Bank fixed deposits (FDs) are secure fixed-income instruments which offer guaranteed returns. Unlike stocks and mutual funds, fixed deposits offer assured returns because they are unaffected by market volatility. This makes bank fixed deposits apt for investors who are risk-averse and seek a guaranteed return on their investments. Top lenders such as State Bank of India (SBI), HDFC Bank and ICICI Bank, among others, offer fixed deposits. Customers are required to park their funds until a pre-determined period and then they can earn attractive interest rates on the same.
Banks which have recently hiked FD interest rates
HDFC Bank and Indian Bank raised their fixed deposit interest rates with effect from November 6.
Here are the latest fixed deposit or FD interest rates of SBI, HDFC Bank, ICICI Bank and Indian Bank on deposits below Rs 1 crore:
SBI
| Maturity period (term) | Interest rate with effect from July 30, 2018 | |
|---|---|---|
| General public | Senior citizen | |
| 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 | 6.7 | 7.2 |
| 2 years to less than 3 years | 6.75 | 7.25 |
| 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) | ||
(Also Read: Post Office Saving Schemes: Interest Rates On Nine Accounts Compared)
HDFC Bank
| 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 mnths 1 day- 6 mnths 3 days | 6.75% | 7.25% |
| 6 mnths 4 days | 6.75% | 7.25% |
| 6 mnths 5 days- 9 mnths | 6.75% | 7.25% |
| 9 mnths 1 day- 9 mnths 3 days | 7.10% | 7.60% |
| 9 mnths 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% |
(Source: hdfcbank.com)
ICICI Bank
| Maturity period (term) | Interest rate with effect from August 14, 2018 | |
|---|---|---|
| General public | 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 | 5.75 | 6.25 |
| 61 days to 90 days | 6 | 6.5 |
| 91 days to 120 days | 6 | 6.5 |
| 121 days to 184 days | 6 | 6.5 |
| 185 days to 289 days | 6.5 | 7 |
| 290 days to less than 1 year | 6.75 | 7.25 |
| 1 year to 389 days | 6.75 | 7.25 |
| 390 days to 2 years | 7 | 7.5 |
| 2 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 lac) | 7.25 | 7.75 |
| (Source: icicibank.com) | ||
(Also Read: 10 Investment Options That Can Make Money For You This Diwali)
Indian Bank
| Period | Less than Rs 1 crore% per annum | |
|---|---|---|
| Existing | Revised | |
| 7 days to 14 days | 4.50* | 4.50* |
| 15 days to 29 days | 4.50 | 4.50 |
| 30 days to 45 days | 4.50 | 4.50 |
| 46 days to 90 days | 5.00 | 5.00 |
| 91 days to 120 days | 6. | 6.00 |
| 121 days to ISO days | 6.00 | 6. |
| 181 days to less than 9 moths | 6. | 6.50 |
| 9 months to less than 1 yea | 6. | 6.50 |
| 1 yea | 6.60 | 7. |
| Above I year to less than 2 years | 6.50 | 6.60 |
| 2 yeas to less than 3 years | 6.50 | 6.50 |
| 3 years and above | 6.00 | 6.00 |
(Source: indianbank.in)
To senior citizens, an additional FD interest rate of 0.50 per cent is offered on amount up to Rs 2 crore, Indian Bank said. The additional rate would be offered on deposits of 15 days to 10 years over the card rate.
(Also Read: SBI Posts 945 Crore Rupees Profit In September Quarter, Beats Street Estimates)
FD interest rates are subject to change from time to time.
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