Fixed Deposits (FDs) are fixed-income instruments, the returns on which are determined at the time of initiating the deposit. The annual returns on fixed deposit investments are fixed even if there are market fluctuations or geopolitical uncertainties, say financial experts. FDs are of two types: with premature withdrawal facility and without premature without facility. The fixed deposits which offer premature withdrawal facility do not offer income tax benefits. On the other hand, FDs without a premature withdrawal facility offer income tax benefits but require a lock-in period of five or ten years.
FD interest rates vary from one bank to another, depending on factors such as the term of the fixed deposit and amount invested.
Here's a comparison of interest rates offered by State Bank of India (SBI), HDFC Bank, ICICI Bank and IndusInd Bank on fixed deposits up to Rs 2 crore:
State Bank of India (SBI)
The following FD interest rates are applicable on deposits up to Rs 2 crore, according to sbi.co.in:
| Tenors | Revised For Public w.e.f. 22.02.2019 | Revised for Senior Citizens w.e.f. 22.02.2019 |
|---|---|---|
| 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 up to Rs 2 crore from March 7, 2019, according to bank's website- hdfcbank.com:
| Period | 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% |
ICICI Bank
The following FD interest rates are applicable on deposits up to Rs 2 crore, according to bank's website- icicibank.com:
| Rate of Interest applicable from March 7, 2019 | ||
|---|---|---|
| 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 upto Rs. 1.50 lac) | 7.25 | 7.75 |
IndusInd Bank
The following FD interest rates are applicable on deposits below Rs. 2 crore:
| Maturity Period | Domestic (resident) deposits/ NRO deposits <2 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 | 8 |
| 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, according to bank's website, indusind.com.
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