Fixed Deposits (FD), also known as term deposit (TD), is an interest-bearing account that has a specified date of maturity. The funds in these accounts are held for a fixed term, and guarantee a return of principal. Customers can avail fixed deposits from a minimum of seven days to 10 years. Interest payout frequencies that a customer can choose with fixed deposits are monthly, quarterly or at maturity. Most leading banks today, from public sector State Bank of India (SBI) to private sector peers HDFC Bank and ICICI Bank, offer an interest rate ranging from 3.50 per cent to 7.90 per cent for deposits up to Rs 2 crore for different tenure, according to the information displayed on their respective websites.
Given below is a comparison of interest rates offered by State Bank of India (SBI), HDFC Bank, ICICI Bank and Kotak Mahindra 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, with effect from April 11, 2019, according to hdfcbank.com:
| Period | Interest Rate | Senior Citizen Rates |
|---|---|---|
| (per annum) | (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 |
Kotak Mahindra Bank
The following FD interest rates are applicable on deposits up to Rs 2 crore, with effect from April 11, 2019, according to bank's website- kotak.com:
| Maturity Periods - Premature Withdrawal Allowed | Less than Rs 2 Crore (General citizens) | Less than Rs 2 Crore (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 | 6.40% | 6.90% |
| 181 Days to 269 Days | 6.50% | 7.00% |
| 270 Days | 6.50% | 7.00% |
| 271 Days to 363 Days | 6.75% | 7.25% |
| 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, pay higher interest rates on fixed deposits compared to commercial banks.
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