Fixed deposits (FDs) are secure financial instruments, which offer guaranteed returns. FD interest rates vary according to the tenure of the fixed deposit and across banks. In a fixed deposit account, money is deposited for a specific time, which varies from 7 days to ten years. Some fixed deposits come with a premature withdrawal facility while some require a compulsory lock-in period. Recently, top private lenders banks such as HDFC Bank and Axis Bank have revised their fixed deposit rates.
Here is a comparison of fixed deposit (FD) interest rates offered by State Bank of India (SBI), Yes Bank, HDFC Bank, ICICI Bank:
State Bank of India
The following FD interest rates are applicable on deposits below Rs. 1 crore as stated on sbi.co.in:
| Tenors | Revised For Public w.e.f. 30.07.2018 | Revised for Senior Citizens w.e.f. 30.07.2018 |
|---|---|---|
| 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 | 6.7 | 7.2 |
| 2 years to less than 3 years | 6.75 | 7.25 |
| 3 years to less than 5 years | 6.8 | 7.3 |
| 5 years and up to 10 years | 6.85 | 7.35 |
Yes Bank
The following FD interest rates are for deposits below Rs 1 crore with effect from June 5, 2018, as stated on yesbank.in:
| RESIDENT FIXED DEPOSIT INTEREST RATES (% p.a) | |||
|---|---|---|---|
| Period | Rates for < 1 Crore w.e.f 5th June 2018 | ||
| Regular Interest Rates | Senior Citizen Interest Rates | ||
| 7 to 45 days | 5.00% | 5.50% | |
| 46 to 90 days | 7.00% | 7.50% | |
| 3 months to < 6 months | 6.90% | 7.40% | |
| 6 months to < 9 months | 6.70% | 7.20% | |
| 9 months to < 1 Year | 6.70% | 7.20% | |
| 1 Years to <= 10 years* | 7.10% | 7.60% | |
| Special Rates | |||
| 12 Months 10 Days to 12 Months 20 Days | 7.40% | 7.90% | |
| 18 Months 8 Days to 18 Months 18 Days | 7.50% | 8.00% | |
| 36 Months 10 Days to 36 Months 20 Days | 7.25% | 7.75% | |
HDFC Bank
The following FD interest rates are for deposits below Rs 1 crore with effect from October 6, as stated on hdfcbank.com:
| 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 | 6.75% | 7.25% |
| 6 mnths 4 days | 6.75% | 7.25% |
| 6 mnths 5 days- 9 mnths | 6.75% | 7.25% |
| 9 mnths 1 day- 9 mnths 3 days | 7.00% | 7.50% |
| 9 mnths 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 1day – 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 1 day – 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% |
ICICI Bank
The following FD interest rates are for deposits below Rs 1 crore as stated on icicibank.com:
| Tenure Period | Rate of Interest (% p.a.) w.e.f August 14, 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 | 6.5 | 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 |
| 5 Years Tax saver FD(Max upto Rs. 1.50 lac) | 7.25 | 7.75 |
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