Latest Fixed Deposit (FD) Interest Rates For General Public, Senior Citizens
Fixed deposit, a popular savings instrument offered by banks and financial companies, assures of a fixed interest rate on customers' investments. Bank FDs give a higher rate of interest than a savings bank accounts as investors make a lump sum deposit in fixed deposit accounts for a specified period of time. FDs are of two types: regular and tax-saving. Partial withdrawal from regular FDs is allowed but tax-saving FDs require customers to lock in their savings for a minimum of five years. Leading banks like State Bank of India (SBI), HDFC Bank, ICICI Bank, among others offer the option of opening fixed deposit accounts. (Also read:Â Interest Rates Offered On Post Office FD And RD Accounts)
The interest rates on fixed deposits (FDs) are revised regularly depending upon the interest rate cycle set by the Reserve Bank of India (RBI) and the interest varies for various tenors of a fixed deposit. The interest rates for senior citizens are also slightly higher than those for others.
Given below is a comparison of fixed deposit (FD) interest rates paid by SBI, HDFC Bank, ICICI Bank, Bank of India and Kotak Mahindra Bank on deposits below Rs 2 crore:
State Bank of India (SBI)
The following FD interest rates are applicable on deposits below 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 below 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 below 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 |
Bank of India (BOI)Â
The following FD interest rates are applicable on deposits below Rs 2 crore, according to bank's website- bankofindia.co.in:
| Maturity Buckets | Interest rates effective from March 25, 2019 |
|---|---|
| 7 days to 14 days | 5.25 |
| 15 days to 30 days | 5.25 |
| 31 days to 45 days | 5.25 |
| 46 days to 90 days | 5.75 |
| 91 days to 179 days | 6 |
| 180 days to 269 days | 6.25 |
| 270 days to less than 1 year | 6.25 |
| 1 Year & above to less than 2 years | 6.65 |
| 2 years & above to less than 3 years | 6.7 |
| 3 years & above to less than 5 years | 6.5 |
| 5 years & above to less than 8 years | 6.5 |
| 8 years & above to 10 years | 6.35 |
The bank offers 0.50 per cent per annum additional rate of interest over and above card rates to senior citizens for minimum deposits of Rs 5,000 up to Rs.1 crore, according to the bank's website.
Kotak Mahindra Bank
The following FD interest rates are applicable on deposits below Rs 2 crore, according to bank's website - kotak.com:
| INTEREST RATES FOR Domestic / NRO / NRE FIXED DEPOSITS effective from March 26, 2019 | |||
|---|---|---|---|
| Maturity Periods - Premature Withdrawal Allowed | For Regular citizens | For senior citizens | |
| 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 | 6.25% | 6.75% | |
| 121 - 179 days | 6.25% | 6.75% | |
| 180 Days | 6.50% | 7.00% | |
| 181 Days to 269 Days | 6.60% | 7.10% | |
| 270 Days | 6.60% | 7.10% | |
| 271 Days to 363 Days | 7.00% | 7.50% | |
| 364 Days | 7.00% | 7.50% | |
| 365 Days to 389 Days | 7.00% | 7.50% | |
| 390 Days (12 months 25 days) | 7.20% | 7.70% | |
| 391 Days - Less than 23 Months | 7.20% | 7.70% | |
| 23 Months | 7.20% | 7.70% | |
| 23 months 1 Day- less than 2 years | 7.20% | 7.70% | |
| 2 years- less than 3 years | 7.10% | 7.60% | |
| 3 years and above but less than 4 years | 7.00% | 7.50% | |
| 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% | |
Small finance banks, on the other hand, often pay higher returns on term deposits - or fixed deposits (FD) - compared to the private and public sector commercial banks. Small finance banks, such as Ujjivan, Equitas, Utkarsh, Jana and Capital, offer interest at the rate of 5-9 per cent on fixed deposits up to Rs 2 crore, according to their websites.Â
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