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SBI, HDFC Bank Raise FD Interest Rates; What Small Finance Banks Pay

Fixed deposits or FDs are popular among small savers. FDs guarantee secure investment return over a period of time.

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SBI, HDFC Bank Raise FD Interest Rates; What Small Finance Banks Pay

Many banks have raised their fixed deposit or FD interest rates recently.


Fixed deposits or FDs are popular among small savers. As compared to market-linked instruments like stocks or bonds, FDs guarantee secure investment return over a period of time. Usually, new savers with low risk-appetite look for guaranteed return. Bank fixed deposits fit the bill in such cases perfectly. Key banks like State Bank of India or SBI and HDFC Bank have recently increased their FD interest rates. Small finance banks like Jana Small Finance Bank, Fincare Small Finance Bank and ESAF Small Finance Bank also offer competitive fixed deposit or FD interest rates.

Small finance banks cater to under penetrated areas of the country. This is not to say that they do not lend money and offer deposits to urban areas. In fact, the FD interest rates of small finance banks beat the ones offered by top banks like SBI and HDFC Bank.

SBI FD interest rate for a 1-year tenure is 6.70 per cent. HDFC Bank interest rates on FDs of a 1-year tenure are 7.75 per cent. However, on a one-year FD, Jana Small Finance Bank pays 8 per cent interest rate, Fincare Small Finance Bank pays 8 per cent and ESAF Small Finance Bank 8.75 per cent.

Many banks have raised their fixed deposit or FD interest rates recently.

NDTV compares fixed deposit or FD interest rates of SBI, HDFC Bank, Jana Small Finance Bank, Fincare Small Finance Bank, and ESAF Small Finance Bank. The following FD interest rates may help you decide which bank is best for fixed deposit:

Fixed deposit interest rates in SBI
SBI revised its interest rates on retail fixed deposits with effect from August 30, stated sbi.co.in. The following FD interest rates are for deposits below Rs 1 crore:

(All figures in % per annum)

TermInterest rate for general public w.e.f. 30.07.2018Interest rate for senior citizens w.e.f. 30.07.2018
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 year6.77.2
2 years to less than 3 years6.757.25
3 years to less than 5 years6.87.3
5 years and up to 10 years6.857.35

 

HDFC Bank fixed deposit interest rates

Given below are the latest FD interest rates paid by HDFC Bank on various maturities:

The following HDFC Bank FD interest rates are applicable from August 6, 2018 for deposits below Rs 1 crore (from hdfcbank.com):

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 mnths 1 day- 6 mnths 3 days6.75%7.25%
6 mnths 4 days6.75%7.25%
6 mnths 5 days- 9 mnths6.75%7.25%
9 mnths 1 day- 9 mnths 3 days7.00%7.50%
9 mnths 4 days7.00%7.50%
9 months 5 days - 9 months 15 days7.00%7.50%
9 months 16 days7.00%7.50%
9 months 17 days < 1 Year7.00%7.50%
1 Year7.25%7.75%
1 year 1 day - 1 year 3 days7.25%7.75%
1 year 4 days7.25%7.75%
1 year 5 days - 1 Year 15 Days7.25%7.75%
1 Year 16 days7.25%7.75%
1 year 17 days - 2 Years7.25%7.75%
2 years 1day - 2 Years 15 days7.10%7.60%
2 Years 16 days7.10%7.60%
2 years 17 days - 3 Years7.10%7.60%
3 years 1day - 5 years7.10%7.60%
5 Years 1 Day - 8 Years6.00%6.50%
8 Years 1 Day - 10 Years6.00%6.50%

 

Fixed deposit or FD interest rates of Jana Small Finance Bank

The following FD interest rates of Jana SFB are effective from 18/07/2018 (subject to change from time to time), according to janabank.com:

PeriodInterest Rate (p.a.)
7 days to 45 days6.00%
46 days to 60 days6.50%
61 days to 180 days7.00%
181 days to 365 days8.00%
366* days8.50%
367 days to 3 years8.25%
More than 3 years up to 5 years8.00%
More than 5 years up to 10 years7.00%

FD interest rates of Fincare Small Finance Bank

The following FD interest rates are from fincarebank.com:

TenureGENERAL PUBLICSENIOR CITIZENS**
7 days to 45 days4.00%4.50%
46 days to 90 days4.00%4.50%
91 days to 180 days6.00%6.50%
181 days to 364 days7.00%7.50%
12 months to 15 months8.00%8.50%
15 months 1 day tole months8.25%8.75%
18 months 1 day to 21 months8.50%9.00%
21 months 1 day to 24 months8.75%9.25%
24 months 1 day to 36 months9.00%9.50%
3 years 1 day to 5 years8.00%8.50%
5yearsl dayto7years7.00%7.50%

FD interest rates of ESAF Small Finance Bank

The following FD interest rates are from esafbank.com:

Retail Term Deposit (Less than INR 1 Cr)Rate of Interest Applicable
 from 1st April 2018
Domestic  
TenureNormalSenior Citizen
7 - 14 days5.75%6.25%
15 - 59 days5.75%6.25%
60 - 90 days6.50%7.00%
91 - 179 days6.75%7.25%
180 - 363 days7.50%8.00%
364 days5.60%6.10%
365 - 727 days8.75%9.25%
728 days6.80%7.30%
729 - 1091 days8.00%8.50%
1092 days5.66%6.16%
1093 - 1819 days7.00%7.50%
1820 days5.65%6.15%
1821 - 3652 days7.00%7.50%

The post office fixed deposit scheme offers interest rates from 6.6 per cent to 7.4 per cent.

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