SBI, HDFC Bank Raise FD Interest Rates; What Small Finance Banks Pay
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)
| Term | Interest rate for general public w.e.f. 30.07.2018 | Interest rate for senior citizens w.e.f. 30.07.2018 |
|---|---|---|
| 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 | 6.7 | 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 |
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 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 mnths 1 day- 6 mnths 3 days | 6.75% | 7.25% |
| 6 mnths 4 days | 6.75% | 7.25% |
| 6 mnths 5 days- 9 mnths | 6.75% | 7.25% |
| 9 mnths 1 day- 9 mnths 3 days | 7.00% | 7.50% |
| 9 mnths 4 days | 7.00% | 7.50% |
| 9 months 5 days - 9 months 15 days | 7.00% | 7.50% |
| 9 months 16 days | 7.00% | 7.50% |
| 9 months 17 days < 1 Year | 7.00% | 7.50% |
| 1 Year | 7.25% | 7.75% |
| 1 year 1 day - 1 year 3 days | 7.25% | 7.75% |
| 1 year 4 days | 7.25% | 7.75% |
| 1 year 5 days - 1 Year 15 Days | 7.25% | 7.75% |
| 1 Year 16 days | 7.25% | 7.75% |
| 1 year 17 days - 2 Years | 7.25% | 7.75% |
| 2 years 1day - 2 Years 15 days | 7.10% | 7.60% |
| 2 Years 16 days | 7.10% | 7.60% |
| 2 years 17 days - 3 Years | 7.10% | 7.60% |
| 3 years 1day - 5 years | 7.10% | 7.60% |
| 5 Years 1 Day - 8 Years | 6.00% | 6.50% |
| 8 Years 1 Day - 10 Years | 6.00% | 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:
| Period | Interest Rate (p.a.) |
|---|---|
| 7 days to 45 days | 6.00% |
| 46 days to 60 days | 6.50% |
| 61 days to 180 days | 7.00% |
| 181 days to 365 days | 8.00% |
| 366* days | 8.50% |
| 367 days to 3 years | 8.25% |
| More than 3 years up to 5 years | 8.00% |
| More than 5 years up to 10 years | 7.00% |
FD interest rates of Fincare Small Finance Bank
The following FD interest rates are from fincarebank.com:
| Tenure | GENERAL PUBLIC | SENIOR CITIZENS** |
|---|---|---|
| 7 days to 45 days | 4.00% | 4.50% |
| 46 days to 90 days | 4.00% | 4.50% |
| 91 days to 180 days | 6.00% | 6.50% |
| 181 days to 364 days | 7.00% | 7.50% |
| 12 months to 15 months | 8.00% | 8.50% |
| 15 months 1 day tole months | 8.25% | 8.75% |
| 18 months 1 day to 21 months | 8.50% | 9.00% |
| 21 months 1 day to 24 months | 8.75% | 9.25% |
| 24 months 1 day to 36 months | 9.00% | 9.50% |
| 3 years 1 day to 5 years | 8.00% | 8.50% |
| 5yearsl dayto7years | 7.00% | 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 | ||
| Tenure | Normal | Senior Citizen |
| 7 - 14 days | 5.75% | 6.25% |
| 15 - 59 days | 5.75% | 6.25% |
| 60 - 90 days | 6.50% | 7.00% |
| 91 - 179 days | 6.75% | 7.25% |
| 180 - 363 days | 7.50% | 8.00% |
| 364 days | 5.60% | 6.10% |
| 365 - 727 days | 8.75% | 9.25% |
| 728 days | 6.80% | 7.30% |
| 729 - 1091 days | 8.00% | 8.50% |
| 1092 days | 5.66% | 6.16% |
| 1093 - 1819 days | 7.00% | 7.50% |
| 1820 days | 5.65% | 6.15% |
| 1821 - 3652 days | 7.00% | 7.50% |
The post office fixed deposit scheme offers interest rates from 6.6 per cent to 7.4 per cent.