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