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Fixed Deposit Interest Rates: Here's What Top 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.

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Fixed Deposit Interest Rates: Here's What Top Banks Pay

FD interest rates of banks are higher for senior citizens as compared to those for general public.


Fixed deposits (FDs) are secure financial instruments that offer guaranteed returns. In a fixed deposit account, money is deposited for a specific time. Most banks today offer a maturity period ranging from seven days to 10 years for fixed deposits. Money deposited in a savings account usually fetches an interest rate to the tune of 3-4 per cent. Fixed deposits, however, offer much higher interest rates compared to savings accounts. Lenders also pay slightly higher interest rates on fixed deposits to senior citizens, compared to those applicable to the general public. Banks keep on revising their FD interest rates from time to time.

Here is a comparison of interest rates paid by State Bank of India (SBI), Punjab National Bank (PNB), Canara Bank, ICICI Bank and HDFC Bank on fixed deposits of up to Rs 1 crore:

State Bank of India

TermInterest rate for general public (with effect from July 30, 2018)Interest rate for senior citizens (with effect from July 30, 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

 

Punjab National Bank

Sl. NoPeriodInterest rate for general public (with effect from August 1, 2018)Interest rate for senior citizens (with effect from August 1, 2018)
17 to 14 days5.76.2
215 to 29 days5.76.2
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

 

Canara Bank

TermInterest rate for general public (with effect from August 4, 2018)Interest rate for senior citizen (with effect from August 4, 2018)
7 days to 14 days *5.756.25
15 days to 30 days5.756.25
31 days to 45 days5.756.25
46 days to 60 days6.256.75
61 days to 90 days6.256.75
91 days to 120 days6.256.75
121 days to 179 days6.256.75
180 days to 269 days6.356.85
270 days to less than 1 year6.46.9
1 year only6.77.2
Above 1 year to less than 2 years77.5
2 years & above to less than 3 years6.77.2
3 years & above to less than 5 years6.26.7
5 years & above to less than 8 years6.26.7
8 years & above to 10 years                  6.26.7
(Source: canarabank.com)

 

ICICI Bank

 
Tenure PeriodInterest rate (with effect from 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

 

HDFC Bank 

PeriodInterest rate (with effect from August 6, 2018)
For general publicFor senior citizens
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 1day - 5 years7.10%7.60%
5 Years 1 Day - 8 Years6.00%6.50%
8 Years 1 Day - 10 Years6.00%6.50%

Some fixed deposits come with a premature withdrawal facility while some require a compulsory lock-in period. 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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