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Looking To Open A Fixed Deposit Account? Returns Offered By Top 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.

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Looking To Open A Fixed Deposit Account? Returns Offered By Top Banks Compared

Some fixed deposit (FD) accounts come with a premature withdrawal facility


Fixed deposits (FDs) are secure financial instruments that offer guaranteed returns. FD interest rates vary from one bank to another depending on factors such as maturity period and amount. In a fixed deposit account, money is deposited for a specific time, which varies from seven days to ten years in major banks. Investment in a fixed deposits fetches higher interest rates than money deposited in a savings accounts. Some banks provide a a premature withdrawal facility along with a fixed deposit account with while others require a compulsory lock-in period.

Here is a comparison of fixed deposit (FD) interest rates offered by State Bank of India (SBI), Punjab National Bank (PNB), HDFC Bank, ICICI Bank and Axis Bank:

State Bank of India

The following FD interest rates are applicable on deposits below Rs 1 crore as stated on 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

 

HDFC Bank 

The following FD interest rates are for deposits below Rs 1 crore with effect from October 6, as stated on 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 mnths 1 day- 6 mnths 3 days6.75%7.25%
6 mnths 4 days6.75%7.25%
6 mnths 5 days- 9 mnths6.75%7.25%
9 mnths 1 day- 9 mnths 3 days7.00%7.50%
9 mnths 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 1day - 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%

 

(Also Read: Zero Balance Savings Account: SBI Vs HDFC Bank Vs ICICI Bank)

ICICI Bank

The following FD interest rates are for deposits below Rs 1 crore as stated on 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 upto 5 years7.257.75
5 years 1 day upto 10 years77.5
5 Years Tax saver FD(Max upto Rs. 1.50 lac)7.257.75

 

Axis Bank

The following FD interest rates on deposits below Rs 1 crore are with effect from October 1, according to axisbank.com :

PERIODINTEREST RATES (% P.A.)
 GENERALSENIOR CITIZENS
7 days to 14 days3.53.5
15 days to 29 days3.53.5
30 days to 45 days5.55.5
46 days to 60 days6.256.25
61 days < 3 months6.256.25
3 months < 4 months6.256.25
4 months < 5 months6.256.25
5 months < 6 months6.256.25
6 months < 7 months6.757
7 months < 8 months6.757
8 months < 9 months6.757
9 months < 10 months77.25
10 months < 11 months77.25
11 months < 1 year77.25
1 year < 1 year 5 days7.257.9
1 year 5 days < 1 year 11 days7.58.15
1 year 11 days < 13 months7.257.9
13 months < 14 months7.37.95
14 months < 15 months7.257.9
15 months < 16 months7.257.9
16 months < 17 months7.257.9
17 months < 18 months7.558.2
18 Months < 2 years7.257.9
2 years < 30 months7.257.9
30 months < 3 years7.257.75
3 years < 5 years7.257.75
5 years to 10 years77.5

 

Punjab National Bank

The following FD interest rates are applicable on deposits below Rs 1 crore from August 1, 2018 as stated on pnbindia.in: 

Sl. NoPeriodROI (% p.a.)For Senior Citizen ROI (% p.a.)
17 to 14 days5.76.2
215 to 29days5.76.2
330 to 45 days5.76.2
446 to 90 days6.356.85
591 to 179 days6.356.85
6180 days to 270 Days6.356.85
7271 days to less than 1 year6.356.85
81 year6.757.25
9above 1 year & upto 3 years6.757.25
10above 3 year & upto 5 years6.256.75
11above 5 years & upto 10 years6.256.75

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.

Meanwhile, small finance banks such as Jana Small Finance Bank, Fincare Small Finance Bank and ESAF Small Finance Bank offer interest rates up to 9.5 per cent to senior citizens on FDs up to Rs 1 crore.



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