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FD Interest Rates: SBI Vs ICICI Bank Vs HDFC Bank Vs Kotak Mahindra

Fixed deposits or FDs are popular saving instruments, which not only help you save money but also offer income tax (I-T) deduction (on long term FDs).

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FD Interest Rates: SBI Vs ICICI Bank  Vs HDFC Bank Vs Kotak Mahindra

FDs are quite popular particularly because they offer an assured rate of interest.

Fixed deposits or FDs are popular saving instruments, which not only help you save money but also offer income tax (I-T) deduction (on long term FDs). FDs are quite popular particularly because they offer an assured rate of interest as compared to other investment options such as stocks, mutual funds, bonds etc, whose returns depend on markets, say experts. Further, FDs, give the customer the option to choose the tenor of the investment horizon from a short-term period of seven days up to 10 years and it comes with different interest rate options.

"Surplus funds if parked in a savings account may end up getting consumed. FDs, due to their fixed investment horizon, can help one inculcate savings behaviour," said Ambuj Chandna, Sr. EVP & Head - Retail Liabilities, Investment & Payment Products, Kotak Mahindra Bank.

At the time of making an FD, the maturity amount is already known and this helps plan the finances better. It also offers liquidity as compared to other market-linked instruments. In case of an emergency, one can prematurely withdraw the entire or partial amount prior to the maturity date, added Mr Chandna.

Income tax-saving fixed deposits have a minimum lock-in period of five years. In these saving instruments, no premature withdrawals or loans are allowed. State bank of India (SBI), for example, offers tax-saving deposits for a minimum tenure of five years and a maximum of 10 years, according to the bank's website.

Investment in income-tax saving bank fixed deposits or FDs can help you claim deductions for investments up to Rs. 1.5 lakh a year under Section 80C of the Income Tax Act.
 

Here we give you a lowdown on FDs (of top banks) which come with a premature withdrawal facility but do not help you save on tax:


State Bank of India (SBI)


Revision in Interest Rates On Retail Domestic Term Deposits (Below Repees One Crore) w.e.f. 01.11.2017

Accordingly, the interest rates for Retail Domestic Term Deposits 'Below Rupees One Crore 'have been revised, said SBI's official website. The revised interest rates are as under:

(All figures in % per annum)
TenorsRevised For Public w.e.f. 01.11.2017Revised for Senior Citizens w.e.f. 01.11.2017
7 days to 45 days
5.25
5.75
46 days to 179 days
6.25
6.75
180 days to 210 days
6.25
6.75
211 days to less than 1 year
6.25
6.75
1 year
6.25
6.75
Above 1 year to 455 days
6.25
6.75
456 days to less than 2 years
6.25
6.75
2 years to less than 3 years
6
6.5
3 years to less than 5 years
6
6.5
5 years and up to 10 years
6
6.5

 

ICICI Bank


Interest rates on Domestic, NRO & NRE deposits(Less than ₹ 1 crore)

 
Tenure PeriodRate of Interest (% p.a.) w.e.f December 11, 2017
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 days6.256.75
290 days to less than 1 year6.57
1 year to 389 days6.67.1
390 days to 2 years6.757.25
2 years 1 day upto 5 years6.57
5 years 1 day upto 10 years6.57
5 Years Tax saver FD(Max upto Rs. 1.50 lac)6.57

 

HDFC Bank


Domestic / NRO / NRE Term Deposits

 
Period< 1 Crore
Interest Rate **Senior Citizen Rates 
(per annum)(per annum)
7 - 14 days3.50%4.00%
15 - 29 days4.25%4.75%
30 - 45 days5.50%6.00%
46 - 60 days5.75%6.25%
61 - 90 days5.75%6.25%
91 days - 6 months5.75%6.25%
6 mnths 1 day- 6 mnths 3 days6.00%6.50%
6 mnths 4 days6.00%6.50%
6 mnths 5 days- 9 mnths6.00%6.50%
9 mnths 1 day- 9 mnths 3 days6.00%6.50%
9 mnths 4 days6.00%6.50%
9 months 5 days - 9 months 15 days6.00%6.50%
9 months 16 days6.25%6.75%
9 months 17 days < 1 Year6.25%6.75%
1 Year6.75%7.25%
1 year 1 day - 1 year 3 days6.75%7.25%
1 year 4 days6.25%6.75%
1 year 5 days - 1 Year 15 Days6.25%6.75%
1 Year 16 days6.25%6.75%
1 year 17 days - 2 Years6.25%6.75%
2 years 1day - 2 Years 15 days6.00%6.50%
2 Years 16 days6.00%6.50%
2 years 17 days - 3 Years6.00%6.50%
3 years 1day - 5 years6.00%6.50%
5 Years 1 Day - 8 Years6.00%6.50%
8 Years 1 Day - 10 Years6.00%6.50%

 

Kotak Mahindra Bank


Interest Rates for Domestic / NRO / NRE Fixed Deposits effective from 16th Nov 2017 (subject to change from time to time)

 RegularSenior Citizen*
Maturity Periods - Premature Withdrawal AllowedLess than Rs.1 Crore#Annualised YieldLess than Rs.1 Crore#Annualised Yield
7 - 14 Days3.50%3.50%4.00%4.00%
15 - 30 Days4.00%4.00%4.50%4.50%
31 - 45 Days5.00%5.00%5.50%5.50%
46 - 90 Days5.40%5.40%5.90%5.90%
91 - 120 Days5.60%5.60%6.10%6.10%
121 - 179 days6.00%6.00%6.50%6.50%
180 Days6.60%6.60%7.10%7.10%
181 Days to 269 Days6.60%6.71%7.10%7.23%
270 Days6.60%6.71%7.10%7.23%
271 Days to 363 Days6.60%6.71%7.10%7.23%
364 Days6.60%6.71%7.10%7.23%
365 Days to 389 Days6.75%6.92%7.25%7.45%
390 Days (12 months 25 days)6.80%6.98%7.30%7.50%
391 Days - Less than 23 Months6.75%6.92%7.25%7.45%
23 Months6.75%6.92%7.25%7.45%
23 months 1 Day- less than 2 years6.60%6.77%7.10%7.29%
2 years- less than 3 years6.60%6.77%7.10%7.29%
3 years and above but less than 4 years6.25%6.40%6.75%6.92%
4 years and above but less than 5 years6.25%6.40%6.75%6.92%
5 years and above upto and inclusive of 10 years6.00%6.14%6.50%6.66%

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