Looking To Open A Fixed Deposit Account? Returns Offered By Top Banks Compared
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:
| Tenors | Revised For Public w.e.f. 30.07.2018 | Revised 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 |
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 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 mnths 1 day- 6 mnths 3 days | 6.75% | 7.25% |
| 6 mnths 4 days | 6.75% | 7.25% |
| 6 mnths 5 days- 9 mnths | 6.75% | 7.25% |
| 9 mnths 1 day- 9 mnths 3 days | 7.00% | 7.50% |
| 9 mnths 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 1day - 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% |
ICICI Bank
The following FD interest rates are for deposits below Rs 1 crore as stated on icicibank.com:
| Tenure Period | Rate of Interest (% p.a.) w.e.f August 14, 2018 | |
|---|---|---|
| General | Senior Citizen* | |
| 7 days to 14 days | 4 | 4.5 |
| 15 days to 29 days | 4.25 | 4.75 |
| 30 days to 45 days | 5.5 | 6 |
| 46 days to 60 days | 5.75 | 6.25 |
| 61 days to 90 days | 6 | 6.5 |
| 91 days to 120 days | 6 | 6.5 |
| 121 days to 184 days | 6 | 6.5 |
| 185 days to 289 days | 6.5 | 7 |
| 290 days to less than 1 year | 6.75 | 7.25 |
| 1 year to 389 days | 6.75 | 7.25 |
| 390 days to 2 years | 7 | 7.5 |
| 2 years 1 day upto 5 years | 7.25 | 7.75 |
| 5 years 1 day upto 10 years | 7 | 7.5 |
| 5 Years Tax saver FD(Max upto Rs. 1.50 lac) | 7.25 | 7.75 |
Axis Bank
The following FD interest rates on deposits below Rs 1 crore are with effect from October 1, according to axisbank.com :
| PERIOD | INTEREST RATES (% P.A.) | |
|---|---|---|
| GENERAL | SENIOR CITIZENS | |
| 7 days to 14 days | 3.5 | 3.5 |
| 15 days to 29 days | 3.5 | 3.5 |
| 30 days to 45 days | 5.5 | 5.5 |
| 46 days to 60 days | 6.25 | 6.25 |
| 61 days < 3 months | 6.25 | 6.25 |
| 3 months < 4 months | 6.25 | 6.25 |
| 4 months < 5 months | 6.25 | 6.25 |
| 5 months < 6 months | 6.25 | 6.25 |
| 6 months < 7 months | 6.75 | 7 |
| 7 months < 8 months | 6.75 | 7 |
| 8 months < 9 months | 6.75 | 7 |
| 9 months < 10 months | 7 | 7.25 |
| 10 months < 11 months | 7 | 7.25 |
| 11 months < 1 year | 7 | 7.25 |
| 1 year < 1 year 5 days | 7.25 | 7.9 |
| 1 year 5 days < 1 year 11 days | 7.5 | 8.15 |
| 1 year 11 days < 13 months | 7.25 | 7.9 |
| 13 months < 14 months | 7.3 | 7.95 |
| 14 months < 15 months | 7.25 | 7.9 |
| 15 months < 16 months | 7.25 | 7.9 |
| 16 months < 17 months | 7.25 | 7.9 |
| 17 months < 18 months | 7.55 | 8.2 |
| 18 Months < 2 years | 7.25 | 7.9 |
| 2 years < 30 months | 7.25 | 7.9 |
| 30 months < 3 years | 7.25 | 7.75 |
| 3 years < 5 years | 7.25 | 7.75 |
| 5 years to 10 years | 7 | 7.5 |
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. No | Period | ROI (% p.a.) | For Senior Citizen ROI (% p.a.) |
|---|---|---|---|
| 1 | 7 to 14 days | 5.7 | 6.2 |
| 2 | 15 to 29days | 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 |
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.