Major banks State Bank of India (SBI), HDFC Bank and ICICI Bank offer many personal banking products such as savings accounts, recurring deposit (RD) accounts and fixed deposit (FD) accounts. Savings accounts help customers save and park their money safely with the bank. Interest rates on savings banks accounts are modest. Fixed deposit accounts make customers fix a particular deposit of money for a given tenure, which means the money is locked for a term chosen by the customer. Interest rates on fixed deposit accounts are generally higher compared with savings bank accounts. Fixed deposits with lock-in periods of five or ten years but without a premature withdrawal facility offer income tax benefits. Recurring deposits or RD accounts enable customers to build their wealth via regular savings at periodic intervals. The interest rates on recurring deposits are as attractive as on fixed deposits.
Here's a comparison of interest rates offered by the three major banks on these products:
SBI savings account interest rates
| Particulars | Rate of Interest |
|---|---|
| Saving deposits of balance up to Rs. 1 crore | 3.50% |
| Saving deposits of balance above Rs. 1 crore | 4.00% |
(Also Read: These Banks Pay Up To 7.25% Interest Rates On Savings Accounts)
SBI fixed deposit interest rates
| Tenors | Revised For Public w.e.f. 28.05.2018 | Revised 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% |
SBI recurring deposit interest rates
SBI offers the same interest on recurring deposit as fixed deposits.
ICICI Bank savings account interest rates
With effective from August 19, 2017, the savings account interest rate on ICICI Bank accounts would be applicable as follows:
3.5 per cent for end of day account balance below Rs 50 lakh
4 per cent for end of day account balance of Rs 50 lakh and above
ICICI Bank fixed deposit interest rates
| Tenure Period | Rate of Interest w.e.f June 07, 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 | 6.25% | 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% |
(Also Read: Post Office Saving Schemes Offer Interest Rates Of 4%-8.3%)
ICICI Bank recurring deposit interest rates
| Maturity Period | Rate of Interest w.e.f June 7, 2018 | |
|---|---|---|
| General | Senior Citizen | |
| 6 months | 6% | 6.5% |
| 9 months | 6.25% | 6.75% |
| 12 months | 6.6% | 7.1% |
| 15 months | 6.75% | 7.25% |
| 18 months | 6.75% | 7.25% |
| 21 months | 6.75% | 7.25% |
| 24 months | 6.75% | 7.25% |
| 27 months | 7% | 7.5% |
| 30 months | 7% | 7.5% |
| 33 months | 7% | 7.5% |
| 36 months | 7% | 7.5% |
| Above 3 years upto 5 years | 7% | 7.5% |
| Above 5 years upto 10 years | 7% | 7.5% |
HDFC Bank savings account interest rates
HDFC Bank offers an interest rate of 4 per cent on balances of Rs. 50 lakh and above in savings accounts.
On balances below Rs 50 lakh, the bank offers an interest rate of 3.50 per cent.
HDFC Bank fixed deposit interest rates
| 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 | 6.35% | 6.85% | |
| 6 mnths 4 days | 6.35% | 6.85% | |
| 6 mnths 5 days- 9 mnths | 6.40% | 6.90% | |
| 9 mnths 1 day- 9 mnths 3 days | 6.40% | 6.90% | |
| 9 mnths 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% | |
HDFC Bank recurring deposit interest rates
| Period | Interest Rate (per annum) | **Senior Citizen Rates (per annum) | Effective From |
|---|---|---|---|
| 6 Months | 6.25% | 6.75% | June 06,2018 |
| 9 Months | 6.40% | 6.90% | June 06,2018 |
| 12 Months | 6.85% | 7.35% | Apr 24,2018 |
| 15 Months | 7.00% | 7.50% | Apr 24,2018 |
| 24 Months | 7.00% | 7.50% | Apr 24,2018 |
| 27 Months | 7.00% | 7.50% | Apr 24,2018 |
| 36 Months | 7.00% | 7.50% | Apr 24,2018 |
| 39 Months | 7.00% | 7.50% | Apr 24,2018 |
| 48 Months | 7.00% | 7.50% | Apr 24,2018 |
| 60 Months | 7.00% | 7.50% | Apr 24,2018 |
| 90 Months | 6.00% | 6.50% | Jan 06,2017 |
| 120 Months | 6.00% | 6.50% | Jan 06,2017 |
When you think of investing your money, always understand the implications of interest rates and tenures on your deposits, say financial planners.
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