Fixed deposits (FDs) are secure financial instruments that offer guaranteed returns. In a fixed deposit account, money is deposited for a specific time. Most banks today offer a maturity period ranging from seven days to 10 years for fixed deposits. Money deposited in a savings account usually fetches an interest rate to the tune of 3-4 per cent. Fixed deposits, however, offer much higher interest rates compared to savings accounts. Lenders also pay slightly higher interest rates on fixed deposits to senior citizens, compared to those applicable to the general public. Banks keep on revising their FD interest rates from time to time.
Here is a comparison of interest rates offered by State Bank of India (SBI), Bandhan Bank, IndusInd Bank, HDFC Bank and ICICI Bank on fixed deposits up to Rs. 1 crore:
State Bank of India (SBI)
The following FD interest rates are applicable on deposits below Rs 1 crore, according to State Bank of India's website - sbi.co.in:
| Tenors | Revised For Public w.e.f. 30.07.2018 | Revised for Senior Citizens w.e.f. 30.07.2018 |
|---|---|---|
| 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 | 6.7 | 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 |
Bandhan Bank
The following FD interest rates are applicable on deposits below Rs 1 crore with effect from October 9 2018, according to the bank's website - bandhanbank.com
| Tenor | Rate |
|---|---|
| 7 days to 14 days | 3.50% |
| 15 days to 30 days | 4.00% |
| 31 days to Less than 2 months | 4.00% |
| 2 months to less than 3 months | 4.00% |
| 3 months to less than 6 months | 4.50% |
| 6 months to less than 1 year | 6.80% |
| 1 year to 18 months | 7.25% |
| Above 18 months to less than 2 years | 7.55% |
| 2 years to less than 5 years | 7.40% |
| 5 years to less than 7 years | 6.40% |
| 7 years to up to 10 years | 6.40% |
Senior citizens will get additional 0.75 per cent over and above the given slab rates, said Bandhan Bank.
IndusInd Bank
The following FD interest rates are applicable on deposits below Rs 1 crore with effect from October 5 2018, according to the bank's website - indusind.com:
| Maturity Period | Domestic (Resident) Deposits/ NRO Deposits |
|---|---|
| <1 crore | |
| Rates p.a.(%) | |
| 7 days to 14 days | 3.75 |
| 15 days to 30 days | 4.25 |
| 31 days to 45 days | 5.75 |
| 46 days to 60 days | 6 |
| 61 days to 90 days | 6.25 |
| 91 days to 120 days | 6.5 |
| 121 days to 180 days | 6.75 |
| 181 days to 210 days | 7.25 |
| 211 days to 269 days | 7.25 |
| 270 days or below 1 years | 7.5 |
| 1 Years to 1 Years 2 Months | 8 |
| Above 1 Years 2 Months to below 2 Years | 7.75 |
| 2 years to below 2 years 6 Months | 7.5 |
| 2 years 6 Months to below 2 years 9 Months | 7.5 |
| 2 years 9 Months to below 3 years | 7.5 |
| 3 years to below 61 month | 7.5 |
| 61 month and above | 7.25 |
| Indus Tax Saver Scheme (5 years) | 7.5 |
An additional interest rate of 0.50 per cent over and above the card rates is applicable for term deposits of senior citizens for value below Rs. 1 crore, said IndusInd Bank.
HDFC Bank
The following FD interest rates are for deposits below Rs 1 crore with effect from October 6, 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 | 7.00% | 7.50% |
| 9 months 4 days | 7.00% | 7.50% |
| 9 months 5 days - 9 months 15 days | 7.00% | 7.50% |
| 9 months 16 days | 7.00% | 7.50% |
| 9 months 17 days < 1 Year | 7.00% | 7.50% |
| 1 Year | 7.25% | 7.75% |
| 1 year 1 day - 1 year 3 days | 7.25% | 7.75% |
| 1 year 4 days | 7.25% | 7.75% |
| 1 year 5 days - 1 Year 15 Days | 7.25% | 7.75% |
| 1 Year 16 days | 7.25% | 7.75% |
| 1 year 17 days - 2 Years | 7.25% | 7.75% |
| 2 years 1 day - 2 Years 15 days | 7.10% | 7.60% |
| 2 Years 16 days | 7.10% | 7.60% |
| 2 years 17 days - 3 Years | 7.10% | 7.60% |
| 3 years 1 day - 5 years | 7.10% | 7.60% |
| 5 Years 1 Day - 8 Years | 6.00% | 6.50% |
| 8 Years 1 Day - 10 Years | 6.00% | 6.50% |
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 August 14, 2018 | |
|---|---|---|
| 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 | 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 |
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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