Fixed Deposit Interest Rates: Here's What Key Banks Offer
Fixed deposits (FDs) are secure financial instruments, which offer guaranteed returns. In a fixed deposit account, money is deposited for a specific time, which varies from seven days to 10 years. Regular savings accounts offer modest returns between 3-4 per cent usually. Fixed deposits, however, offer much higher interest rates than savings accounts. 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 interest rates offered by State Bank of India (SBI), Canara Bank, HDFC Bank and ICICI Bank on fixed deposits up to Rs. 1 crore:
State Bank of India (SBI)
The following FD interest rates are applicable on deposits below Rs 1 crore, according to the bank's website - sbi.co.in:
Tenors | Revised For Public w.e.f. 30.07.2018 | Revised for Senior Citizens w.e.f. 30.07.2018 |
---|---|---|
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 |
Canara Bank
Canara Bank pays the following interest rates on fixed deposits up to Rs. 1 crore, stated canarabank.com:
Term | Interest rate (%) for general public w.e.f. 04.08.2018 | Interest rate (%) for senior citizen w.e.f. 04.08.2018 |
---|---|---|
7 days to 14 days | 5.75 | 6.25 |
15 days to 30 days | 5.75 | 6.25 |
31 days to 45 days | 5.75 | 6.25 |
46 days to 60 days | 6.25 | 6.75 |
61 days to 90 days | 6.25 | 6.75 |
91 days to 120 days | 6.25 | 6.75 |
121 days to 179 days | 6.25 | 6.75 |
180 days to 269 days | 6.35 | 6.85 |
270 days to less than 1 year | 6.4 | 6.9 |
1 year only | 6.7 | 7.2 |
Above 1 year to less than 2 years | 7 | 7.5 |
2 years & above to less than 3 years | 6.7 | 7.2 |
3 years & above to less than 5 years | 6.2 | 6.7 |
5 years & above to less than 8 years | 6.2 | 6.7 |
8 years & above to 10 years | 6.2 | 6.7 |
444 Days (Canara Shikhar Deposit) | 7.05 | 7.55 |
555 Days (Canara Shikhar Deposit) | 7.1 | 7.6 |
HDFC Bank
The following FD interest rates are for deposits below Rs 1 crore with effect from October 6, according to the bank's website - hdfcbank.com:
Period | < 1 Crore | |
---|---|---|
Interest Rate (per annum) | Senior Citizen Rates (per annum) | |
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 | 7.00% | 7.50% |
9 mnths 4 days | 7.00% | 7.50% |
9 months 5 days - 9 months 15 days | 7.00% | 7.50% |
9 months 16 days | 7.00% | 7.50% |
9 months 17 days < 1 Year | 7.00% | 7.50% |
1 Year | 7.25% | 7.75% |
1 year 1 day - 1 year 3 days | 7.25% | 7.75% |
1 year 4 days | 7.25% | 7.75% |
1 year 5 days - 1 Year 15 Days | 7.25% | 7.75% |
1 Year 16 days | 7.25% | 7.75% |
1 year 17 days - 2 Years | 7.25% | 7.75% |
2 years 1day - 2 Years 15 days | 7.10% | 7.60% |
2 Years 16 days | 7.10% | 7.60% |
2 years 17 days - 3 Years | 7.10% | 7.60% |
3 years 1 day - 5 years | 7.10% | 7.60% |
5 Years 1 Day - 8 Years | 6.00% | 6.50% |
8 Years 1 Day - 10 Years | 6.00% | 6.50% |
ICICI Bank
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 August 14, 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 | 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 | 6.5 | 7 |
290 days to less than 1 year | 6.75 | 7.25 |
1 year to 389 days | 6.75 | 7.25 |
390 days to 2 years | 7 | 7.5 |
2 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 |
Small finance banks such as Jana Small Finance Bank, Fincare Small Finance Bank and ESAF Small Finance Bank offer interest rates up to 9.5 per cent on FDs.