Here Are Latest Fixed Deposit Interest Rates Offered By Top Banks
Top banks pay interest rates to the tune of 3.50-6.85 per cent on fixed deposits - also known as term deposits - up to Rs 2 crore. State Bank of India, HDFC Bank and ICICI Bank provide a range of maturity options to retail customers for setting up fixed deposits, starting from seven days to as long as 10 years. All three banks provide slightly better returns to senior citizen customers. For example, the country's largest lender, SBI, pays interest at the rates of 5.00-6.75 to senior citizens and 4.50-6.25 to others on these fixed deposits.
Here's a comparison of the interest rates offered by the three major banks - SBI, ICICI Bank and HDFC Bank - on fixed deposits (FDs) up to Rs 2 crore:
SBI Fixed Deposit Rates
State Bank of India offers the following FD interest rates on deposits below Rs. 2 crore with effect from November 10, according to the lender's website - sbi.co.in:
| Term | Interest Rate | |
|---|---|---|
| General Public | Senior Citizens | |
| Seven to 45 days | 4.50% | 5% |
| 46 to 179 days | 5.50% | 6% |
| 180 to 210 days | 5.80% | 6.30% |
| 211 days to less than one year | 5.80% | 6.30% |
| One year to less than two years | 6.25% | 6.75% |
| Two years to less than three years | 6.25% | 6.75% |
| Three years to less than five years | 6.25% | 6.75% |
| Five years and up to 10 years | 6.25% | 6.75% |
| (Source: sbi.co.in) | ||
HDFC Bank Fixed Deposit Rates With Effect From October 30
HDFC Bank offers the following FD interest rates on deposits below Rs 2 crore from October 30, 2019, according to its website - hdfcbank.com:
| Term | Interest Rate | |
|---|---|---|
| General Public | Senior Citizens | |
| Seven to 14 days | 3.50% | 4.00% |
| 15 to 29 days | 4.00% | 4.50% |
| 30 to 45 days | 4.90% | 5.40% |
| 46 to 60 days | 5.40% | 5.90% |
| 61 to 90 days | 5.40% | 5.90% |
| 91 days to six months | 5.40% | 5.90% |
| Six months and one days to nine months | 6.00% | 6.50% |
| Nine months and one day to less than one year | 6.25% | 6.75% |
| One year | 6.45% | 6.95% |
| One year and one day to two years | 6.45% | 6.95% |
| Two years and one day to three years | 6.85% | 7.35% |
| Three years and one day to five years | 6.75% | 7.25% |
| Five years and one day to 10 years | 6.75% | 7.25% |
| (Source: hdfcbank.com) | ||
ICICI Bank Fixed Deposit Rates With Effect From October 23
ICICI Bank offers the following FD interest rates on deposits below Rs 2 crore from October 23, 2019, according to the lender's website - icicibank.com:
| Term | Interest Rate | |
|---|---|---|
| General Public | Senior Citizens | |
| Seven to 14 days | 4% | 4.50% |
| 15 to 29 days | 4.25% | 4.75% |
| 30 to 45 days | 5% | 5.50% |
| 46 to 60 days | 5.50% | 6% |
| 61 to 90 days | 5.50% | 6% |
| 91 to 120 days | 5.50% | 6% |
| 121 to 184 days | 5.50% | 6% |
| 185 to 289 days | 6% | 6.50% |
| 290 days to less than one year | 6.25% | 6.75% |
| One year to 389 days | 6.45% | 6.95% |
| 390 days to less than 18 months | 6.45% | 6.95% |
| 18 months to two years | 6.85% | 7.35% |
| Two years and one day to three years | 6.75% | 7.25% |
| Three years and one day to five years | 6.75% | 7.25% |
| Five years and one day to 10 years | 6.75% | 7.25% |
| 5 years tax saver (maximum Rs 1.50 lakh) | 6.75% | 7.25% |
| (Source: icicibank.com) | ||
Fixed deposit accounts with a lock-in period of five or 10 years offer income tax benefits under Section 80C of the Income Tax Act.
Meanwhile, the Reserve Bank of India (RBI) has so far this year reduced the repo rate - the key interest rate at which it lends short-term funds to commercial banks such as SBI, PNB, ICICI Bank and HDFC Bank - by 135 basis points (1.35 percentage point).