Fixed Deposit Interest Rates For Regular, Senior Citizens On Deposits Below 1 Crore Rupees
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 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) | ||
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:
| 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: 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 Period | Rate of Interest (% p.a.) w.e.f November 15, 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 | 6 | 6.5 |
| 61 days to 90 days | 6.25 | 6.75 |
| 91 days to 120 days | 6.25 | 6.75 |
| 121 days to 184 days | 6.25 | 6.75 |
| 185 days to 289 days | 6.5 | 7 |
| 290 days to less than 1 year | 6.75 | 7.25 |
| 1 year to 389 days | 6.9 | 7.4 |
| 390 days to 2 years | 7.1 | 7.6 |
| 2 years 1 day upto 3 years | 7.5 | 8 |
| 3 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 |
Bank of India fixed deposit interest rates
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 |
Post office fixed deposits offer annual returns between 6.9 per cent and 7.8 per cent.