Interest You Can Earn On 5-Year Fixed Deposit From Top Banks
Many banks have recently revised interest rates paid by them on retail fixed deposits. While HDFC Bank is the latest major lender to make changes to its FD interest rates in select maturities, Punjab National Bank (PNB) and Canara Bank announced new rates earlier this month. The latest adjustments in fixed deposit rates by banks - including the largest lender State Bank of India (SBI) - come days after announcement of a hike in repo rate by the Reserve Bank of India (RBI). Top banks today pay interest rates to the tune of 3.5-7.75 per cent on fixed deposits of up to Rs 1 crore for a maturity period ranging from seven days to five years.
Here's a comparison of FD interest rates paid by SBI, ICICI Bank, HDFC Bank, Axis Bank, PNB and Canara Bank on fixed deposits below Rs 1 crore for a maturity period up to five years:
State Bank of India (SBI)
SBI pays the following interest rates on retail domestic term deposits of up to Rs 1 crore with effect from July 30, according to the bank's website - sbi.co.in:
| FD period | Interest rate for general public (in percentage) | Interest rate for senior citizens (in percentage) |
|---|---|---|
| 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 |
| (Source: sbi.co.in) | ||
Punjab National Bank (PNB)
PNB provides the following interest rates on domestic term deposits up to Rs 1 crore with effect from August 1, according to the bank's website - pnbindia.in:
| FD period | Interest rate (return on investment) in percentage | |
|---|---|---|
| For general public | For senior citizens | |
| 7 to 14 days | 5.7 | 6.2 |
| 15 to 29days | 5.7 | 6.2 |
| 30 to 45 days | 5.7 | 6.2 |
| 46 to 90 days | 6.35 | 6.85 |
| 91 to 179 days | 6.35 | 6.85 |
| 180 days to 270 Days | 6.35 | 6.85 |
| 271 days to less than 1 year | 6.35 | 6.85 |
| 1 year | 6.75 | 7.25 |
| above 1 year & upto 3 years | 6.75 | 7.25 |
| above 3 year & upto 5 years | 6.25 | 6.75 |
| (Source: pnbindia.in) | ||
ICICI Bank
ICICI Bank pays the following interest rates on domestic, NRO and NRE deposits of up to Rs 1 crore with effect from June 7, 2018, according to the bank's website - icicibank.com:
| Interest rate (in percentage) | ||
|---|---|---|
| FD period | For general public | For senior citizens |
| 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 | 6.25 | 6.75 |
| 290 days to less than 1 year | 6.5 | 7 |
| 1 year to 389 days | 6.6 | 7.1 |
| 390 days to 2 years | 6.75 | 7.25 |
| 2 years 1 day upto 5 years | 7 | 7.5 |
| 5 years 1 day upto 10 years | 7 | 7.5 |
| 5 Years Tax saver FD(Max upto Rs. 1.50 lac) | 7 | 7.5 |
| (Source: icicibank.com) | ||
HDFC Bank
HDFC Bank provides the following interest rates on domestic, NRO or NRE term deposits up to Rs 1 crore with effect from August 6, according to the bank's website - hdfcbank.com:
| FD period | Interest rate (in percentage) | |
|---|---|---|
| For general public | For senior citizens | |
| 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 months 1 day- 6 months 3 days | 6.75 | 7.25 |
| 6 months 4 days | 6.75 | 7.25 |
| 6 months 5 days- 9 months | 6.75 | 7.25 |
| 9 months 1 day- 9 months 3 days | 7.00 | 7.50 |
| 9 months 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 1 day - 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 |
| (Source: hdfcbank.com) | ||
Canara Bank
Canara Bank pays the following interest rates on term deposits up to Rs 1 crore with effect from Auguts 4, according to the bank's website - canarabank.com:
| FD period | Interest rate for general public (in percentage) | Interest rate for senior citizens (in percentage) |
|---|---|---|
| 7 days to 14 days * | 5.75 | 6.25 |
| 15 days to 30 days | 5.75 | 6.25 |
| 31 days to 45 days | 5.75 | 6.25 |
| 46 days to 60 days | 6.25 | 6.75 |
| 61 days to 90 days | 6.25 | 6.75 |
| 91 days to 120 days | 6.25 | 6.75 |
| 121 days to 179 days | 6.25 | 6.75 |
| 180 days to 269 days | 6.35 | 6.85 |
| 270 days to less than 1 year | 6.4 | 6.9 |
| 1 year only | 6.7 | 7.2 |
| Above 1 year to less than 2 years | 7 | 7.5 |
| 2 years & above to less than 3 years | 6.7 | 7.2 |
| 3 years & above to less than 5 years | 6.2 | 6.7 |
| 5 years & above to less than 8 years | 6.2 | 6.7 |
| 8 years & above to 10 years | 6.2 | 6.7 |
| (Source: canarabank.com) | ||
Axis Bank
Axis Bank pays the following interest rates on domestic deposits up to Rs 1 crore with effect from July 10, according to the bank's website - axisbank.com:
| FD period | Interest rate (return on investment) in percentage | |
|---|---|---|
| For general public | For 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 | 6 |
| 61 days < 3 months | 6 | 6 |
| 3 months < 4 months | 6 | 6 |
| 4 months < 5 months | 6 | 6 |
| 5 months < 6 months | 6 | 6 |
| 6 months < 7 months | 6.25 | 6.5 |
| 7 months < 8 months | 6.25 | 6.5 |
| 8 months < 9 months | 6.25 | 6.5 |
| 9 months < 10 months | 6.5 | 6.75 |
| 10 months < 11 months | 6.5 | 6.75 |
| 11 months < 1 year | 6.5 | 6.75 |
| 1 year < 13 months | 7.1 | 7.75 |
| 13 months < 14 months | 7.1 | 7.75 |
| 14 months < 15 months | 7 | 7.65 |
| 15 months < 16 months | 7 | 7.65 |
| 16 months < 17 months | 7 | 7.65 |
| 17 months < 18 months | 7 | 7.65 |
| 18 Months < 2 years | 7 | 7.65 |
| 2 years < 30 months | 7 | 7.65 |
| 30 months < 3 years | 7 | 7.5 |
| 3 years < 5 years | 7 | 7.5 |
| (Source: axisbank.com) | ||
Banks offer slightly better return on investment (RoI) to senior citizens on term deposits in some maturities.