Fixed Deposit Interest Rates: Here's What Top Banks Offer
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:
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 |
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 Allowed | Regular | Senior Citizen |
Less than Rs 1 Crore | Less than Rs 1 Crore | |
7 - 14 Days | 3.50% | 4.00% |
15 - 30 Days | 4.00% | 4.50% |
31 - 45 Days | 5.00% | 5.50% |
46 - 90 Days | 5.50% | 6.00% |
91 - 120 Days | 6.25% | 6.75% |
121 - 179 days | 6.25% | 6.75% |
180 Days | 7.00% | 7.50% |
181 Days to 269 Days | 7.00% | 7.50% |
270 Days | 7.00% | 7.50% |
271 Days to 363 Days | 7.00% | 7.50% |
364 Days | 7.00% | 7.50% |
365 Days to 389 Days | 7.30% | 7.80% |
390 Days (12 months 25 days) | 7.40% | 7.90% |
391 Days - Less than 23 Months | 7.25% | 7.75% |
23 Months | 7.25% | 7.75% |
23 months 1 Day- less than 2 years | 7.25% | 7.75% |
2 years- less than 3 years | 7.25% | 7.75% |
3 years and above but less than 4 years | 7.10% | 7.60% |
4 years and above but less than 5 years | 7.00% | 7.50% |
5 years and above upto and inclusive of 10 years | 6.50% | 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 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: hdfc bank.com |
ICICI Bank:
The following FD interest rates are applicable on deposits below Rs 1 crore:
Tenure Period | Rate of Interest (% p.a.) w.e.f November 15, 2018 | |
---|---|---|
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 upto 3 years | 7.5 | 8 |
3 years 1 day upto 5 years | 7.25 | 7.75 |
5 years 1 day upto 10 years | 7 | 7.5 |
5 Years Tax saver FD(Max upto Rs. 1.50 lac) | 7.25 | 7.75 |
Source: icicibank.com |