Fixed Deposit (FD) Interest Rates: SBI Vs HDFC Bank Vs ICICI Bank Vs Axis Bank Vs Kotak Mahindra

FDs are best suited for investors with low risk appetite, say experts. Major banks, from SBI to HDFC Bank, offer 6.6-7.35% return on 1-year deposits.

Fixed Deposit (FD) Interest Rates: SBI Vs HDFC Bank Vs ICICI Bank Vs Axis Bank Vs Kotak Mahindra

Bank fixed deposits (FDs) are best suited for investors with low risk appetite, say financial planners

Many individuals prefer investing their money in fixed deposits (FDs). Wealth planners often recommend avoiding this especially if the goal is to achieve maximum returns. However, for someone not looking to take market-related risks, a bank FD works best, they say. Investment in a bank FD or fixed deposit entails fixed, pre-determined returns over a certain lock-in period. Although most banks today do offer FDs with the provision of early withdrawal, doing so with an equity-related investment - such as investment in mutual fund - opens the possibility of earning a higher return. But with higher returns comes added risk, say experts. Bank FDs are best suited for investors with low risk appetite, they add. 

(Also read: When to pick mutual fund over bank FD?)

Most leading banks today, from public sector State Bank of India (SBI) to private sector peers HDFC Bank and ICICI Bank, offer an interest rate ranging from 6.6 per cent to 7.35 per cent on fixed deposits of a one-year term, according to an analysis of interest rates displayed on their websites.

Here are the interest rates offered by SBI, HDFC Bank, ICICI Bank, Axis Bank and Kotak Mahindra Bank on fixed deposits up to Rs 1 crore:

State Bank of India (SBI) 

 

TenorsInterest rate (in per cent) for public w.e.f. 28.05.2018Interest rate for senior citizens w.e.f. 28.05.2018
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 year6.657.15
2 years to less than 3 years6.657.15
3 years to less than 5 years6.77.2
5 years and up to 10 years6.757.25
(Source: sbi.co.in)

ICICI Bank

 

 Rate of Interest (% p.a.) w.e.f June 07, 2018
TenureGeneral publicSenior Citizen
7 days to 14 days44.5
15 days to 29 days4.254.75
30 days to 45 days5.56
46 days to 60 days5.756.25
61 days to 90 days66.5
91 days to 120 days66.5
121 days to 184 days66.5
185 days to 289 days6.256.75
290 days to less than 1 year6.57
1 year to 389 days6.67.1
390 days to 2 years6.757.25
2 years 1 day upto 5 years77.5
5 years 1 day upto 10 years77.5
5 Years Tax saver FD(Max upto Rs. 1.50 lac)77.5
(Source: icicibank.com)

(Also Read: Bank Fixed Deposits Vs Corporate Fixed Deposits: Interest Rates, Taxation, Risks)

HDFC Bank

 Rate of Interest (% p.a.) w.e.f July 6, 2018
TenureInterest rate for general publicInterest rate for senior citizen
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 days6.35%6.85%
6 months 4 days6.35%6.85%
6 months 5 days- 9 months6.40%6.90%
9 months 1 day- 9 months 3 days6.40%6.90%
9 months 4 days6.40%6.90%
9 months 5 days - 9 months 15 days6.40%6.90%
9 months 16 days6.40%6.90%
9 months 17 days < 1 Year6.40%6.90%
1 Year6.85%7.35%
1 year 1 day - 1 year 3 days6.65%7.15%
1 year 4 days6.65%7.15%
1 year 5 days - 1 Year 15 Days6.65%7.15%
1 Year 16 days6.65%7.15%
1 year 17 days - 2 Years7.00%7.50%
2 years 1day - 2 Years 15 days7.00%7.50%
2 Years 16 days7.00%7.50%
2 years 17 days - 3 Years7.00%7.50%
3 years 1day - 5 years7.00%7.50%
5 Years 1 Day - 8 Years6.00%6.50%
8 Years 1 Day - 10 Years6.00%6.50%
(Source: hdfcbank.com)

Axis Bank

PeriodInterest rates (% per annum) with effect from 10/07/2018
 general publicsenior citizen
7 days to 14 days3.53.5
15 days to 29 days3.53.5
30 days to 45 days 5.55.5
46 days to 60 days 66
61 days < 3 months 66
3 months < 4 months 66
4 months < 5 months 66
5 months < 6 months 66
6 months < 7 months 6.256.5
7 months < 8 months 6.256.5
8 months < 9 months 6.256.5
9 months < 10 months 6.56.75
10 months < 11 months 6.56.75
11 months < 1 year 6.56.75
1 year < 13 months 7.17.75
13 months < 14 months 7.17.75
14 months < 15 months 77.65
15 months < 16 months 77.65
16 months < 17 months 77.65
17 months < 18 months 77.65
18 Months < 2 years 77.65
2 years < 30 months 77.65
30 months < 3 years 77.5
3 years < 5 years 77.5
5 years to 10 years 77.5
(Source: axisbank.com)

(Also Read: Recurring Deposit (RD) Interest Rates Of These Banks Are As High As 9%)

Kotak Mahindra Bank

Interest rate (%)
Maturity PeriodsRegular Senior citizen
7 - 14 Days3.50%4.00%
15 - 30 Days4.00%4.00%
31 - 45 Days5.00%5.50%
46 - 90 Days5.50%6.00%
91 - 120 Days6.00%6.50%
121 - 179 days6.25%6.75%
180 Days6.50%7.00%
181 Days to 269 Days6.50%7.00%
270 Days6.50%7.00%
271 Days to 363 Days6.50%7.00%
364 Days7.00%7.50%
365 Days to 389 Days7.25%7.75%
390 Days (12 months 25 days)7.25%7.75%
391 Days - Less than 23 Months7.25%7.75%
23 Months7.30%7.80%
23 months 1 Day- less than 2 years7.30%7.80%
2 years- less than 3 years7.00%7.50%
3 years and above but less than 4 years7.00%7.50%
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%
(Source: kotak.com)
Listen to the latest songs, only on JioSaavn.com