Fixed deposits (FDs) are secure financial instruments, which offer guaranteed returns. FD interest rates vary according to the tenure of the fixed deposit and across banks. In a fixed deposit account, money is deposited for a specific time, which varies from 7 days to ten years. Some fixed deposits come with a premature withdrawal facility while some require a compulsory lock-in period. Recently, banks such as Kotak Mahindra Bank, HDFC Bank, ICICI Bank have revised their fixed deposit rates.
Here is a comparison of fixed deposit (FD) rates offered by State Bank of India (SBI), Kotak Mahindra Bank, Axis Bank, HDFC Bank and ICICI Bank:
Fixed deposit (FD) rates offered by Kotak Mahindra Bank (Below Rs. 1 crore):
| Interest Rates for Domestic / NRO / NRE Fixed Deposits effective from August 9, 2018 | ||
|---|---|---|
| Regular | Senior Citizen | |
| Maturity Periods - Premature Withdrawal Allowed | Less than Rs 1 Crore | Less than Rs 1 Crore |
| 7 - 14 Days | 3.50% | 4.00% |
| 15 - 30 Days | 4.00% | 4.50% |
| 31 - 45 Days | 5.00% | 5.50% |
| 46 - 90 Days | 5.50% | 6.00% |
| 91 - 120 Days | 6.00% | 6.50% |
| 121 - 179 days | 6.25% | 6.75% |
| 180 Days | 6.50% | 7.00% |
| 181 Days to 269 Days | 6.75% | 7.25% |
| 270 Days | 6.75% | 7.25% |
| 271 Days to 363 Days | 7.00% | 7.50% |
| 364 Days | 7.00% | 7.50% |
| 365 Days to 389 Days | 7.25% | 7.75% |
| 390 Days (12 months 25 days) | 7.25% | 7.75% |
| 391 Days - Less than 23 Months | 7.25% | 7.75% |
| 23 Months | 7.30% | 7.80% |
| 23 months 1 Day- less than 2 years | 7.30% | 7.80% |
| 2 years- less than 3 years | 7.10% | 7.60% |
| 3 years and above but less than 4 years | 7.10% | 7.60% |
| 4 years and above but less than 5 years | 7.00% | 7.50% |
| 5 years and above up to and inclusive of 10 years | 6.50% | 7.00% |
Fixed deposit (FD) rates offered by State Bank of India (Below Rs. 1 crore):
Revised from July 30, 2018:
| 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 |
FD interest rates offered by ICICI Bank on domestic, NRO & NRE deposits (less than Rs 1 crore):
| Tenure Period | Rate of Interest (% p.a.) w.e.f August 14, 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 | 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 | 6.5 | 7 |
| 290 days to less than 1 year | 6.75 | 7.25 |
| 1 year to 389 days | 6.75 | 7.25 |
| 390 days to 2 years | 7 | 7.5 |
| 2 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 |
FD interest rates offered by HDFC Bank applicable from August 6, 2018 for deposits below Rs 1 crore:
| 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 (FD) rates offered by Axis Bank (Less than Rs. 1 crore):
| PERIOD | INTEREST RATES (% p.a.) | |
|---|---|---|
| General | Senior Citizen | |
| 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 | 6 |
| 61 days < 3 months | 6 | 6 |
| 3 months < 4 months | 6 | 6 |
| 4 months < 5 months | 6 | 6 |
| 5 months < 6 months | 6 | 6 |
| 6 months < 7 months | 6.25 | 6.5 |
| 7 months < 8 months | 6.25 | 6.5 |
| 8 months < 9 months | 6.25 | 6.5 |
| 9 months < 10 months | 6.5 | 6.75 |
| 10 months < 11 months | 6.5 | 6.75 |
| 11 months < 1 year | 6.5 | 6.75 |
| 1 year < 13 months | 7.1 | 7.75 |
| 13 months < 14 months | 7.1 | 7.75 |
| 14 months < 15 months | 7 | 7.65 |
| 15 months < 16 months | 7 | 7.65 |
| 16 months < 17 months | 7 | 7.65 |
| 17 months < 18 months | 7 | 7.65 |
| 18 Months < 2 years | 7 | 7.65 |
| 2 years < 30 months | 7 | 7.65 |
| 30 months < 3 years | 7 | 7.5 |
| 3 years < 5 years | 7 | 7.5 |
| 5 years to 10 years | 7 | 7.5 |
The fixed deposit accounts which have a lock-in period of five or 10 years also offer income tax benefit under Section 80C of the Income Tax Act. However, income earned on fixed deposits is taxable. Fixed deposit interest is tax-free until a certain threshold, after which it is chargeable. After the interest earned exceeds Rs. 10,000, tax is deducted at source.
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