Here Are The Fixed Deposit Interest Rates Of Top Banks
A fixed deposits or FD is a fixed income financial instrument which provides a higher interest rate than savings account and offers fixed rate of return. Fixed deposits can be started for specific period, which can be as short as 45 days. However, fixed deposit interest rates and tenors vary according to different lenders. Banks also keep revising their fixed deposit interest rates from time-to-time. Bank fixed deposits usually offer a higher fixed deposit interest rate to senior citizens than general public.
Bank of India (BoI) has recently revised its fixed deposit interest rates. On a three-year fixed deposit below Rs 1 crore, BoI pays an interest rate of 6.5 per cent. As compared to this, SBI pays 6.8 per cent, HDFC Bank offers 7.10 per cent and ICICI Bank pays 7.25 per cent on fixed deposits of the same tenor and amount.
Fixed deposit interest rates of most banks are higher for senior citizens as compared to those for the general public.
Given below is a comparison of fixed deposit or FD interest rates of BoI, SBI, HDFC Bank, and ICICI Bank:
Fixed deposit interest rates of BoI
The following FD interest rates are from bankofindia.co.in:
| Maturity Buckets | Deposits less than Rs.1 Cr |
|---|---|
| w.e.f. 07.09.18 | |
| 7 days to 14 days | 5.25* |
| 15 days to 30 days | 5.25 |
| 31 days to 45 days | 5.25 |
| 46 days to 90 days | 5.75 |
| 91 days to 120 days | 6 |
| 121 days to 179 days | 6 |
| 180 days to 269 days | 6.25 |
| 270 days to less than 1 year | 6.25 |
| 1 Year & above to less than 2 Yrs | 6.65 |
| 2 years & above to less than 3 years | 6.7 |
| 3 years & above to less than 5 years | 6.5 |
| 5 years & above to less than 8 years | 6.5 |
| 8 years & above to 10 years | 6.35 |
State Bank of India (SBI)
SBI pays the following interest rates with effect from July 30, 2018, according to its website - sbi.co.in:
| Term | Interest rate for general public w.e.f. 30.07.2018 | Interest rate for senior citizens w.e.f. 30.07.2018 |
|---|---|---|
| 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 | 6.7 | 7.2 |
| 2 years to less than 3 years | 6.75 | 7.25 |
| 3 years to less than 5 years | 6.8 | 7.3 |
| 5 years and up to 10 years | 6.85 | 7.35 |
HDFC Bank
HDFC Bank pays the following interest rates, according to its website - hdfcbank.com:
| Period | < 1 Crore | |
|---|---|---|
| Interest Rate (per annum) | **Senior Citizen Rates (per annum) | |
| 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 mnths 1 day- 6 mnths 3 days | 6.75% | 7.25% |
| 6 mnths 4 days | 6.75% | 7.25% |
| 6 mnths 5 days- 9 mnths | 6.75% | 7.25% |
| 9 mnths 1 day- 9 mnths 3 days | 7.00% | 7.50% |
| 9 mnths 4 days | 7.00% | 7.50% |
| 9 months 5 days - 9 months 15 days | 7.00% | 7.50% |
| 9 months 16 days | 7.00% | 7.50% |
| 9 months 17 days < 1 Year | 7.00% | 7.50% |
| 1 Year | 7.25% | 7.75% |
| 1 year 1 day - 1 year 3 days | 7.25% | 7.75% |
| 1 year 4 days | 7.25% | 7.75% |
| 1 year 5 days - 1 Year 15 Days | 7.25% | 7.75% |
| 1 Year 16 days | 7.25% | 7.75% |
| 1 year 17 days - 2 Years | 7.25% | 7.75% |
| 2 years 1day - 2 Years 15 days | 7.10% | 7.60% |
| 2 Years 16 days | 7.10% | 7.60% |
| 2 years 17 days - 3 Years | 7.10% | 7.60% |
| 3 years 1day - 5 years | 7.10% | 7.60% |
| 5 Years 1 Day - 8 Years | 6.00% | 6.50% |
| 8 Years 1 Day - 10 Years | 6.00% | 6.50% |
ICICI Bank
ICICI Bank pays the following interest rates with effect from August 14, 2018, according to its website - icicibank.com:
| Tenure Period | Rate of Interest (% p.a.) w.e.f August 14, 2018 | |
|---|---|---|
| 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 | 5.75 | 6.25 |
| 61 days to 90 days | 6 | 6.5 |
| 91 days to 120 days | 6 | 6.5 |
| 121 days to 184 days | 6 | 6.5 |
| 185 days to 289 days | 6.5 | 7 |
| 290 days to less than 1 year | 6.75 | 7.25 |
| 1 year to 389 days | 6.75 | 7.25 |
| 390 days to 2 years | 7 | 7.5 |
| 2 years 1 day up to 5 years | 7.25 | 7.75 |
| 5 years 1 day upto 10 years | 7 | 7.5 |
| 5 Years Tax saver FD(Max upto Rs. 1.50 lac) | 7.25 | 7.75 |
Post offices also offer fixed deposits, the interest rates on which range from 6.6 per cent to 7.4 per cent.