Profit

Fixed Deposit Interest Rates Of Four Key Banks Compared

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.

 Share
EMAIL
PRINT
COMMENTS
Fixed Deposit Interest Rates Of Four Key Banks Compared

Fixed deposits, however, offer much higher interest rates than savings accounts.


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. Besides, fixed deposit offer higher interest rates than savings accounts. Normal savings accounts offer interest rates 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), IndusInd 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:

TenorsRevised For Public w.e.f. 30.07.2018Revised 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

 

IndusInd Bank

The following FD interest rates are applicable on deposits below Rs 1 crore with effect from October 5 2018, according to the bank's website - indusind.com:

Maturity PeriodDomestic (Resident)  Deposits/ NRO Deposits
<1 crore
 Rates p.a.(%)
7 days to 14 days3.75
15 days to 30 days4.25
31 days to 45 days5.75
46 days to 60 days6
61 days to 90 days6.25
91 days to 120 days6.5
121 days to 180 days6.75
181 days to 210 days7.25
211 days to 269 days7.25
270 days or below 1 years7.5
1 Years to 1 Years 2 Months8
Above 1 Years 2 Months to below 2 Years7.75
2 years to below 2 years 6 Months7.5
2 years 6 Months to below 2 years 9 Months7.5
2 years 9 Months to below 3 years7.5
3 years to below 61 month7.5
61 month and above7.25
Indus Tax Saver Scheme (5 years)7.5

 

An additional interest rate of 0.50 per cent over and above the card rates is applicable for term deposits of senior citizens for value below Rs. 1 crore, said IndusInd Bank.

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 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 days6.75%7.25%
6 months 4 days6.75%7.25%
6 months 5 days- 9 months6.75%7.25%
9 months 1 day- 9 months 3 days7.00%7.50%
9 months 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 1 day - 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 1 day - 5 years7.10%7.60%
5 Years 1 Day - 8 Years6.00%6.50%
8 Years 1 Day - 10 Years6.00%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 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 up to 5 years7.257.75
5 years 1 day up to 10 years77.5
5 Years Tax saver FD (Max up to Rs. 1.50 lac)7.257.75

 

However, fixed deposits of small finance banks offer higher interest rates on fixed deposits.



Get Breaking news, live coverage, and Latest News from India and around the world on NDTV.com. Catch all the Live TV action on NDTV 24x7 and NDTV India. Like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.

NDTV Beeps - your daily newsletter

................................ Advertisement ................................

................................ Advertisement ................................

................................ Advertisement ................................

Top