SBI's Revised FD Interest Rates Vs HDFC Bank Vs ICICI Bank Rates

State Bank of India (SBI), India's biggest lender, has revised interest rates on fixed deposits of some maturities with effect from October 1, 2017. After the recent revision, SBI fixed deposits of one-year maturity will now get 6.5 per cent interest while senior citizens will get 7 per cent interest rate. The revised rates are lower when compared to private lenders like HDFC Bank and ICICI Bank. Both ICIC Bank and HDFC Bank offer 6.75 per cent interest on 1-year fixed deposit. Interest rates on fixed deposits vary widely depending on their tenure. So, you need to compare them thoroughly in order to get the best rates.

Here is a comparison of FD interest rates of SBI, HDFC Bank and ICICI Bank.
 

State Bank of India (SBI) Fixed Deposit Rates:

SBI revised interest rates on retail domestic term deposits (below Rs 1 crore) with effect from October 1, 2017, according to its website.

The revised interest rates are as under:
 

Tenors	Revised For Public w.e.f. 01.10.2017 (%)	Revised for Senior Citizens w.e.f. 01.10.2017 (%)
7 days to 45 days	5.5	6
46 days to 179 days	6.5	7
180 days to 210 days	6.5	7
211 days to less than 1 year	6.5	7
1 year	6.5	7
Above 1 year to 455 days	6.5	7
456 days to less than 2 years	6.5	7
2 years to less than 3 years	6.25	6.75
3 years to less than 5 years	6.25	6.75
5 years and up to 10 years	6.25	6.75

 

HDFC Bank Fixed Deposit Rates:

Domestic / NRO / NRE Term Deposits
 

Period	< 1 Crore		>=1 Crore to < 5 Crores
	Interest Rate	**Senior Citizen Rates	Interest Rate	**Senior Citizen Rates
	(per annum)	(per annum)	(per annum)	(per annum)
7 - 14 days	3.50%	4.00%	4.25%	4.75%
15 - 29 days	4.25%	4.75%	4.25%	4.75%
30 - 45 days	5.50%	6.00%	4.25%	4.75%
46 - 60 days	5.75%	6.25%	4.50%	5.00%
61 - 90 days	5.75%	6.25%	4.50%	5.00%
91 days - 6 months	5.75%	6.25%	5.75%	6.25%
6 mnths 1 day- 6 mnths 3 days	6.00%	6.50%	5.25%	5.75%
6 mnths 4 days	6.00%	6.50%	6.25%	6.75%
6 mnths 5 days- 9 mnths	6.00%	6.50%	5.25%	5.75%
9 mnths 1 day- 9 mnths 3 days	6.00%	6.50%	5.25%	5.75%
9 mnths 4 days	6.00%	6.50%	6.25%	6.75%
9 months 5 days - 9 months 15 days	6.00%	6.50%	5.25%	5.75%
9 months 16 days	6.25%	6.75%	5.25%	5.75%
9 months 17 days < 1 Year	6.25%	6.75%	5.25%	5.75%
1 Year	6.75%	7.25%	4.90%	5.40%
1 year 1 day - 1 year 3 days	6.75%	7.25%	4.90%	5.40%
1 year 4 days	6.25%	6.75%	6.50%	7.00%
1 year 5 days - 1 Year 15 Days	6.25%	6.75%	5.00%	5.50%
1 Year 16 days	6.25%	6.75%	5.00%	5.50%
1 year 17 days - 2 Years	6.25%	6.75%	5.00%	5.50%
2 years 1day - 2 Years 15 days	6.00%	6.50%	4.85%	5.35%
2 Years 16 days	6.00%	6.50%	4.85%	5.35%
2 years 17 days - 3 Years	6.00%	6.50%	4.85%	5.35%
3 years 1day - 5 years	6.00%	6.50%	4.85%	5.35%
5 Years 1 Day - 8 Years	6.00%	6.50%	4.85%	5.35%
8 Years 1 Day - 10 Years	6.00%	6.50%	4.85%	5.35%

 

ICICI Bank Fixed Deposit Rates:

Interest rates on Domestic, NRO & NRE deposits(Less than Rs 1 crore)
 

Tenure Period	Rate of Interest (% p.a.) w.e.f July 19, 2017
	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	5.75	6.25
61 days to 90 days	6	6.5
91 days to 120 days	6	6.5
121 days to 184 days	6	6.5
185 days to 289 days	6.25	6.75
290 days to less than 1 year	6.5	7
1 year to 389 days	6.75	7.25
390 days to 2 years	6.75	7.25
2 years 1 day upto 5 years	6.5	7
5 years 1 day upto 10 years	6.5	7
5 Years Tax saver FD(Max upto Rs. 1.50 lac)	6.5	7

 

 

Bank fixed deposits (FDs) are one of the most popular instruments used to save money for the future. Despite falling interest rates, many people prefer FDs over other savings/investment products as they offer a secured return and easy access to liquidity in case of an emergency.

Although, bank FDs are most popular savings instrument in India, you must know that interest earned from a fixed deposit is taxable. Banks are liable to deduct TDS at the rate of 10 per cent on the interest earned (based on FD interest rates) if the interest income for the year is more than Rs. 10,000.