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Fixed Deposit Interest Rates: SBI Vs HDFC Bank Vs ICICI Bank Vs Axis Bank

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

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Fixed Deposit Interest Rates: SBI Vs HDFC Bank Vs ICICI Bank Vs Axis Bank

Fixed deposit also offer higher interest rates than savings accounts.

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. Fixed deposits also offer higher interest rates than savings accounts. Some fixed deposits come with a premature withdrawal facility while some require a compulsory lock-in period. 

Axis Bank is the latest lender to revise its fixed deposit or FD interest rates with effect from September 10.

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

Axis Bank fixed deposit interest rates

The following FD interest rates are with effect from 10.8.2018 according to axisbank.com:

PERIODINTEREST RATES (% P.A.)
Deposits less than Rs 1 croreGeneralSenior citizens
7 days to 14 days3.53.5
15 days to 29 days3.53.5
30 days to 45 days5.55.5
46 days to 60 days6.256.25
61 days < 3 months6.256.25
3 months < 4 months6.256.25
4 months < 5 months6.256.25
5 months < 6 months6.256.25
6 months < 7 months6.757
7 months < 8 months6.757
8 months < 9 months6.757
9 months < 10 months77.25
10 months < 11 months77.25
11 months < 1 year77.25
1 year < 1 year 5 days7.257.9
1 year 5 days < 1 year 11 days7.257.9
1 year 11 days < 13 months7.257.9
13 months < 14 months7.37.95
14 months < 15 months7.257.9
15 months < 16 months7.257.9
16 months < 17 months7.257.9
17 months < 18 months7.257.9
18 Months < 2 years7.257.9
2 years < 30 months7.257.9
30 months < 3 years7.257.75
3 years < 5 years7.257.75
5 years to 10 years77.5

 

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

Revised from July 30, 2018 according to 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

 

FD interest rates offered by ICICI Bank on domestic, NRO & NRE deposits (less than Rs 1 crore)

The following FD interest rates are from 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

 

FD interest rates offered by HDFC Bank applicable from August 6, 2018 for deposits below Rs 1 crore

The following FD interest rates are from 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%

 

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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