This Article is From Nov 23, 2018

Fixed Deposit Interest Rates For Regular, Senior Citizens On Deposits Below 1 Crore Rupees

Fixed Deposit Interest Rates: Investing in a fixed deposit is secure because the returns on FD are fixed across predetermined periods of time.

Fixed Deposit Interest Rates For Regular, Senior Citizens On Deposits Below 1 Crore Rupees

Bank fixed deposits are for people who are averse to taking risks on their investments.

Just letting your savings stay idle in a bank account cannot grow your money. Investing your money in the right savings schemes boosts your savings, say financial planners. Bank fixed deposits (FDs) are one of the most popular fixed income instruments. Investing in a fixed deposit is secure because the returns on FD are fixed across predetermined, specific periods of time. Bank fixed deposits are for people who are averse to taking risks on their investments. For example, if you invest your money in stock or debt market, the returns may fluctuate. But since fixed deposit returns are immune to market volatility, investors are assured of returns on their investments.

How to create a fixed deposit
Fixed deposit accounts can be created by visiting a bank branch or even online. These days, most banks offer the facility of opening fixed deposits online.

Major banks like State Bank of India (SBI), HDFC Bank, ICICI Bank and Bank of India (BoI) offer the option of opening a fixed deposit account.

Given below is a comparison of fixed deposit or FD interest rates offered by SBI, HDFC Bank, ICICI Bank, and BoI:

SBI fixed deposit 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 publicSenior citizen
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 year6.7%7.2%
2 years to less than 3 years6.75%7.25%
3 years to less than 5 years6.8%7.3%
5 years and up to 10 years6.85%7.35%
(Source: sbi.co.in)

 

(Also Read: 5-Year Tax-Saving Fixed Deposit: Here Are Interest Rates Paid By Top Banks)

HDFC Bank fixed deposit interest rates

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:

PeriodInterest rate on FD less than Rs 1 Crore
 General publicSenior citizen
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%

 

(Also Read: Public Provident Fund Vs General Provident Fund: Features, Benefits Compared Here)

ICICI Bank fixed deposit interest rates

The following FD interest rates are applicable on deposits below Rs 1 crore, according to the bank's website - icicibank.com:

Tenure PeriodRate of Interest (% p.a.) w.e.f November 15, 2018
GeneralSenior Citizen*
7 days to 14 days44.5
15 days to 29 days4.254.75
30 days to 45 days5.56
46 days to 60 days66.5
61 days to 90 days6.256.75
91 days to 120 days6.256.75
121 days to 184 days6.256.75
185 days to 289 days6.57
290 days to less than 1 year6.757.25
1 year to 389 days6.97.4
390 days to 2 years7.17.6
2 years 1 day upto 3 years7.58
3 years 1 day upto 5 years7.257.75
5 years 1 day upto 10 years77.5
5 Years Tax saver FD(Max upto Rs. 1.50 lac)7.257.75

 

(Also Read: Here Are Top 10 Services Offered By State Bank Of India)

Bank of India fixed deposit interest rates

The following FD interest rates are from bankofindia.co.in

Maturity BucketsDeposits less than Rs.1 Cr
w.e.f. 07.09.18 
7 days to 14 days5.25*
15 days to 30 days5.25
31 days to 45 days5.25
46 days to 90 days5.75
91 days to 120 days6
121 days to 179 days6
180 days to 269 days6.25
270 days to less than 1 year6.25
1 Year & above to less than 2 Yrs6.65
2 years & above to less than 3 years6.7
3 years & above to less than 5 years6.5
5 years & above to less than 8 years6.5
8 years & above to 10 years6.35

Post office fixed deposits offer annual returns between 6.9 per cent and 7.8 per cent.