This Article is From Feb 07, 2019

Fixed Deposit Interest Rates Offered By Banks On Deposits Below Rs 1 Crore

Fixed deposit accounts with a lock-in period of five or 10 years are eligible for deduction in income tax under Section 80C of the Income Tax Act.

Fixed Deposit Interest Rates Offered By Banks On Deposits Below Rs 1 Crore

Fixed deposit interest rates are subject to change from time to time.

Fixed deposits or FDs are secure financial instruments offered by public, private sector banks, small finance banks, non-banking financial companies (NBFCs) and post offices, which fetch guaranteed returns. Fixed deposit interest rates are subject to change from time to time. Last week, Axis Bank revised its fixed deposit interest rates on select maturities, according to the private sector lender's website. State-run Punjab National Bank (PNB) has also revised its fixed deposit (FD) interest rates. With effect from February 1, 2019, PNB added three new maturity periods.

Here's a comparison of interest rates offered by SBI, PNB, Axis Bank, HDFC Bank and ICICI Bank on fixed deposits up to Rs. 1 crore:

State Bank of India

Given below are the latest SBI FD interest rates on deposits below Rs. 1 crore:

TenorsRevised For Public w.e.f. 28.11.2018Revised for Senior Citizens w.e.f. 28.11.2018
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 year6.87.3
2 years to less than 3 years6.87.3
3 years to less than 5 years6.87.3
5 years and up to 10 years6.857.35
(Source: sbi.co.in)

 

Punjab National Bank

The following FD interest rates are applicable on deposits below Rs. 1 crore:

Interest rate applicable to domestic/NRO fixed deposits up to Rs. 1 crore (with effect from 01.02.2019)
Maturity period (term)For general publicFor senior citizens
7 to 14 days5.75%6.25%
15 to 29 days5.75%6.25%
30 to 45 days5.75%6.25%
46 to 90 days6.35%6.85%
91 to 179 days6.35%6.85%
111 days6.5%7%
180 days to 270 Days6.35%6.85%
222 days6.6%7.1%
271 days to less than 1 year6.35%6.85%
333 days7.1%7.6%
1 year6.75%7.25%
555 days (effective for a period of 01.11.2018 to 31.03.2019)6.85%7.35%
above 1 year & up to 3 years6.75%7.25%
above 3 year & up to 5 years6.25%6.75%
above 5 years & up to 10 years6.25%6.75%
(Source: pnbindia.in)  

 

Axis Bank

The following FD interest rates are applicable on deposits below Rs. 1 crore:

Interest rates (with effect from February 1, 2019)
TermGeneral publicSenior 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 months7.17.35
10 months < 11 months7.17.35
11 months < 1 year7.17.35
1 year < 1 year 5 days7.37.95
1 year 5 days < 1 year 11 days7.558.2
1 year 11 days < 13 months7.37.95
13 months < 14 months7.358
14 months < 15 months7.37.95
15 months < 16 months7.37.95
16 months < 17 months7.37.95
17 months < 18 months7.68.25
18 Months < 2 years7.37.95
2 years < 30 months7.58.15
30 months < 3 years7.58
3 years < 5 years7.257.75
5 years to 10 years7.257.75

 

HDFC Bank

The following FD interest rates are applicable on deposits below Rs. 1 crore from November 6, 2018:

PeriodInterest rate on FD less than Rs. 1 Crore
 General publicSenior citizen
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 months 1 day- 6 months 3 days6.75%7.25%
6 months 4 days6.75%7.25%
6 months 5 days- 9 months6.75%7.25%
9 months 1 day- 9 months 3 days7.10%7.60%
9 months 4 days7.10%7.60%
9 months 5 days - 9 months 15 days7.10%7.60%
9 months 16 days7.10%7.60%
9 months 17 days < 1 Year7.10%7.60%
1 Year7.30%7.80%
1 year 1 day - 1 year 3 days7.30%7.80%
1 year 4 days7.30%7.80%
1 year 5 days - 1 Year 15 days7.30%7.80%
1 Year 16 days7.30%7.80%
1 year 17 days - 2 Years7.30%7.80%
2 years 1 day - 2 Years 15 days7.40%7.90%
2 Years 16 days7.40%7.90%
2 years 17 days - 3 Years7.40%7.90%
3 years 1 day - 5 years7.25%7.75%
5 Years 1 day - 8 Years6.50%7.00%
8 Years 1 day - 10 Years6.50%7.00%
(Source: hdfcbank.com)

 

ICICI Bank

The following FD interest rates are applicable on deposits below Rs. 1 crore:

Rate of Interest (% p.a.) w.e.f November 15, 2018
Tenure PeriodGeneralSenior Citizen
7 days to 14 days44.5
15 days to 29 days4.254.75
30 days to 45 days5.56
46 days to 60 days66.5
61 days to 90 days6.256.75
91 days to 120 days6.256.75
121 days to 184 days6.256.75
185 days to 289 days6.57
290 days to less than 1 year6.757.25
1 year to 389 days6.97.4
390 days to 2 years7.17.6
2 years 1 day up to 3 years7.58
3 years 1 day up to 5 years7.257.75
5 years 1 day up to 10 years77.5
5 years Tax saver FD (max up to Rs. 1.50 lakh)7.257.75
(Source: icicibank.com)

 

Fixed deposit accounts with a lock-in period of five or 10 years are eligible for deduction in income tax under Section 80C of the Income Tax Act. Last week, Union Minister Piyush Goyal, in his Budget speech, proposed to increase the limit for tax deduction at source (TDS) on interest income from Rs. 10,000 to Rs. 40,000 per annum. (Here's how it impacts you)