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FD Interest Rates On Deposits Below Rs 1 Crore: SBI Vs HDFC Bank Vs ICICI Bank Vs PNB

Returns on fixed deposits are secure because FD interest rates do not change according to volatile market environment.

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FD Interest Rates On Deposits Below Rs 1 Crore: SBI Vs HDFC Bank Vs ICICI Bank Vs PNB

On a one-year deposit below Rs 1 crore, SBI or State Bank of India, offers 6.7% FD interest rate.

Bank fixed deposits are considered to be among the safest investment instruments, in terms of the guaranteed returns that they offer. Returns on fixed deposits are secure because FD interest rates do not change according to volatile market environment. Bank fixed deposits are of two types: 1) with premature withdrawal facility 2) with compulsory lock-in periods. Fixed deposits with a premature withdrawal facility can be closed before the term of the deposit ends. However, banks charge a penalty for the same. Fixed deposits with lock-in periods of five to 10 years cannot be closed before the maturity period. These fixed deposits, however, offer income tax benefits under Section 80C of the Income Tax Act.

On a fixed deposit below Rs 1 crore for a maturity period of one year, SBI or State Bank of India, the country's largest lender, pays interest at the rate of 6.7 per cent, HDFC Bank 7.25 per cent, ICICI Bank 6.75 per cent and Punjab National Bank (PNB) 6.75 per cent.

Given below is a comparison of interest rates paid by SBI, PNB, HDFC Bank and ICICI Bank on fixed deposits up to Rs 1 crore:

State Bank of India (SBI)

SBI pays the following interest rates with effect from July 30, 2018, according to its website - sbi.co.in:

TermInterest rate for general public w.e.f. 30.07.2018Interest rate for senior citizens w.e.f. 30.07.2018
7 days to 45 days5.756.25
46 days to 179 days6.256.75
180 days to 210 days6.356.85
211 days to less than 1 year6.46.9
1 year to less than 2 year6.77.2
2 years to less than 3 years6.757.25
3 years to less than 5 years6.87.3
5 years and up to 10 years6.857.35

 

Punjab National Bank (Below Rs. 1 crore)

PNB pays the following interest rates with effect from August 1, 2018, according to its website - pnbindia.in:

Sl. NoPeriodROI (% p.a.)For Senior Citizen ROI (% p.a.)
17 to 14 days5.76.2
215 to 29 days5.76.2
330 to 45 days5.76.2
446 to 90 days6.356.85
591 to 179 days6.356.85
6180 days to 270 Days6.356.85
7271 days to less than 1 year6.356.85
81 year6.757.25
9above 1 year & upto 3 years6.757.25
10above 3 year & upto 5 years6.256.75
11above 5 years & upto 10 years6.256.75

 

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 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 days7.00%7.50%
9 mnths 4 days7.00%7.50%
9 months 5 days - 9 months 15 days7.00%7.50%
9 months 16 days7.00%7.50%
9 months 17 days < 1 Year7.00%7.50%
1 Year7.25%7.75%
1 year 1 day - 1 year 3 days7.25%7.75%
1 year 4 days7.25%7.75%
1 year 5 days - 1 Year 15 Days7.25%7.75%
1 Year 16 days7.25%7.75%
1 year 17 days - 2 Years7.25%7.75%
2 years 1day - 2 Years 15 days7.10%7.60%
2 Years 16 days7.10%7.60%
2 years 17 days - 3 Years7.10%7.60%
3 years 1day - 5 years7.10%7.60%
5 Years 1 Day - 8 Years6.00%6.50%
8 Years 1 Day - 10 Years6.00%6.50%

 

ICICI Bank

ICICI Bank pays the following interest rates with effect from August 14, 2018, according to its website - icicibank.com:

 
Tenure PeriodRate of Interest (% p.a.) w.e.f August 14, 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 days5.756.25
61 days to 90 days66.5
91 days to 120 days66.5
121 days to 184 days66.5
185 days to 289 days6.57
290 days to less than 1 year6.757.25
1 year to 389 days6.757.25
390 days to 2 years77.5
2 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

 

Meanwhile, small finance banks usually offer higher FD interest rates than their larger peers.

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