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Fixed Deposit Interest Rates: Here's What Top Banks Offer

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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Fixed Deposit Interest Rates: Here's What Top Banks Offer

In a fixed deposit account, money can be invested for a higher rate of interest than savings accounts.


Fixed deposits (FDs) are secure financial instruments offered by commercial 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. One can deposit a lump sum of money in fixed deposits for a specific period, ranging from seven days to 10 years. 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. 

Here's a comparison of the latest interest rates paid by SBI, Kotak Mahindra Bank, HDFC Bank and ICICI Bank on FDs up to Rs. 1 crore:

State Bank of India (SBI):

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

 

Kotak Mahindra Bank:

The following FD interest rates are applicable on deposits below Rs. 1 crore according to bank's website kotak.com:

Interest Rates for Domestic / NRO / NRE Fixed Deposits effective from December 10, 2018 
Maturity Periods - Premature Withdrawal AllowedRegularSenior Citizen
Less than Rs 1 CroreLess than Rs 1 Crore
7 - 14 Days3.50%4.00%
15 - 30 Days4.00%4.50%
31 - 45 Days5.00%5.50%
46 - 90 Days5.50%6.00%
91 - 120 Days6.25%6.75%
121 - 179 days6.25%6.75%
180 Days7.00%7.50%
181 Days to 269 Days7.00%7.50%
270 Days7.00%7.50%
271 Days to 363 Days7.00%7.50%
364 Days7.00%7.50%
365 Days to 389 Days7.30%7.80%
390 Days (12 months 25 days)7.40%7.90%
391 Days - Less than 23 Months7.25%7.75%
23 Months7.25%7.75%
23 months 1 Day- less than 2 years7.25%7.75%
2 years- less than 3 years7.25%7.75%
3 years and above but less than 4 years7.10%7.60%
4 years and above but less than 5 years7.00%7.50%
5 years and above upto and inclusive of 10 years6.50%7.00%

 

HDFC Bank:

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

Period< 1 Crore
Interest Rate (per annum)Senior Citizen Rates (per annum)
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: hdfc bank.com

 

(Also Read: Transaction Charges On ATM-Cum-Debit Cards Levied By Top Banks)

ICICI Bank:

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

Tenure PeriodRate of Interest (% p.a.) w.e.f November 15, 2018
 GeneralSenior 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 upto 3 years7.58
3 years 1 day upto 5 years7.257.75
5 years 1 day upto 10 years77.5
5 Years Tax saver FD(Max upto Rs. 1.50 lac)7.257.75
Source: icicibank.com

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