Fixed Deposit Interest Rates: SBI Vs HDFC Bank Vs ICICI Bank Vs Bank Of Baroda
Bank fixed deposits (FDs) are fixed income instruments which offer fixed returns for a pre-determined specific period of time. Bank FDs are meant for people who are looking for guaranteed returns, unaffected by market uncertainties. Offered by banks and post offices, FDs require customers to deposit a lump sum amount for a rate of interest that is higher than savings accounts. The tenure of an FD ranges from seven days to 10 years. FDs with lock-in periods of five or 10 years offer income tax benefits under Section 80 C of Income Tax Act, 1961.
Leading banks like State Bank of India (SBI), HDFC Bank, ICICI Bank and Bank of Baroda (BoB) offer the option of opening a fixed deposit.
Given below are FD interest rates of SBI, HDFC Bank, ICICI Bank and Bank of Baroda:
State Bank of India (SBI) FD interest rates:
The following FD interest rates are applicable on deposits below Rs. 1 crore:
| Maturity period (term) | Interest rate with effect from July 30, 2018 | |
|---|---|---|
| General public | Senior citizen | |
| 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% |
| (Source: sbi.co.in) | ||
ICICI Bank
The following FD interest rates are applicable on deposits below Rs 1 crore, according to the bank's website - icicibank.com:
| Maturity Period | Interest rates (per annum) | |
|---|---|---|
| Term deposits of less than Rs 1 crore | ||
| New rates (with effect from November 15) | Increase in basis points (bps) | |
| 7 days to 14 days | 4.00% | - |
| 15 days to 29 days | 4.25% | - |
| 30 days to 45 days | 5.50% | - |
| 46 days to 60 days | 6.00% | 25 bps |
| 61 days to 90 days | 6.25% | 25 bps |
| 91 days to 120 days | 6.25% | 25 bps |
| 121 days to 184 days | 6.25% | 25 bps |
| 185 days to 289 days | 6.50% | - |
| 290 days to less than 1 year | 6.75% | - |
| 1 year to 389 days | 6.90% | 15 bps |
| 390 days upto 2 years | 7.10% | 10 bps |
| 2 years 1 day upto 3 years | 7.50% | 25 bps |
| 3 years 1 day upto 5 years | 7.25% | - |
| 5 years 1 day upto 10 years | 7.00% | - |
| 5 years (80C FD) | 7.25% | - |
HDFC Bank
The following FD interest rates are applicable on deposits below Rs. 1 crore 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 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 | 7.10% | 7.60% |
| 9 mnths 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 1day - 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 1day - 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% |
(Also Read: Bank FD Interest Rates For Senior Citizens Compared)
Bank of Baroda
The following FD interest rates are applicable on deposits below Rs 1 crore, according to bankofbaroda.com:
| Tenors | Below Rs 1 Cr. (w.e.f. 01.11.18) |
|---|---|
| 7 days to 14 days | 4.5 |
| 15 days to 45 days | 4.75 |
| 46 days to 90 days | 5 |
| 91 days to 180 days | 5.75 |
| 181 days to 270 days | 6.5 |
| 271 days & above and less than 1 year | 6.5 |
| 1 year | 6.7 |
| Above 1 year to 400 days | 6.85 |
| Above 400 days and upto 2 Years | 6.8 |
| Above 2 Years and upto 3 Years | 6.7 |
| Above 3 Years and upto 5 Years | 6.7 |
| Above 5 Years and upto 10 Years | 6.7 |
However, small finance banks offer rates of interest that are higher than the mainstream banks.