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Fixed Deposit (FD) Interest Rates: SBI Vs Kotak Mahindra Bank Vs HDFC Bank Vs ICICI Bank

The fixed deposit accounts which have a lock-in period of five or 10 years also offer income tax benefit under Section 80C of the Income Tax Act

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Fixed Deposit (FD) Interest Rates: SBI Vs Kotak Mahindra Bank Vs HDFC Bank Vs ICICI Bank

Some fixed deposits offer premature withdrawal facility while some require a compulsory lock-in period.


Fixed deposits (FDs) are secure financial instruments, which offer guaranteed returns. FD interest rates vary according to the tenure of the fixed deposit and across banks. In a fixed deposit account, money is deposited for a specific time, which varies from 7 days to ten years. Some fixed deposits come with a premature withdrawal facility while some require a compulsory lock-in period. Recently, State Bank of India, country's largest lender, revised its fixed deposit interest rates. The fixed deposit accounts which have a lock-in period of five or 10 years also offer income tax benefit under Section 80C of the Income Tax Act.

Here is a comparison of fixed deposit (FD) rates offered by State Bank of India (SBI), Kotak Mahindra Bank, HDFC Bank and ICICI Bank :

Fixed deposit (FD) rates offered by State Bank of India (Below Rs. 1 crore):

Revised from July 30, 2018:

TermInterest rate for general public (% per annum)Interest rate for senior citizens (% per annum)
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

 

Fixed deposit (FD) rates offered by Kotak Mahindra Bank (Below Rs. 1 crore):

Revised interest rates for domestic / NRO / NRE fixed deposits from July 26, 2018:

Maturity Periods - Premature Withdrawal AllowedRegularSenior Citizen*
Less than Rs.1 CroreLess than Rs.1 Crore
7 - 14 Days3.50%4.00%
15 - 30 Days4.00%4.50%
31 - 45 Days5.00%5.50%
46 - 90 Days5.50%6.00%
91 - 120 Days6.00%6.50%
121 - 179 days6.25%6.75%
180 Days6.50%7.00%
181 Days to 269 Days6.60%7.10%
270 Days6.75%7.25%
271 Days to 363 Days6.75%7.25%
364 Days7.00%7.50%
365 Days to 389 Days7.25%7.75%
390 Days (12 months 25 days)7.25%7.75%
391 Days - Less than 23 Months7.25%7.75%
23 Months7.30%7.80%
23 months 1 Day- less than 2 years7.30%7.80%
2 years- less than 3 years7.00%7.50%
3 years and above but less than 4 years7.00%7.50%
4 years and above but less than 5 years7.00%7.50%
5 years and above up to and inclusive of 10 years6.50%7.00%

 

However, senior citizens' interst rate is not applicable on NRO/NRE deposits and no interest will be payable for NRE TDs staying less than 1 year.

 

Fixed deposit (FD) rates offered by HDFC Bank (Less than Rs. 1 crore):

 Rate of Interest (% p.a.) w.e.f July 6, 2018
TenureInterest rate for general publicInterest rate for senior 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 months 1 day- 6 months 3 days6.35%6.85%
6 months 4 days6.35%6.85%
6 months 5 days- 9 months6.40%6.90%
9 months 1 day- 9 months 3 days6.40%6.90%
9 months 4 days6.40%6.90%
9 months 5 days - 9 months 15 days6.40%6.90%
9 months 16 days6.40%6.90%
9 months 17 days < 1 Year6.40%6.90%
1 Year6.85%7.35%
1 year 1 day - 1 year 3 days6.65%7.15%
1 year 4 days6.65%7.15%
1 year 5 days - 1 Year 15 Days6.65%7.15%
1 Year 16 days6.65%7.15%
1 year 17 days - 2 Years7.00%7.50%
2 years 1day - 2 Years 15 days7.00%7.50%
2 Years 16 days7.00%7.50%
2 years 17 days - 3 Years7.00%7.50%
3 years 1day - 5 years7.00%7.50%
5 Years 1 Day - 8 Years6.00%6.50%
8 Years 1 Day - 10 Years6.00%6.50%
(Source: hdfcbank.com)

 

Fixed deposit (FD) rates offered by ICICI Bank:

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

 Rate of Interest (% p.a.) w.e.f June 07, 2018
TenureGeneral publicSenior 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 years77.5
5 years 1 day upto 10 years77.5
5 Years Tax saver FD(Max upto Rs. 1.50 lac)77.5
(Source: icicibank.com)

 

However, income earned on fixed deposits is taxable. Fixed deposit interest is tax-free until a certain threshold, after which it is chargeable. After the interest earned exceeds Rs. 10,000, tax is deducted at source.



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