Fixed Deposit (FD) Interest Rates Offered By Top Banks
Fixed deposit (FD) is a financial instrument that offers guaranteed returns. In a fixed deposit account, money is deposited for a specific time, which varies from 7 days to ten years. Some FDs come with a premature withdrawal facility while some require a compulsory lock-in period. Interest rates on fixed deposits are revised by banks from time to time. Interest rate on an FD varies from one bank to another, depending upon factors such as MCLR (marginal cost of funds-based lending rate), maturity period or term and the deposit amount.Â
State-run State Bank of India (SBI) currently pays interest rates to the tune of 5.75-6.85 per cent per annum on domestic fixed deposits up to Rs 2 crore for general public, while the private sector peers like HDFC Bank and ICICI Bank pay anywhere between 3.50 per cent and 7.40Â per cent per annum on domestic fixed deposits up to Rs 1Â crore for general public.
Given below are the latest interest rates offered by SBI, HDFC Bank, ICICI Bank and Central Bank of India on fixed deposits (FDs):
State Bank of India (SBI)
The following FD interest rates are applicable on deposits below Rs 2 crore, according to the bank's website - 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 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 | |
|---|---|---|
| Â 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) | ||
Central Bank of India
The following FD interest rates are applicable on deposits below Rs 1 crore, according to the bank's website - centralbankofindia.co.in:
| Sr.No. | Maturity Period | Less than 1 cr w.e.f 25/01/2019 |
|---|---|---|
| 1 | 7 -14 days | 4.8% |
| 2 | 15 - 30 days | 5.55% |
| 3 | 31 - 45 days | 5.55% |
| 4 | 46 - 59 days | 5.55% |
| 5 | 60 - 90 days | 5.55% |
| 6 | 91 - 179 days | 6.5% |
| 7 | 180 - 270 days | 6.55% |
| 8 | 271 - 364 days | 6.55% |
| 9 | 1 yr to less than 2 yrs | 6.65% |
| 10 | 2 yr to less than 3 years | 6.55% |
| 11 | 3 yr to less than 5 years | 6.55% |
| 12 | 5 years & above up to 10 years | 6.55% |
| 13 | 555 days | 6.65% |
| 14 | 777 days | 6.55% |
| 15 | Cent Double | 6.55% |
Just like banking peers, post offices also offer the facility of opening an FD account. Post office fixed deposit (FD) account offers interest rates across four maturities: one year, two years, three years, and five years, according to India Post's official website- indiapost.gov.in.
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