Bank fixed deposits (FDs) are fixed-income instruments which guarantee a fixed rate of return on investments. Leading banks like State Bank of India (SBI), HDFC Bank, ICICI Bank, among others offer the facility of opening a fixed deposit. These days FDs can also be created online. Some fixed deposits 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. FD accounts which do not offer a premature withdrawal facility offer this benefit but have a lock-in period.
The interest rates on FDs vary according to separate maturity baskets across different banks. Most banks offer fixed deposits starting from seven days up to a tenor of 10 years. However, fixed deposit interest rates are subject to change from time to time.
Given below are the latest interest rates offered by SBI, HDFC Bank, ICICI Bank and IndusInd 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) | ||
HDFC Bank
The following FD interest rates are applicable on deposits below Rs. 1 crore with effect 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 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: hdfcbank.com) | ||
ICICI Bank
The following FD interest rates are applicable on deposits below Rs. 1 crore, according to the bank's website - icicibank.com:
| Rate of Interest (% p.a.) w.e.f November 15, 2018 | ||
|---|---|---|
| Tenure Period | 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 up to 3 years | 7.5 | 8 |
| 3 years 1 day up to 5 years | 7.25 | 7.75 |
| 5 years 1 day up to 10 years | 7 | 7.5 |
| 5 years Tax saver FD (max up to Rs. 1.50 lakh) | 7.25 | 7.75 |
| (Source: icicibank.com) | ||
IndusInd Bank:
The following FD interest rates are applicable on deposits below Rs. 1 crore with effect from October 5 2018, according to the bank's website - indusind.com:
| Maturity Period | Domestic (Resident) Deposits/ NRO Deposits |
|---|---|
| <1 crore | |
| Rates p.a.(%) | |
| 7 days to 14 days | 3.75 |
| 15 days to 30 days | 4.25 |
| 31 days to 45 days | 5.75 |
| 46 days to 60 days | 6 |
| 61 days to 90 days | 6.25 |
| 91 days to 120 days | 6.5 |
| 121 days to 180 days | 6.75 |
| 181 days to 210 days | 7.25 |
| 211 days to 269 days | 7.25 |
| 270 days or below 1 years | 7.5 |
| 1 Years to 1 Years 2 Months | 8 |
| Above 1 Years 2 Months to below 2 Years | 7.75 |
| 2 years to below 2 years 6 Months | 7.5 |
| 2 years 6 Months to below 2 years 9 Months | 7.5 |
| 2 years 9 Months to below 3 years | 7.5 |
| 3 years to below 61 month | 7.5 |
| 61 month and above | 7.25 |
| Indus Tax Saver Scheme (5 years) | 7.5 |
An additional interest rate of 0.50 per cent over and above the card rates is applicable for term deposits of senior citizens for value below Rs. 1 crore, said IndusInd Bank.
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