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Want To Invest In Fixed Deposits? Here's What Top Lenders Pay

One can deposit a money in fixed deposits for a specific period, ranging from seven days to 10 years.
One can deposit a money in fixed deposits for a specific period, ranging from seven days to 10 years.

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. In a fixed deposit account, money can be invested for a higher rate of interest than savings accounts. Fixed deposit interest rates are subject to change from time to time. The interest rates vary according to the tenor of a fixed deposit. One can deposit a money in fixed deposits for a specific period, ranging from seven days to 10 years.

Here's a comparison of interest rates offered by SBI, Punjab National Bank, 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:

Maturity period (term) Interest rate applicable to domestic/NRO fixed deposits up to Rs 1 crore (with effect from 01.01.2019)
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%
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%
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 Januray 11, 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 7.3 7.95
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 7.3 7.95
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 7.5

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.