FD Interest Rates: Here's What Public And Private Sector Banks Pay

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.

FD Interest Rates: Here's What Public And Private Sector Banks Pay

One can deposit a lump sum of money in fixed deposits for a specific period.

A fixed deposit (FD) is a secure financial instrument offered by banks, which fetch guaranteed returns. In a fixed deposit account, money can be invested for a higher rate of interest than savings accounts. One can deposit a lump sum of money in fixed deposits for a specific period, ranging from seven days to 10 years. 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.

How to create a fixed deposit

Fixed deposit accounts can be created by visiting a bank branch or even online. These days, most banks offer the facility of opening fixed deposits online.

Major banks like State Bank of India (SBI), ICICI Bank and HDF Bank offer the option of opening a fixed deposit account.

Given below are the fixed deposit (FD) interest rates offered by State Bank of India (SBI), ICICI Bank, HDFC Bank and Indian Bank

State Bank of India (SBI)

Given below are the latest SBI FD interest rates on deposits below Rs 2 crore:

TenorsRevised For Public w.e.f. 22.02.2019Revised for Senior Citizens w.e.f. 22.02.2019
7 days to 45 days5.75%6.25%
46 days to 179 days6.25%6.75%
180 days to 210 days6.35%6.85%
211 days to less than 1 year6.4%6.9%
1 year to less than 2 year6.8%7.3%
2 years to less than 3 years6.8%7.3%
3 years to less than 5 years6.8%7.3%
5 years and up to 10 years6.85%7.35%
(Source: sbi.co.in)

HDFC Bank

The following FD interest rates are applicable on deposits below Rs 2 crore from March 7, 2019 according to hdfcbank.com:

Period

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 days7.10%7.60%
9 months 4 days7.10%7.60%
9 months 5 days - 9 months 15 days7.10%7.60%
9 months 16 days7.10%7.60%
9 months 17 days < 1 Year7.10%7.60%
1 Year7.30%7.80%
1 year 1 day - 1 year 3 days7.30%7.80%
1 year 4 days7.30%7.80%
1 year 5 days - 1 Year 15 Days7.30%7.80%
1 Year 16 days7.30%7.80%
1 year 17 days - 2 Years7.30%7.80%
2 years 1day - 2 Years 15 days7.40%7.90%
2 Years 16 days7.40%7.90%
2 years 17 days - 3 Years7.40%7.90%
3 years 1day - 5 years7.25%7.75%
5 Years 1 Day - 8 Years6.50%7.00%
8 Years 1 Day - 10 Years6.50%7.00%

ICICI Bank

The following FD interest rates are applicable on deposits below Rs 2 crore according to icicibank.com:

Rate of Interest applicable from March 7, 2019
Tenure PeriodGeneralSenior Citizen
7 days to 14 days44.5
15 days to 29 days4.254.75
30 days to 45 days5.56
46 days to 60 days66.5
61 days to 90 days6.256.75
91 days to 120 days6.256.75
121 days to 184 days6.256.75
185 days to 289 days6.57
290 days to less than 1 year6.757.25
1 year to 389 days6.97.4
390 days to 2 years7.17.6
2 years 1 day up to 3 years7.58
3 years 1 day up to 5 years7.257.75
5 years 1 day up to 10 years77.5
5 Years Tax saver FD(Max upto Rs. 1.50 lac)7.257.75

Indian bank

The following FD interest rates are applicable on deposits below Rs 1 crore with effect from February 17, 2019, according to the bank's website - indianbank.in:

Maturity PeriodLess Than Rs 1 Crore, rates p.a.(%)
7 days to 14 days4.5%
15 days to 29 days4.5%
30 days to 45 days4.5%
46 days to 90 days5%
91 days to 120 days6.25%
121 days to 180 days6.5%
181 days to less than 9 months6.5%
9 months to less than 1 year6.5%
1 year6.75%
Above 1 Year to less than 2 Years6.6%
2 years to less than 3 years6.5%
3 years to less than 5 years6%
5 year6%
Above 5 years6%

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, according to Indian Bank.

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