Fixed Deposit (FD) Interest Rates: Returns Offered By Private, Public Sector Banks
Fixed deposit (FDs), also known as term deposits, are secure investment instruments offered by private and public sector banks, small finance banks, non-banking financial companies (NBFCs) and post offices. The funds in these accounts are held for a fixed term, has a specified date of maturity and offer assured returns. From a fixed deposit, the money can only be withdrawn only after the term has ended or by giving a predetermined number of days notice. The interest rates on FDs vary according to the tenor of a fixed deposit.Â
Country's largest lender State Bank of India (SBI) increased interest rates on fixed deposits with effect from November 28. Private sector peers HDFC Bank and ICICI Bank last revised their FD interest rates on November 6 and November 15 respectively. Public sector bank Canara Bank revised their FD interest rates on select maturities with effect from November 1.
Given below are interest rates offered by SBI, HDFC Bank, ICICI Bank, Canara Bank and Indian Overseas Bank on fixed deposits up to Rs. 1 crore:
State Bank of India (SBI):
Given below are the latest SBI FD interest rates on deposits below Rs 1 crore as mentioned on 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 from November 6, 2018, according to the bank's website - hdfcbank.com:
| Period | < 1 Crore | |
|---|---|---|
| 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. 1 crore, according to the bank's website - icicibank.com:
| Tenure Period | Rate of Interest (% p.a.) w.e.f November 15, 2018 | |
|---|---|---|
| Â | 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 upto 3 years | 7.5% | 8% |
| 3 years 1 day upto 5 years | 7.25% | 7.75% |
| 5 years 1 day upto 10 years | 7% | 7.5% |
| 5 Years Tax saver FD(Max upto Rs. 1.50 lac) | 7.25% | 7.75% |
Canara Bank
The following FD interest rates are applicable on deposits below Rs 1 crore, according to Canara Bank's website - canarabank.com:
| Domestic | Rate of Interest (%) p.a. | |
|---|---|---|
| Â | For Deposits less than Rs.1 Crore w.e.f. 01.11.2018 | |
| Term Deposits (All Maturities) | General Public | Senior Citizen |
| Rate of Interest (% p.a) | Rate of Interest (% p.a) | |
| 7 days to 14 days | 5.75 | 6.25 |
| 15 days to 30 days | 5.75 | 6.25 |
| 31 days to 45 days | 5.75 | 6.25 |
| 46 days to 60 days | 6.25 | 6.75 |
| 61 days to 90 days | 6.25 | 6.75 |
| 91 days to 120 days | 6.25 | 6.75 |
| 121 days to 179 days | 6.25 | 6.75 |
| 180 days to 269 days | 6.35 | 6.85 |
| 270 days to less than 1 year | 6.4 | 6.9 |
| 1 year only | 7.0 | 7.5 |
| Above 1 year to less than 2 years | 7 | 7.5 |
| 2 years & above to less than 3 years | 6.7 | 7.2 |
| 3 years & above to less than 5 years | 6.2 | 6.7 |
| 5 years & above to less than 8 years | 6.2 | 6.7 |
| 8 years & above to 10 years | 6.2 | 6.7 |
| 444 Days (Canara Shikhar Deposit) | 7.05 | 7.55 |
| 555 Days (Canara Shikhar Deposit) | 7.10 | 7.60 |
Indian Overseas Bank:
Given below are the Indian Overseas Bank FD interest rates on deposits below Rs 1 crore as mentioned on bank's website-iob.in:
| Period of Deposit | New Rate (%) effective from 05-04-2018 |
|---|---|
| Up to less than Rs 1 Cr (General public) | |
| 7-14 days* | 4.50% |
| 15-29 days | 4.50% |
| 30-45 Days | 4.50% |
| 46 -60 Days | 4.60% |
| 61-90 days | 4.60% |
| 91-120 days | 5.25% |
| 121-179 days | 5.50% |
| 180 -269 days | 5.75% |
| 270 days - < 1 year | 6.25% |
| 1 yr - <2 yrs | 6.60% |
| 2 yrs to < 3yrs | 6.75% |
| 3 Yrs and above | 6.80% |
Additional interest rate of 0.50 per cent is available for deposits of senior citizens for all tenors, noted Indian Overseas Bank on it's website.
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