SBI, HDFC Bank, Other Top Lenders Pay These Returns On Fixed Deposits

Commercial lenders currently provide a slew of maturity options for retail fixed deposits, which are fixed deposits up to Rs 2 crore.

SBI, HDFC Bank, Other Top Lenders Pay These Returns On Fixed Deposits

Commercial lenders review their interest rates from time to time

India's top lenders currently give annual returns to the tune of 2.5-6.3 per cent on retail fixed deposits, which are term deposits up to Rs 2 crore. State Bank of India, HDFC Bank, ICICI Bank and Kotak Mahindra Bank, the country's largest banks by market value, pay slightly higher returns to senior citizens compared to other customers, and change the interest rates from time to time to align them with benchmarks, among other factors. Commercial banks offer retail FDs in a variety of maturity options, ranging from seven days to 10 years. 

Here are the current annual returns on retail FDs offered by top banks:

SBI Fixed Deposit Rates

Maturity PeriodInterest Rate With Effect From September 10
PublicSenior citizen
Seven days to 45 days2.9%3.4%
46 days to 179 days3.9%4.4%
180 days to 210 days4.4%4.9%
211 days to less than one year4.4%4.9%
One year to less than two years4.9%5.4%
Two years to less than three years5.1%5.6%
Three years to less than five years5.3%5.8%
Five years and up to 10 years5.4%6.2%
(Source: sbi.co.in)

HDFC Bank Fixed Deposit Rates

Maturity PeriodInterest Rate (With Effect From November 13)
PublicSenior citizen
Seven days to 14 days2.50%    3.00%
15 days to 29 days2.50%  3.00%
30 days to 45 days3.00%    3.50%
46 days to 60 days3.00%  3.50%
61 days to 90 days3.00%  3.50%
91 days to six months3.50%    4.00%
Six months one day to nine months4.40%   4.90%
Nine months one day to less than one year4.40%    4.90%
One year4.90%   5.40%    
One year one day to two years4.90%   5.40%
Two years one day to three years5.15%   5.65%
Three years one day to five years5.30%   5.80%
Five years one day to 10 years5.50%   6.25%
(Source: hdfcbank.com)

ICICI Bank Fixed Deposit Rates

Lock-InInterest Rate With Effect From October 21
PublicSenior citizen
Seven to 14 days2.50%3%
15 to 29 days2.50%3%
30 to 45 days3%3.50%
46 to 60 days3%3.50%
61 to 90 days3%3.50%
91 to 120 days3.50%4%
121 to 184 days3.50%4%
185 to 210 days4.40%4.90%
211 to 270 days4.40%4.90%
271 to 289 days4.40%4.90%
290 days to less than one year 4.40%4.90%
One year to 389 days4.90%5.40%
390 days to less than 18 months4.90%5.40%
18 months and one day to two years5%5.50%
Two years and one day to three years5.15%5.65%
Three years and one day to five years5.35%5.85%
Five years and one day to 10 years5.50%6.30%
Five years tax-saver FD (maximum Rs 1.50 lakh)5.35%5.85%
(Source: icicibank.com)

Kotak Mahindra Bank Fixed Deposit Rates

Maturity PeriodInterest Rate With Effect From November 4
Seven to 14 days2.50%
15 to 30 days2.50%
31 to 45 days2.75%
46 to 90 days2.75%
91 to 120 days3.50%
121 to 179 days3.50%
180 days4.50%
181 to 269 days4.50%
270 days4.50%
271 to 363 days4.50%
364 days4.50%
365 to 389 days4.60%
390 days (12 months and 25 days)4.90%
391 days to less than 23 months4.90%
23 months4.90%
23 months and one day to less than two years4.90%
Two years to less than three years4.90%
Three years and above but less than four years4.90%
Four years and above but less than five years4.75%
Five years and above up to 10 years4.50%
(Source: kotak.com)

This year, the RBI has reduced the repo rate - or the key interest rate at which it lends money to banks - by a total of 115 basis points since February, on top of 135 basis points last year. This has also forced banks to lower their FD rates. 

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