Fixed Deposit Interest Rates Of Public, Private Banks Compared Here

The fixed deposit accounts which have a lock-in period of five or 10 years also offer income tax benefit under Section 80C of the Income Tax Act.

Fixed Deposit Interest Rates Of Public, Private Banks Compared Here

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

A fixed deposit (FDs) is a secure financial instrument offered by banks, post offices, small finance banks, non-banking financial companies which fetch guaranteed returns. In a fixed deposit account, money can be invested for a higher rate of interest than savings accounts. One can deposit a lump sum of money in fixed deposits for a specific period, ranging from seven days to 10 years. Fixed deposit interest rates are subject to change from time to time. Public sector lender Canara Bank revised its fixed deposit rates with effect from April 5.

Here's a comparison of fixed deposit (FD) interest rates paid by SBI, Canara Bank, HDFC Bank and ICICI Bank:

Canara Bank

The following FD interest rates are applicable on deposits below Rs. 2 crore with effect from April 5, 2019 according to canarabank.com:

TenorsGeneral public (% p.a.)Senior citizens (% p.a)
7 days to 14 days5.756.25
15 days to 30 days5.756.25
31 days to 45 days5.756.25
46 days to 60 days66.5
61 days to 90 days66.5
91 days to 120 days66.5
121 days to 179 days66.5
180 days to 269 days66.5
270 days to less than 1 year6.26.7
1 year only6.757.25
Above 1 year to less than 2 years6.67.1
2 years & above to less than 3 years6.67.1
3 years & above to less than 5 years66.5
5 years & above to less than 8 years66.5
8 years & above to 10 years66.5
444 Days (Canara Shikhar Deposit)6.657.15
555 Days (Canara Shikhar Deposit)6.77.2

State Bank of India

The following FD interest rates are applicable on deposits below Rs. 2 crore with effect from February 22, 2019:

TenorsGeneral public (% p.a.) Senior citizens (% p.a.)
7 days to 45 days5.75%6.25%
46 days to 179 days6.25%6.75%
180 days to 210 days6.35%6.85%
211 days to less than 1 year6.4%6.9%
1 year to less than 2 year6.8%7.3%
2 years to less than 3 years6.8%7.3%
3 years to less than 5 years6.8%7.3%
5 years and up to 10 years6.85%7.35%
(Source: sbi.co.in)

HDFC Bank

The following FD interest rates are applicable on deposits below Rs. 2 crore from March 7, 2019 according to hdfcbank.com:

Tenors

General public (% p.a.)

Senior citizens (% p.a.)

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%

ICICI Bank

The following FD interest rates are applicable on deposits below Rs. 2 crore according to icicibank.com:

Rate of Interest applicable from March 7, 2019
TenorsGeneral public (% p.a.)​Senior citizens (% p.a.)
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 lac)7.257.75

The fixed deposit accounts which have a lock-in period of five or 10 years also offer income tax benefit under Section 80C of the Income Tax Act.
 

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