Fixed Deposit Interest Rates Offered By Key Public, Private Sector Banks
Interest rates on fixed deposits or term deposits are revised by commercial banks from time to time. Interest rate on an FD - which is a fixed income instrument - varies from one bank to another, depending upon factors such as MCLR (marginal cost of funds-based lending rate), maturity period or term and the deposit amount. Major public sector banks such as State Bank of India and Punjab National Bank pay interest rates to the tune of 5.7-6.85 per cent per annum on domestic fixed deposits up to Rs 1 crore, while their private sector peers like HDFC Bank and ICICI Bank pay anywhere between 3.5 per cent and 7.3 per cent.
Here's a comparison of interest rates on domestic fixed deposits below Rs 1 crore paid by some of the top commercial banks in the country:
State Bank of India (SBI)
| Â | Interest rate (with effect from July 30) | |
|---|---|---|
| Term | General public | Senior citizens |
| 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 | 6.40% | 6.90% |
| 1 year to less than 2 year | 6.70% | 7.20% |
| 2 years to less than 3 years | 6.75% | 7.25% |
| 3 years to less than 5 years | 6.80% | 7.30% |
| 5 years and up to 10 years | 6.85% | 7.35% |
| (Source: sbi.co.in) | ||
Punjab National Bank (PNB)
| Term | Interest rates (with effect from August 1) | |
|---|---|---|
| Â | General public | Senior citizens |
| 7 to 14 days | 5.7% | 6.2% |
| 15 to 29 days | 5.7% | 6.2% |
| 30 to 45 days | 5.7% | 6.2% |
| 46 to 90 days | 6.35% | 6.85% |
| 91 to 179 days | 6.35% | 6.85% |
| 180 days to 270 Days | 6.35% | 6.85% |
| 271 days to less than 1 year | 6.35% | 6.85% |
| 1 year | 6.75% | 7.25% |
| above 1 year & upto 3 years | 6.75% | 7.25% |
| above 3 year & upto 5 years | 6.25% | 6.75% |
| above 5 years & upto 10 years | 6.25% | 6.75% |
| (Source: pnbindia.in) | ||
HDFC Bank
| Â | Interest rate (with effect from August 6) | |
|---|---|---|
| Term | General public | Senior citizens |
| 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 1day - 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% |
| (Source: hdfcbank.com) | ||
ICICI Bank
| Â | Interest rate (with effect from August 14) | |
|---|---|---|
| Term | General public | Senior citizens |
| 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 upto 5 years | 7.25% | 7.75% |
| 5 years 1 day upto 10 years | 7% | 7.5% |
| (Source: icicibank.com) | ||
Axis Bank
| Term | Interest rates (with effect from September 10) | |
|---|---|---|
| Â | General public | Senior citizens |
| 7 days to 14 days | 3.5 | 3.5 |
| 15 days to 29 days | 3.5 | 3.5 |
| 30 days to 45 days | 5.5 | 5.5 |
| 46 days to 60 days | 6.25 | 6.25 |
| 61 days < 3 months | 6.25 | 6.25 |
| 3 months < 4 months | 6.25 | 6.25 |
| 4 months < 5 months | 6.25 | 6.25 |
| 5 months < 6 months | 6.25 | 6.25 |
| 6 months < 7 months | 6.75 | 7 |
| 7 months < 8 months | 6.75 | 7 |
| 8 months < 9 months | 6.75 | 7 |
| 9 months < 10 months | 7 | 7.25 |
| 10 months < 11 months | 7 | 7.25 |
| 11 months < 1 year | 7 | 7.25 |
| 1 year < 1 year 5 days | 7.25 | 7.9 |
| 1 year 5 days < 1 year 11 days | 7.25 | 7.9 |
| 1 year 11 days < 13 months | 7.25 | 7.9 |
| 13 months < 14 months | 7.3 | 7.95 |
| 14 months < 15 months | 7.25 | 7.9 |
| 15 months < 16 months | 7.25 | 7.9 |
| 16 months < 17 months | 7.25 | 7.9 |
| 17 months < 18 months | 7.25 | 7.9 |
| 18 Months < 2 years | 7.25 | 7.9 |
| 2 years < 30 months | 7.25 | 7.9 |
| 30 months < 3 years | 7.25 | 7.75 |
| 3 years < 5 years | 7.25 | 7.75 |
| 5 years to 10 years | 7 | 7.5 |
| (Source: axisbank.com) | ||
Most banks offer slightly better returns to senior citizens - those above 60 years of age - compared to the general public.
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