Planning To Set Up A Fixed Deposit? Compare Top Banks' Interest Rates Here

Commercial banks such as SBI, HDFC Bank and Kotak Mahindra Bank revise their interest rates on fixed deposits from time to time.

Planning To Set Up A Fixed Deposit? Compare Top Banks' Interest Rates Here

Banks offer fixed deposits in a range of maturity periods starting from seven days

India's top banks currently provide annual returns to the tune of 2.75-6.30 per cent on retail fixed deposits - also known as term deposits - up to Rs 2 crore. Lenders from the likes of state-run SBI and Punjab National Bank (PNB) to their private sector peers HDFC Bank, Kotak Mahindra Bank and ICICI Bank offer a variety of maturity periods for retail fixed deposits, starting from seven days. Lenders revise the interest rates applicable to fixed deposits from time to time. SBI, the country's largest bank by assets, for example, revised its interest rates applicable to fixed deposits last on May 27. 

Here's a comparison of the interest rates offered by these banks on retail fixed deposits (FDs up to Rs 2 crore):

State Bank Of India SBI Fixed Deposit Interest Rates

Maturity periodInterest rate with effect from May 27
PublicSenior citizen
Seven days to 45 days2.9%3.4%
46 days to 179 days3.9%4.4%
180 days to 210 days4.4%4.9%
211 days to less than one year4.4%4.9%
One year to less than two years5.1%5.6%
Two years to less than three years5.1%5.6%
Three years to less than five years5.3%5.8%
Five years and up to 10 years5.4%6.2%
(Source: sbi.co.in)

Punjab National Bank (PNB) Fixed Deposit Interest Rates

Maturity periodInterest rate with effect from July 1
PublicSenior citizen
Seven days to 14 days3.00%3.75%
15 days to 29 days3.00%3.75%
30 days to 45 days3.00%3.75%
46 days to 90 days3.25%4%
91 days to 179 days4.00%4.75%
180 days to 270 days4.40%5.15%
271 days to less than one year4.50%5.25%
333 days4.50%5.25%
One year5.25%6%
444 days5.25%6%
555 days5.25%6%
Above one year and up to two years5.25%6%
Above two years and up to three years5.25%6%
Above three years and up to five years5.30%6.15%
Above five years and up to 10 years5.30%6.15%
(Source: pnbindia.in)

IDBI Bank Fixed Deposit Interest Rates

Maturity periodInterest rate with effect from July 1
PublicSenior citizen
Seven days to 14 days3.00%3.75%
15 to 30 days3.00%3.75%
31 to 45 days3.00%3.75%
46 to 60 days3.25%4%
61 to 90 days4.00%4.75%
91 to six months4.40%5.15%
Six months and one day to 270 days4.50%5.25%
271 days to less than one year4.50%5.25%
One year5.25%6%
More than one year to two years5.25%6%
More than two years to less than three years5.25%6%
Three years to less than five years5.25%6%
Five years5.25%6%
More than five years to seven years5.30%6.15%
More than seven years to 10 years 5.30%6.15%
(Source: idbibank.in)

HDFC Bank Fixed Deposit Interest Rates

Maturity periodInterest rate with effect from June 12
PublicSenior citizen
Seven days to 14 days2.75%3.25%
15 days to 29 days3.00%3.50%
30 days to 45 days3.25%3.75%
46 days to 60 days4.00%4.50%
61 days to 90 days4.00%4.50%
91 days to six months4.10%4.60%
Six months one day to nine months4.50%5.00%
Nine months one day to less than one year4.75%5.25%
One year5.25%5.75%
One year one day to two years5.25%5.75%
Two years one day to three years5.35%5.85%
Three years one day to five years5.50%6.00%
Five years one day to 10 years5.50%6.25%
(Source: hdfcbank.com)

Kotak Mahindra Bank Fixed Deposit Interest Rates

Maturity periodInterest rate with effect from June 22
Seven to 14 days2.75%
15 to 30 days3%
31 to 45 days3%
46 to 90 days3.50%
91 to 120 days4.10%
121 to 179 days4.10%
180 days4.50%
181 to 269 days4.75%
270 days4.75%
271 to 363 days4.75%
364 days4.75%
365 to 389 days5.15%
390 days (12 months and 25 days)5.25%
391 days to less than 23 months5.25%
23 months5.25%
23 months and one day to less than two years5.15%
Two years to less than three years4.90%
Three years and above but less than four years4.90%
Four years and above but less than five years4.75%
Five years and above up to 10 years4.50%
(Source: kotak.com)

ICICI Bank Fixed Deposit Interest Rates

Maturity periodInterest rate with effect from June 16
PublicSenior citizen
Seven to 14 days2.75%3.25%
15 to 29 days3.00%3.50%
30 to 45 days3.25%3.75%
46 to 60 days3.50%4.00%
61 to 90 days3.50%4.00%
91 to 120 days4.10%4.60%
121 to 184 days4.10%4.60%
185 to 210 days4.50%5.00%
211 to 270 days4.50%5.00%
271 to 289 days4.50%5.00%
290 days to less than one year 4.75%5.25%
One year to 389 days5.15%5.65%
390 days to less than 18 months5.15%5.65%
18 months and one day to two years5.35%5.85%
Two years and one day to three years5.35%5.85%
Three years and one day to five years5.50%6%
Five years and one day to 10 years5.50%6.30%
Five years tax-saver FD (maximum Rs 1.50 lakh)5.50%6%
(Source: icicibank.com)

Meanwhile, the Reserve Bank of India (RBI) in May lowered the repo rate - or the key interest rate at which it lends short-term funds to commercial banks - by 40 basis points to 4 per cent, the lowest since 2000.