Bank fixed deposits (FDs) are fixed-income instruments which assure of specific interest rates for a pre-determined period. The annual returns on bank fixed deposits do not change according to geopolitical and macroeconomic uncertainties. Thus, unlike stocks and bonds, bank fixed deposits guarantee a stable return on investments even in times of market volatilities. Bank fixed deposits are meant for investors whose risk-appetite is low and hence are looking for fixed returns. Some fixed deposits also offer the benefit of income tax deduction.
Bank fixed deposits which come with a premature withdrawal facility do not offer income tax deduction benefits. Fixed deposit accounts which do not offer a premature withdrawal facility offer this benefit but have a lock-in period.
Private sector lender Axis Bank revised its fixed deposit (FD) rates with effect from December 1, 2018. The latest rates are applicable across various tenors for domestic term deposits or fixed deposits (FDs). Country's largest lender State Bank of India (SBI) revised its fixed deposit or FD interest rates on select maturities with effect from November 28.
On deposits of Rs 1 crore for one year, SBI pays an FD interest rate of 6.70 per cent. Private sector peers HDFC Bank, ICICI Bank and Axis Bank pay 7.50 per cent, 7.95 per cent and 7.5 per cent respectively, on the same amount and maturity.
ICICI Bank last revised its FD interest rates with effect from November 15, HDFC Bank from November 6.
Given below are the latest fixed deposit interest rates offered by Axis Bank, SBI, HDFC Bank and ICICI Bank:
Axis Bank fixed deposit rates 2018
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 December 1, 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 | 7.55 | 8.20 |
| 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 | 7.60 | 8.25 |
| 18 Months < 2 years | 7.30 | 7.95 |
| 2 years < 30 months | 7.50 | 8.15 |
| 30 months < 3 years | 7.50 | 8.00 |
| 3 years < 5 years | 7.25 | 7.75 |
| 5 years to 10 years | 7 | 7.5 |
SBI fixed deposit rates 2018
Given below are the latest SBI FD interest rates on deposits below Rs 1 crore as mentioned on bank's website-sbi.co.in:
| Tenors | Revised For Public w.e.f. 28.11.2018 | Revised for Senior Citizens w.e.f. 28.11.2018 |
|---|---|---|
| 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 | 6.8 | 7.3 |
| 2 years to less than 3 years | 6.8 | 7.3 |
| 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 fixed deposit rates 2018
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:
| 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 months 1 day- 6 months 3 days | 6.75% | 7.25% |
| 6 months 4 days | 6.75% | 7.25% |
| 6 months 5 days- 9 months | 6.75% | 7.25% |
| 9 months 1 day- 9 months 3 days | 7.10% | 7.60% |
| 9 months 4 days | 7.10% | 7.60% |
| 9 months 5 days - 9 months 15 days | 7.10% | 7.60% |
| 9 months 16 days | 7.10% | 7.60% |
| 9 months 17 days < 1 Year | 7.10% | 7.60% |
| 1 Year | 7.30% | 7.80% |
| 1 year 1 day - 1 year 3 days | 7.30% | 7.80% |
| 1 year 4 days | 7.30% | 7.80% |
| 1 year 5 days - 1 Year 15 Days | 7.30% | 7.80% |
| 1 Year 16 days | 7.30% | 7.80% |
| 1 year 17 days - 2 Years | 7.30% | 7.80% |
| 2 years 1 day - 2 Years 15 days | 7.40% | 7.90% |
| 2 Years 16 days | 7.40% | 7.90% |
| 2 years 17 days - 3 Years | 7.40% | 7.90% |
| 3 years 1 day - 5 years | 7.25% | 7.75% |
| 5 Years 1 Day - 8 Years | 6.50% | 7.00% |
| 8 Years 1 Day - 10 Years | 6.50% | 7.00% |
| Source: hdfc bank.com | ||
ICICI Bank fixed deposit rates 2018
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 |
| Source: icicibank.com | ||
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