Fixed deposit (FD), a secure investment instrument, offers higher interest rates than the deposits in savings accounts. Fixed deposits can be started for specific period, which can be as short as 7 days. FD interest rates of most banks are higher for senior citizens as compared to those for the general public. However, fixed deposit interest rates vary according to separate maturity baskets across different lenders. Investors can opt for a monthly, quarterly and annual interest payout. Leading banks like State Bank of India (SBI), HDFC Bank, ICICI Bank, among others offer the facility of opening a fixed deposit.
(Also read: What Is SBI Multi-Option Deposit Scheme? All You Need To Know)
Given below are the latest fixed deposit (FD) interest rates offered by SBI, HDFC Bank, ICICI Bank and Kotak Mahindra Bank:
State Bank of India (SBI)
The following FD interest rates are applicable on deposits below Rs 1 crore, according to the bank's website - sbi.co.in:
| Tenors | Revised For Public w.e.f. 28.11.2018 | Revised for Senior Citizens w.e.f. 28.11.2018 |
|---|---|---|
| 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 | |
|---|---|---|
| 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) | ||
Kotak Mahindra Bank
The following FD interest rates are for deposits below Rs 1 crore with effect from December 20, 2018 according to the bank's website - kotak.com:
| Interest Rates for Domestic / NRO / NRE Fixed Deposits effective from 20th December 2018 | ||
|---|---|---|
| Maturity Periods - Premature Withdrawal Allowed | Regular Less than Rs 1 Crore | Senior citizen Less than Rs 1 Crore |
| 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 | 7.00% | 7.50% |
| 181 Days to 269 Days | 7.00% | 7.50% |
| 270 Days | 7.00% | 7.50% |
| 271 Days to 363 Days | 7.00% | 7.50% |
| 364 Days | 7.00% | 7.50% |
| 365 Days to 389 Days | 7.30% | 7.80% |
| 390 Days (12 months 25 days) | 7.40% | 7.90% |
| 391 Days - Less than 23 Months | 7.30% | 7.80% |
| 23 Months | 7.25% | 7.75% |
| 23 months 1 Day- less than 2 years | 7.25% | 7.75% |
| 2 years- less than 3 years | 7.25% | 7.75% |
| 3 years and above but less than 4 years | 7.10% | 7.60% |
| 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 FD 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. The government in Interim Budget 2019-20 has proposed to increase the limit for tax deduction at source (TDS) on interest income earned on bank deposits from Rs 10,000 to Rs 40,000 per annum. The proposed TDS hike will come into effect from April 1, 2019.
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