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Fixed Deposit Interest Rates: SBI Vs Yes Bank Vs PNB Vs HDFC Bank

Fixed deposits offer much higher interest rates than savings accounts.
Fixed deposits offer much 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 can vary from 7 days to ten years. Fixed deposits 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 fixed deposit (FD) rates offered by State Bank of India (SBI), HDFC Bank, Punjab National Bank (PNB), and Yes Bank:
 

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

Revised from July 30, 2018:

Term Interest rate for general public w.e.f. 30.07.2018 Interest rate 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

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FD interest rates offered by Yes Bank:

RESIDENT FIXED DEPOSIT INTEREST RATES (% p.a)
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 Punjab National Bank (Below Rs. 1 crore):

Domestic TD Less Than Rs.1 Cr. W.e.f August 1, 2018

Sl. No Period ROI (% p.a.) For Senior Citizen ROI (% p.a.)
1 7 to 14 days 5.7 6.2
2 15 to 29 days 5.7 6.2
3 30 to 45 days 5.7 6.2
4 46 to 90 days 6.35 6.85
5 91 to 179 days 6.35 6.85
6 180 days to 270 Days 6.35 6.85
7 271 days to less than 1 year 6.35 6.85
8 1 year 6.75 7.25
9 above 1 year & upto 3 years 6.75 7.25
10 above 3 year & upto 5 years 6.25 6.75
11 above 5 years & upto 10 years 6.25 6.75

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

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 months 1 day- 6 months 3 days 6.75% 7.25%
6 months 4 days 6.75% 7.25%
6 months 5 days- 9 months 6.75% 7.25%
9 months 1 day- 9 months 3 days 7.00% 7.50%
9 months 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 1 day - 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%

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.