Fixed Deposit (FD) Interest Rates: SBI Vs Yes Bank Vs HDFC Bank VS ICICI Bank
A fixed deposit (FD) is a financial instrument which offers guaranteed returns. In a fixed deposit account, money is deposited for a specific time, which varies from 7 days to ten years. Fixed deposit interest rates are also higher than those offered by savings accounts. Some fixed deposit accounts come with the facility of premature withdrawal while some have a compulsory lock-in period. Recently, State Bank of India, the largest lender of the country, revised its fixed deposit interest rates, across various maturities, amounts and for both general and senior citizens.
Here is a comparison of fixed deposit (FD) rates offered by State Bank of India (SBI), Yes Bank, ICICI Bank and HDFC Bank:
Fixed deposit (FD) rates offered by State Bank of India (Below Rs. 1 crore):
Revised For Public from July 30, 2018:
| Term | Interest rate for general public (% per annum) | Interest rate for senior citizens (% per annum) |
|---|---|---|
| 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 |
Fixed deposit (FD) rates offered by Yes Bank:
| Period | Rates for < 1 Crore w.e.f 5th June 2018 | |
|---|---|---|
| Regular Interest Rates | Senior Citizen Interest Rates | |
| 7 to 45 days | 5.00% | 5.50% |
| 46 to 90 days | 7.00% | 7.50% |
| 3 months to < 6 months | 6.90% | 7.40% |
| 6 months to < 9 months | 6.70% | 7.20% |
| 9 months to < 1 Year | 6.70% | 7.20% |
| 1 Years to <= 10 years* | 7.10% | 7.60% |
| Special Rates | ||
| 12 Months 10 Days to 12 Months 20 Days | 7.40% | 7.90% |
| 18 Months 8 Days to 18 Months 18 Days | 7.50% | 8.00% |
| 36 Months 10 Days to 36 Months 20 Days | 7.25% | 7.75% |
Fixed deposit (FD) rates offered by HDFC Bank (Less than Rs. 1 crore):
| Rate of Interest (% p.a.) w.e.f July 6, 2018 | ||
|---|---|---|
| Tenure | Interest rate for general public | Interest rate for 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 months 1 day- 6 months 3 days | 6.35% | 6.85% |
| 6 months 4 days | 6.35% | 6.85% |
| 6 months 5 days- 9 months | 6.40% | 6.90% |
| 9 months 1 day- 9 months 3 days | 6.40% | 6.90% |
| 9 months 4 days | 6.40% | 6.90% |
| 9 months 5 days - 9 months 15 days | 6.40% | 6.90% |
| 9 months 16 days | 6.40% | 6.90% |
| 9 months 17 days < 1 Year | 6.40% | 6.90% |
| 1 Year | 6.85% | 7.35% |
| 1 year 1 day - 1 year 3 days | 6.65% | 7.15% |
| 1 year 4 days | 6.65% | 7.15% |
| 1 year 5 days - 1 Year 15 Days | 6.65% | 7.15% |
| 1 Year 16 days | 6.65% | 7.15% |
| 1 year 17 days - 2 Years | 7.00% | 7.50% |
| 2 years 1day - 2 Years 15 days | 7.00% | 7.50% |
| 2 Years 16 days | 7.00% | 7.50% |
| 2 years 17 days - 3 Years | 7.00% | 7.50% |
| 3 years 1day - 5 years | 7.00% | 7.50% |
| 5 Years 1 Day - 8 Years | 6.00% | 6.50% |
| 8 Years 1 Day - 10 Years | 6.00% | 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 | ||
|---|---|---|
| Tenure | General public | 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 | 5.75 | 6.25 |
| 61 days to 90 days | 6 | 6.5 |
| 91 days to 120 days | 6 | 6.5 |
| 121 days to 184 days | 6 | 6.5 |
| 185 days to 289 days | 6.25 | 6.75 |
| 290 days to less than 1 year | 6.5 | 7 |
| 1 year to 389 days | 6.6 | 7.1 |
| 390 days to 2 years | 6.75 | 7.25 |
| 2 years 1 day upto 5 years | 7 | 7.5 |
| 5 years 1 day upto 10 years | 7 | 7.5 |
| 5 Years Tax saver FD(Max upto Rs. 1.50 lac) | 7 | 7.5 |
| (Source: icicibank.com) | ||
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.
