Bank Fixed Deposit (FD): Interest Rates For Regular, Senior Citizens Compared
Bank fixed deposits (FDs) are investment products which 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. The interest rates on fixed deposits (FDs) are revised regularly depending upon the interest rate cycle set by the Reserve Bank of India and the interest varies for various tenors of a fixed deposit. Customers can avail bank fixed deposits from a minimum of seven days and up to maximum of 10 years. Interest payout frequencies that a customer can choose with fixed deposits are monthly, quarterly or at maturity (cumulative FDs). (Also read: Here's How You Can Save With SBI Holiday Savings Account)
Given below are the latest interest rates offered by State Bank of India (SBI), ICICI Bank, HDFC Bank and Kotak Mahindra Bank on fixed deposits (FDs) below Rs 2 crore:
State Bank of India (SBI)
Given below are the latest SBI FD interest rates on deposits below Rs 2 crore:
| 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 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 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% |
ICICI Bank
The following FD interest rates are applicable on deposits below Rs 2 crore according to 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 below Rs 2 crore according to kotak.com:
| INTEREST RATES FOR Domestic / NRO / NRE FIXED DEPOSITS effective from 26th March 2019. (Rates are subject to change from time to time) | |||
|---|---|---|---|
| Maturity Periods - Premature Withdrawal Allowed | Less than Rs.2 Crore (For Regular citizens) | Less than Rs.2 Crore (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 upto and inclusive of 10 years | 6.50% | 7.00% | |
The fixed deposit accounts which have a lock-in period of five or 10 years also offer income tax benefit under Section 80C of the Income Tax Act.
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