ICICI Bank Hikes FD Interest Rates; What SBI, HDFC Bank, PNB, Canara Bank Pay
Private sector lender ICICI Bank is the latest bank to hike fixed deposit or FD interest rates. Before ICICI Bank, HDFC Bank, Punjab National Bank (PNB), Canara Bank and the largest lender of the country, State Bank of India or SBI had hiked FD interest rates. Fixed deposits offer much higher interest rates than savings accounts. 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. Most revisions in FD interest rates by key lenders came around the time the Reserve Bank of India hiked its repo rate to 6.5 per cent for the second time in a row in its August policy review.
Given below are FD interest rates offered by ICICI Bank, HDFC Bank, PNB, Canara Bank and SBI:
FD interest rates offered by ICICI Bank
ICICI Bank fixed deposit or FD Interest rates on domestic, NRO & NRE deposits (less than Rs 1 crore) from 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 upto 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 |
FD interest rates offered by HDFC Bank
The following HDFC Bank FD interest rates are applicable from August 6, 2018 for deposits below Rs 1 crore:
| 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% |
FD interest rates offered by PNB
FD interest rates on single domestic fixed deposits or term deposits and NRE fixed deposits less than Rs.1 crore:
| Domestic TD Less Than Rs.1 Cr. |
||
| Period | ROI (% p.a.) | A.Y.** |
|---|---|---|
| 7 to 14 days | 5.7 | 5.7 |
| 15 to 29days | 5.7 | 5.7 |
| 30 to 45 days | 5.7 | 5.7 |
| 46 to 90 days | 6.35 | 6.35 |
| 91 to 179 days | 6.35 | 6.35 |
| 180 days to 270 Days | 6.35 | 6.4 |
| 271 days to less than 1 year | 6.35 | 6.45 |
| 1 year | 6.75 | 6.92 |
| above 1 year & upto 3 years | 6.75 | 6.92 |
| above 3 year & upto 5 years | 6.25 | 6.82 |
| PNB Tax Saver FD Public (General)- 6.25 (for 5 years) 6.25 ( for above 5years to 10 years) | ||
FD interest rates offered by Canara Bank
Canara Bank pays the following interest rates on term deposits up to Rs 1 crore, stated canarabank.com:
| Term | Interest rate (%) for general public w.e.f. 04.08.2018 | Interest rate (%) for senior citizen w.e.f. 04.08.2018 |
|---|---|---|
| 7 days to 14 days * | 5.75 | 6.25 |
| 15 days to 30 days | 5.75 | 6.25 |
| 31 days to 45 days | 5.75 | 6.25 |
| 46 days to 60 days | 6.25 | 6.75 |
| 61 days to 90 days | 6.25 | 6.75 |
| 91 days to 120 days | 6.25 | 6.75 |
| 121 days to 179 days | 6.25 | 6.75 |
| 180 days to 269 days | 6.35 | 6.85 |
| 270 days to less than 1 year | 6.4 | 6.9 |
| 1 year only | 6.7 | 7.2 |
| Above 1 year to less than 2 years | 7 | 7.5 |
| 2 years & above to less than 3 years | 6.7 | 7.2 |
| 3 years & above to less than 5 years | 6.2 | 6.7 |
| 5 years & above to less than 8 years | 6.2 | 6.7 |
| 8 years & above to 10 years | 6.2 | 6.7 |
| (Source: canarabank.com) | ||
FD interest rates offered by SBI
SBI revised its interest rates on retail fixed deposits with effect from August 30, stated sbi.co.in. The following FD interest rates are for deposits below Rs 1 crore:
(All figures in % per annum)
| 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 |
Small finance banks like Jana Small Finance Bank, Fincare Small Finance Bank, and ESAF Small Finance Bank offer FD interest rates up to 9.5 per cent for senior citizens and 9 per cent for general public.
Among other small savings schemes, you can consider investing in recurring deposits, sukanya samriddhi yojana, and senior citizen savings scheme.