.

FD Interest Rates Paid By Major Banks On Deposits Below 2 Crores

Fixed deposit interest rates vary across banks according to the tenor of a fixed deposit.

Fixed deposits (FDs) are secure investment instruments offered by banks and non-banking financial companies, which offer guaranteed returns. In a fixed deposit (FD) account, money can be invested for a higher rate of interest than savings accounts. According to financial experts, investing in fixed deposit is secure because the returns on FD are fixed across predetermined, specific periods of time. Lenders like State Bank of India (SBI), HDFC Bank, ICICI Bank, among others offer the facility of opening a fixed deposit. Fixed deposit interest rates vary across banks according to the tenor of a fixed deposit. 

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

Period< 2 Crore Interest Rate (per annum)**Senior Citizen Rates (per annum)
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 mnths 1 day- 6 mnths 3 days6.75%7.25%
6 mnths 4 days6.75%7.25%
6 mnths 5 days- 9 mnths6.75%7.25%
9 mnths 1 day- 9 mnths 3 days7.10%7.60%
9 mnths 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 1day - 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 1day - 5 years7.25%7.75%
5 Years 1 Day - 8 Years6.50%7.00%
8 Years 1 Day - 10 Years6.50%7.00%

ICICI Bank

The following FD interest rates are applicable on deposits below Rs 2 crore, 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%4.50%
15 days to 29 days4.25%4.75%
30 days to 45 days5.50%6%
46 days to 60 days6%6.50%
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 days6.50%7%
290 days to less than 1 year6.75%7.25%
1 year to 389 days6.90%7.40%
390 days to 2 years7.10%7.60%
2 years 1 day up to 3 years7.50%8%
3 years 1 day up to 5 years7.25%7.75%
5 years 1 day up to 10 years7%7.50%
5 years Tax saver FD (max up to Rs. 1.50 lakh)7.25%7.75%
(Source: icicibank.com)

 

Fixed deposits or FDs are also offered by post offices. Post office time deposit (TD) or Fixed Deposit (FD) account offers interest rates across four maturities: one year, two years, three years, and five years, according to India Post's official website- indiapost.gov.in.