Fixed Deposit Interest Rates: SBI, HDFC Bank, ICICI Bank Vs Bajaj Finserv, Shriram Transport Finance
Fixed deposits or FDs are offered by banks as well as corporate houses. However, fixed deposit (FD) interest rates of non-banking finance companies are more attractive than their banking peers. This is because the risks associated with corporate fixed deposits are higher than bank fixed deposits, say experts. "Customers should invest in high-rated corporate (fixed) deposits with AAA or equivalent rating, and avoid choosing a low-credit rating company. However, those who are very risk-averse should continue choosing bank fixed deposits which ensure a psychological comfort," said Dinesh Rohira, founder and CEO, 5nance.com.
Bank fixed deposits are secured by the Reserve Bank of India up to Rs 1 lakh. This means that even if a bank goes bankrupt, each depositor will get this sum. Corporate fixed deposits do not offer any such security. If the non-banking finance company goes out of funds, it might default on interest payments.
Given below are interest rates on fixed deposits (FD) offered by SBI, HDFC Bank, ICICI Bank, Bajaj Finserv, and Shriram Transport Finance Company:
Fixed deposit interest rates of State Bank of India (SBI) (Below Rs 1 crore) from sbi.co.in
The following fixed deposit interest rates came into effect on May 28, said SBI.
| Tenors | Interest rate (in per cent) for public w.e.f. 28.05.2018 | Interest rate for senior citizens w.e.f. 28.05.2018 |
|---|---|---|
| 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 | 6.65 | 7.15 |
| 2 years to less than 3 years | 6.65 | 7.15 |
| 3 years to less than 5 years | 6.7 | 7.2 |
| 5 years and up to 10 years | 6.75 | 7.25 |
| (Source: sbi.co.in) | ||
(Also Read: Fixed Deposit Interest Rates Of This Bank Are Better Than SBI's)
Fixed Deposit interest rates of HDFC Bank
Domestic / NRO / NRE Fixed Deposits
The following fixed deposit interest rates are applicable from July 6, 2018, according to hdfcbank.com.
| Â | Rate of Interest (% p.a.) w.e.f July 6, 2018 | |
|---|---|---|
| Tenure | Interest rate for general public | Interest rate for 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 | 6.35% | 6.85% |
| 6 months 4 days | 6.35% | 6.85% |
| 6 months 5 days- 9 months | 6.40% | 6.90% |
| 9 months 1 day- 9 months 3 days | 6.40% | 6.90% |
| 9 months 4 days | 6.40% | 6.90% |
| 9 months 5 days - 9 months 15 days | 6.40% | 6.90% |
| 9 months 16 days | 6.40% | 6.90% |
| 9 months 17 days < 1 Year | 6.40% | 6.90% |
| 1 Year | 6.85% | 7.35% |
| 1 year 1 day - 1 year 3 days | 6.65% | 7.15% |
| 1 year 4 days | 6.65% | 7.15% |
| 1 year 5 days - 1 Year 15 Days | 6.65% | 7.15% |
| 1 Year 16 days | 6.65% | 7.15% |
| 1 year 17 days - 2 Years | 7.00% | 7.50% |
| 2 years 1day - 2 Years 15 days | 7.00% | 7.50% |
| 2 Years 16 days | 7.00% | 7.50% |
| 2 years 17 days - 3 Years | 7.00% | 7.50% |
| 3 years 1day - 5 years | 7.00% | 7.50% |
| 5 Years 1 Day - 8 Years | 6.00% | 6.50% |
| 8 Years 1 Day - 10 Years | 6.00% | 6.50% |
| (Source: hdfcbank.com) | ||
(Also Read: Interest Rates On Fixed Deposits, Recurring Deposits, Savings Accounts Of SBI, ICICI Bank, HDFC Bank)
Fixed deposit interest rates of ICICI Bank
Interest rates on Domestic, NRO & NRE deposits (Less than Rs 1 crore) from icicibank.com
| Â | Rate of Interest (% p.a.) w.e.f June 07, 2018 | |
|---|---|---|
| Tenure | 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 | 6.25 | 6.75 |
| 290 days to less than 1 year | 6.5 | 7 |
| 1 year to 389 days | 6.6 | 7.1 |
| 390 days to 2 years | 6.75 | 7.25 |
| 2 years 1 day upto 5 years | 7 | 7.5 |
| 5 years 1 day upto 10 years | 7 | 7.5 |
| 5 Years Tax saver FD(Max upto Rs. 1.50 lac) | 7 | 7.5 |
| (Source: icicibank.com) | ||
Fixed deposit interest rates of Bajaj Finserv
Customers can choose from cumulative fixed deposits (where interest is payable at the time of maturity) or non-cumulative fixed deposits (where interest may be payable at monthly, quarterly, half-yearly or annual basis), said Bajaj Finserv at bajajfinserv.in.
| Tenor in Months | Minimum deposit size (in Rs.) | Cumulative | Non-Cumulative | |||
|---|---|---|---|---|---|---|
| Monthly | Quarterly | Half-yearly | Yearly | |||
| 12 – 23 | 25, 000 | 7.60% | 7.35% | 7.39% | 7.46% | 7.60% |
| 24 – 35 | 8.15% | 7.88% | 7.93% | 8.00% | 8.15% | |
| 36 – 60 | 8.40% | 8.13% | 8.18% | 8.25% | 8.40% | |
| Special tenors scheme | ||||||
| 15 | 1, 00, 000 | 7.85% | 7.60% | 7.64% | 7.71% | 7.85% |
(Also Read: When To Invest In Mutual Fund Instead Of Bank Fixed Deposit (FD)? Here's What Experts Say)
Fixed deposit interest rates of Shriram Transport Finance Company
Shriram Transport said on its website stfc.in that it offers an additional interest of 0.15 per cent per annum on all renewals, where the fixed deposit is matured on or after 15th June 2018.
| INTEREST RATES-ON FRESH DEPOSITS/RENEWALS (w.e.f. 15th Jun 2018) | |||||||
|---|---|---|---|---|---|---|---|
| NORMAL SCHEME | |||||||
| Â | Non-Cumulative Deposits | Cumulative Deposit | |||||
| Period (months) | Monthly % P. A | Quarterly % P. A | Half yearly % P. A | Yearly % P.A | Rate (P.A at Monthly rests) | Effective Yield % P. A | maturity value for ? 5000/- |
| 12 | 7.49 | 7.54 | 7.61 | 7.75 | 7.49 | 7.75 | 5,388 |
| 24 | 7.72 | 7.77 | 7.85 | 8 | 7.72 | 8.32 | 5,832 |
| 36 | 8.28 | 8.34 | 8.42 | 8.6 | 8.28 | 9.36 | 6,404 |
| 48 | 8.28 | 8.34 | 8.42 | 8.6 | 8.28 | 9.78 | 6,956 |
| 60 | 8.28 | 8.34 | 8.42 | 8.6 | 8.28 | 10.21 | 7,553 |
Fixed deposit interest rates of small finance banks are higher than their larger peers.
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