Bank fixed deposits (FDs) are hugely popular among investors who need secured returns. Market-linked instruments like stocks and bonds may be attractive as asset classes but are unable to offer fixed returns. On the other hand, bank fixed deposits guarantee a fixed interest rate irrespective of the market uncertainties. That is why, investors feel a sense of security while investing in bank FDs. With effect from Wednesday, State Bank of India (SBI), the largest lender of the country, hiked its interest rates on fixed deposits of various tenures. Other banks may also follow suit.
Latest fixed deposit interest rates offered by SBI, ICICI Bank, HDFC Bank, Canara Bank:
State Bank of India (SBI) fixed deposit interest rates, according to its website sbi.co.in:
1. Revision in Interest Rates On Retail Domestic Term (fixed) Deposits (Below Rupees One Crore) with effect from 28.03.2018
(Also Read: State Bank Of India (SBI) Public Provident Fund (PPF) Scheme - 10 Things To Know)
(All figures in % per annum)
| Tenors | Existing for Public w.e.f. 28.02.2018 | Revised For Public w.e.f. 28.03.2018 | Existing for Senior Citizens w.e.f. 28.02.2018 | Revised for Senior Citizens w.e.f. 28.03.2018 |
| 7 days to 45 days | 5.75 | 5.75 | 6.25 | 6.25 |
| 46 days to 179 days | 6.25 | 6.25 | 6.75 | 6.75 |
| 180 days to 210 days | 6.35 | 6.35 | 6.85 | 6.85 |
| 211 days to less than 1 year | 6.4 | 6.4 | 6.9 | 6.9 |
| 1 year to less than 2 year | 6.4 | 6.4 | 6.9 | 6.9 |
| 2 years to less than 3 years | 6.5 | 6.6 | 7 | 7.1 |
| 3 years to less than 5 years | 6.5 | 6.7 | 7 | 7.2 |
| 5 years and up to 10 years | 6.5 | 6.75 | 7 | 7.25 |
Tenure Period | Rate of Interest (% p.a.) w.e.f December 11, 2017 | |
| 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 | 6.5 | 7 |
| 5 years 1 day upto 10 years | 6.5 | 7 |
| 5 Years Tax saver FD(Max upto Rs. 1.50 lac) | 6.5 | 7 |
Period | < 1 Crore | |
| Interest Rate | **Senior Citizen Rates | |
| (per annum) | (per annum) | |
| 7 - 14 days | 3.50% | 4.00% |
| 15 - 29 days | 4.25% | 4.75% |
| 30 - 45 days | 5.50% | 6.00% |
| 46 - 60 days | 5.75% | 6.25% |
| 61 - 90 days | 5.75% | 6.25% |
| 91 days - 6 months | 5.75% | 6.25% |
| 6 mnths 1 day- 6 mnths 3 days | 6.00% | 6.50% |
| 6 mnths 4 days | 6.00% | 6.50% |
| 6 mnths 5 days- 9 mnths | 6.00% | 6.50% |
| 9 mnths 1 day- 9 mnths 3 days | 6.00% | 6.50% |
| 9 mnths 4 days | 6.00% | 6.50% |
| 9 months 5 days - 9 months 15 days | 6.00% | 6.50% |
| 9 months 16 days | 6.25% | 6.75% |
| 9 months 17 days < 1 Year | 6.25% | 6.75% |
| 1 Year | 6.75% | 7.25% |
| 1 year 1 day - 1 year 3 days | 6.75% | 7.25% |
| 1 year 4 days | 6.25% | 6.75% |
| 1 year 5 days - 1 Year 15 Days | 6.25% | 6.75% |
| 1 Year 16 days | 6.25% | 6.75% |
| 1 year 17 days - 2 Years | 6.25% | 6.75% |
| 2 years 1day - 2 Years 15 days | 6.00% | 6.50% |
| 2 Years 16 days | 6.00% | 6.50% |
| 2 years 17 days - 3 Years | 6.00% | 6.50% |
| 3 years 1day - 5 years | 6.00% | 6.50% |
| 5 Years 1 Day - 8 Years | 6.00% | 6.50% |
| 8 Years 1 Day - 10 Years | 6.00% | 6.50% |
| 2. TERM DEPOSITS | ||||
| A. Domestic | Rate of Interest (%) p.a. | |||
| For Deposits less than Rs.1 crore | ||||
| w.e.f. 06.02.2018 | ||||
| Term Deposits (All Maturities) | General Public | Senior Citizen | ||
| Rate of Interest (% p.a) | Annualised Interest yield ** | Rate of Interest (% p.a) | Annualised Interest yield ** | |
| 7 days to 14 days * | 4.2 | 4.2 | 4.7 | 4.7 |
| 15 days to 30 days | 4.2 | 4.2 | 4.7 | 4.7 |
| 31 days to 45 days | 4.5 | 4.5 | 5 | 5 |
| 46 days to 60 days | 4.75 | 4.75 | 5.25 | 5.25 |
| 61 days to 90 days | 4.75 | 4.75 | 5.25 | 5.25 |
| 91 days to 120 days | 5.5 | 5.5 | 6 | 6 |
| 121 days to 179 days | 5.75 | 5.75 | 6.25 | 6.25 |
| 180 days to 269 days | 6.35 | 6.41 | 6.85 | 6.91 |
| 270 days to less than 1 year | 6.35 | 6.46 | 6.85 | 6.97 |
| 1 year only | 6.5 | 6.66 | 7 | 7.19 |
| Above 1 year to less than 2 years | 6.45 | 6.61 | 6.95 | 7.13 |
| 2 years & above to less than 3 years | 6.2 | 6.55 | 6.7 | 7.11 |
| 3 years & above to less than 5 years | 6.2 | 6.76 | 6.7 | 7.35 |
| 5 years & above to less than 8 years | 6 | 6.94 | 6.5 | 7.61 |
| 8 years & above to 10 years | 6 | 7.63 | 6.5 | 8.44 |
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