Fixed Deposit Interest Rates Offered By Banks On Deposits Below Rs 1 Crore
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:
| Tenors | Revised For Public w.e.f. 28.11.2018 | Revised for Senior Citizens w.e.f. 28.11.2018 |
|---|---|---|
| 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 | 6.8 | 7.3 |
| 2 years to less than 3 years | 6.8 | 7.3 |
| 3 years to less than 5 years | 6.8 | 7.3 |
| 5 years and up to 10 years | 6.85 | 7.35 |
| (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 public | For senior citizens |
|---|---|---|
| 7 to 14 days | 5.75% | 6.25% |
| 15 to 29 days | 5.75% | 6.25% |
| 30 to 45 days | 5.75% | 6.25% |
| 46 to 90 days | 6.35% | 6.85% |
| 91 to 179 days | 6.35% | 6.85% |
| 111 days | 6.5% | 7% |
| 180 days to 270 Days | 6.35% | 6.85% |
| 222 days | 6.6% | 7.1% |
| 271 days to less than 1 year | 6.35% | 6.85% |
| 333 days | 7.1% | 7.6% |
| 1 year | 6.75% | 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 years | 6.75% | 7.25% |
| above 3 year & up to 5 years | 6.25% | 6.75% |
| above 5 years & up to 10 years | 6.25% | 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) | ||
|---|---|---|
| Term | General public | 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 | 7.1 | 7.35 |
| 10 months < 11 months | 7.1 | 7.35 |
| 11 months < 1 year | 7.1 | 7.35 |
| 1 year < 1 year 5 days | 7.3 | 7.95 |
| 1 year 5 days < 1 year 11 days | 7.55 | 8.2 |
| 1 year 11 days < 13 months | 7.3 | 7.95 |
| 13 months < 14 months | 7.35 | 8 |
| 14 months < 15 months | 7.3 | 7.95 |
| 15 months < 16 months | 7.3 | 7.95 |
| 16 months < 17 months | 7.3 | 7.95 |
| 17 months < 18 months | 7.6 | 8.25 |
| 18 Months < 2 years | 7.3 | 7.95 |
| 2 years < 30 months | 7.5 | 8.15 |
| 30 months < 3 years | 7.5 | 8 |
| 3 years < 5 years | 7.25 | 7.75 |
| 5 years to 10 years | 7.25 | 7.75 |
HDFC Bank
The following FD interest rates are applicable on deposits below Rs. 1 crore from November 6, 2018:
| Period | Interest rate on FD less than Rs. 1 Crore | |
|---|---|---|
| General public | Senior citizen | |
| 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 | 7.10% | 7.60% |
| 9 months 4 days | 7.10% | 7.60% |
| 9 months 5 days - 9 months 15 days | 7.10% | 7.60% |
| 9 months 16 days | 7.10% | 7.60% |
| 9 months 17 days < 1 Year | 7.10% | 7.60% |
| 1 Year | 7.30% | 7.80% |
| 1 year 1 day - 1 year 3 days | 7.30% | 7.80% |
| 1 year 4 days | 7.30% | 7.80% |
| 1 year 5 days - 1 Year 15 days | 7.30% | 7.80% |
| 1 Year 16 days | 7.30% | 7.80% |
| 1 year 17 days - 2 Years | 7.30% | 7.80% |
| 2 years 1 day - 2 Years 15 days | 7.40% | 7.90% |
| 2 Years 16 days | 7.40% | 7.90% |
| 2 years 17 days - 3 Years | 7.40% | 7.90% |
| 3 years 1 day - 5 years | 7.25% | 7.75% |
| 5 Years 1 day - 8 Years | 6.50% | 7.00% |
| 8 Years 1 day - 10 Years | 6.50% | 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 Period | 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 | 6 | 6.5 |
| 61 days to 90 days | 6.25 | 6.75 |
| 91 days to 120 days | 6.25 | 6.75 |
| 121 days to 184 days | 6.25 | 6.75 |
| 185 days to 289 days | 6.5 | 7 |
| 290 days to less than 1 year | 6.75 | 7.25 |
| 1 year to 389 days | 6.9 | 7.4 |
| 390 days to 2 years | 7.1 | 7.6 |
| 2 years 1 day up to 3 years | 7.5 | 8 |
| 3 years 1 day up to 5 years | 7.25 | 7.75 |
| 5 years 1 day up to 10 years | 7 | 7.5 |
| 5 years Tax saver FD (max up to Rs. 1.50 lakh) | 7.25 | 7.75 |
| (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)