Bank fixed deposits (FDs) are fixed-income instruments with a guaranteed rate of return on investments. Investing in a fixed deposit is secure because the returns are fixed across predetermined, specific periods of time. Some fixed deposits also offer the benefit of income tax deduction. However, 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.
Top lenders like State Bank of India (SBI), ICICI Bank and HDFC Bank offer the option of creating a fixed deposit account. Interest rates on fixed deposits vary according to separate maturity baskets across different banks
Given below are interest rates offered by SBI, ICICI Bank, HDFC Bank, Bank of Baroda and Canara Bank on fixed deposits up to Rs 1 crore:
State Bank of India (SBI):
The following FD interest rates are applicable on deposits below Rs 1 crore, according to the 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) | ||
ICICI Bank
The following FD interest rates are applicable on deposits below Rs 1 crore, according to the bank's website - icicibank.com:
| Maturity Period | Interest rates (per annum) | |
|---|---|---|
| Term deposits of less than Rs 1 crore | ||
| New rates (with effect from November 15) | Increase in basis points (bps) | |
| 7 days to 14 days | 4.00% | - |
| 15 days to 29 days | 4.25% | - |
| 30 days to 45 days | 5.50% | - |
| 46 days to 60 days | 6.00% | 25 bps |
| 61 days to 90 days | 6.25% | 25 bps |
| 91 days to 120 days | 6.25% | 25 bps |
| 121 days to 184 days | 6.25% | 25 bps |
| 185 days to 289 days | 6.50% | - |
| 290 days to less than 1 year | 6.75% | - |
| 1 year to 389 days | 6.90% | 15 bps |
| 390 days upto 2 years | 7.10% | 10 bps |
| 2 years 1 day upto 3 years | 7.50% | 25 bps |
| 3 years 1 day upto 5 years | 7.25% | - |
| 5 years 1 day upto 10 years | 7.00% | - |
| 5 years (80C FD) | 7.25% | - |
HDFC Bank
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 | Interest rate on FD less than Rs 1 Crore | |
|---|---|---|
| General public | Senior citizen | |
| 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 | 7.10% | 7.60% |
| 9 mnths 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 1day - 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 1day - 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% |
Bank of Baroda
The following FD interest rates are applicable on deposits below Rs 1 crore, according to bank's website- bankofbaroda.com:
| Tenors | Below Rs 1 Cr. (w.e.f. 01.11.18) |
|---|---|
| 7 days to 14 days | 4.5 |
| 15 days to 45 days | 4.75 |
| 46 days to 90 days | 5 |
| 91 days to 180 days | 5.75 |
| 181 days to 270 days | 6.5 |
| 271 days & above and less than 1 year | 6.5 |
| 1 year | 6.7 |
| Above 1 year to 400 days | 6.85 |
| Above 400 days and upto 2 Years | 6.8 |
| Above 2 Years and upto 3 Years | 6.7 |
| Above 3 Years and upto 5 Years | 6.7 |
| Above 5 Years and upto 10 Years | 6.7 |
An additional interest of 0.50 per cent is applicable on fixed deposits for senior citizens for all tenors, stated the bank.
Canara Bank
The following FD interest rates are applicable on deposits below Rs 1 crore, according to Canara bank's website - canarabank.com:
| Domestic | Rate of Interest (%) p.a. | |
|---|---|---|
| For Deposits less than Rs.1 Crore w.e.f. 01.11.2018 | ||
| Term Deposits (All Maturities) | General Public | Senior Citizen |
| Rate of Interest (% p.a) | Rate of Interest (% p.a) | |
| 7 days to 14 days | 5.75 | 6.25 |
| 15 days to 30 days | 5.75 | 6.25 |
| 31 days to 45 days | 5.75 | 6.25 |
| 46 days to 60 days | 6.25 | 6.75 |
| 61 days to 90 days | 6.25 | 6.75 |
| 91 days to 120 days | 6.25 | 6.75 |
| 121 days to 179 days | 6.25 | 6.75 |
| 180 days to 269 days | 6.35 | 6.85 |
| 270 days to less than 1 year | 6.4 | 6.9 |
| 1 year only | 7.0 | 7.5 |
| Above 1 year to less than 2 years | 7 | 7.5 |
| 2 years & above to less than 3 years | 6.7 | 7.2 |
| 3 years & above to less than 5 years | 6.2 | 6.7 |
| 5 years & above to less than 8 years | 6.2 | 6.7 |
| 8 years & above to 10 years | 6.2 | 6.7 |
| 444 Days (Canara Shikhar Deposit) | 7.05 | 7.55 |
| 555 Days (Canara Shikhar Deposit) | 7.10 | 7.60 |
Small finance banks, meanwhile, offer rates of interest that are higher than the mainstream banks.
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