Fixed Deposit Interest Rates Of Key Lenders Compared

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A fixed deposit (FD) account, also called as term deposit account, is a secure financial instrument which offer guaranteed returns. FD interest rates vary from one bank to another, depending on factors such as the term of fixed deposit. In a fixed deposit account, money is deposited for a specific time, which varies from seven days to 10 years. The fixed deposits (FDs) usually offer higher interest rates to senior citizens as compared to those for the general public. Some fixed deposits come with a premature withdrawal facility while some require a compulsory lock-in period.

Here is a comparison of interest rates offered by State Bank of India (SBI), Kotak Mahindra Bank, HDFC Bank and ICICI Bank on fixed deposits up to Rs 1 crore:

State Bank of India

The following FD interest rates are applicable on deposits below Rs. 1 crore, according to the bank’s website – sbi.co.in:

TenorsRevised For Public w.e.f. 30.07.2018Revised for Senior Citizens w.e.f. 30.07.2018
7 days to 45 days5.756.25
46 days to 179 days6.256.75
180 days to 210 days6.356.85
211 days to less than 1 year6.46.9
1 year to less than 2 year6.77.2
2 years to less than 3 years6.757.25
3 years to less than 5 years6.87.3
5 years and up to 10 years6.857.35

Kotak Mahindra Bank

The following FD interest rates are applicable on deposits below Rs. 1 crore, according to the bank’s website – kotak.com:

Maturity Periods – Premature Withdrawal AllowedGeneralSenior Citizen
7 – 14 Days3.50%4.00%
15 – 30 Days4.00%4.50%
31 – 45 Days5.00%5.50%
46 – 90 Days5.50%6.00%
91 – 120 Days6.00%6.50%
121 – 179 days6.25%6.75%
180 Days7.10%7.60%
181 Days to 269 Days7.10%7.60%
270 Days7.25%7.75%
271 Days to 363 Days7.25%7.75%
364 Days7.25%7.75%
365 Days to 389 Days7.40%7.90%
390 Days (12 months 25 days)7.50%8.00%
391 Days – Less than 23 Months7.50%8.00%
23 Months7.50%8.00%
23 months 1 Day- less than 2 years7.50%8.00%
2 years- less than 3 years7.25%7.75%
3 years and above but less than 4 years7.10%7.60%
4 years and above but less than 5 years7.00%7.50%
5 years and above up to and inclusive of 10 years6.50%7.00%

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 days3.50%4.00%
15 – 29 days4.25%4.75%
30 – 45 days5.75%6.25%
46 – 60 days6.25%6.75%
61 – 90 days6.25%6.75%
91 days – 6 months6.25%6.75%
6 mnths 1 day- 6 mnths 3 days6.75%7.25%
6 mnths 4 days6.75%7.25%
6 mnths 5 days- 9 mnths6.75%7.25%
9 mnths 1 day- 9 mnths 3 days7.00%7.50%
9 mnths 4 days7.00%7.50%
9 months 5 days – 9 months 15 days7.00%7.50%
9 months 16 days7.00%7.50%
9 months 17 days < 1 Year7.00%7.50%
1 Year7.25%7.75%
1 year 1 day – 1 year 3 days7.25%7.75%
1 year 4 days7.25%7.75%
1 year 5 days – 1 Year 15 Days7.25%7.75%
1 Year 16 days7.25%7.75%
1 year 17 days – 2 Years7.25%7.75%
2 years 1day – 2 Years 15 days7.10%7.60%
2 Years 16 days7.10%7.60%
2 years 17 days – 3 Years7.10%7.60%
3 years 1 day – 5 years7.10%7.60%
5 Years 1 Day – 8 Years6.00%6.50%
8 Years 1 Day – 10 Years6.00%6.50%

ICICI Bank

The following FD interest rates are for deposits below Rs 1 crore, according to the bank’s website – icicibank.com:

Tenure PeriodRate of Interest (% p.a.) w.e.f August 14, 2018
 GeneralSenior Citizen*
7 days to 14 days44.5
15 days to 29 days4.254.75
30 days to 45 days5.56
46 days to 60 days5.756.25
61 days to 90 days66.5
91 days to 120 days66.5
121 days to 184 days66.5
185 days to 289 days6.57
290 days to less than 1 year6.757.25
1 year to 389 days6.757.25
390 days to 2 years77.5
2 years 1 day upto 5 years7.257.75
5 years 1 day upto 10 years77.5
5 Years Tax saver FD(Max upto Rs. 1.50 lac)7.257.75

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.

Source: NDTV Profit