Lenders also pay slightly higher interest rates on fixed deposits to senior citizens.
Private sector lender ICICI Bank's latest changes to its fixed deposit interest rates came into effect today. Another private sector lender, Axis Bank also revised its interest rates yesterday. A fixed deposit (FDs) is a secure financial instrument offered by banks, 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. Lenders also pay slightly higher interest rates on fixed deposits to senior citizens, compared to the general public.
Here's a comparison of interest rates offered by ICICI Bank, Axis Bank, SBI and HDFC Bank on fixed deposits up to Rs. 1 crore:
ICICI Bank
The following FD interest rates are applicable on deposits below Rs. 1 crore, according to the bank's website - icicibank.com:
| 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 |
Axis Bank
The following FD interest rates are applicable on deposits below Rs. 1 crore, according to the bank's website - axisbank.com:
| Term | Interest rates (with effect from November 14, 2018) |
|---|
| 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 | 7.25 | 7.9 |
| 30 months < 3 years | 7.25 | 7.75 |
| 3 years < 5 years | 7.25 | 7.75 |
| 5 years to 10 years | 7 | 7.5 |
State Bank of India (SBI)
The following FD interest rates are applicable on deposits below Rs. 1 crore, according to the bank's website - sbi.co.in:
| Maturity period (term) | Interest rate with effect from July 30, 2018 |
|---|
| General public | Senior citizen |
|---|
| 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 | 6.7 | 7.2 |
| 2 years to less than 3 years | 6.75 | 7.25 |
| 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) |
HDFC Bank
The following FD interest rates are applicable on deposits below Rs. 1 crore from November 6, 2018, according to the bank's website - hdfcbank.com:
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.