FD Interest Rates: Here's What Public And Private Sector Banks Pay

A fixed deposit (FDs) is a secure financial instrument offered by banks, which fetch guaranteed returns. In a fixed deposit account, money can be invested for a higher rate of interest than savings accounts. One can deposit a lump sum of money in fixed deposits for a specific period, ranging from seven days to 10 years. 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.

Here’s a comparison of interest rates offered by SBI, Dena Bank, HDFC Bank and ICICI Bank on fixed deposits up to Rs. 1 crore:

State Bank of India (SBI)

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

Maturity period (term) Interest rate with effect from July 30, 2018
General public Senior citizen
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
(Source: sbi.co.in)

Dena Bank

The following FD interest rates are applicable from September 3, 2018, on deposits below Rs. 1 crore, according to the bank’s website – denabank.com: 

Maturity Period Rate of Interest below Rs 1 Crore
07 days to 14 days 4
15 days to 29 days 4
30 days to 45 days 4.5
46 days to 60 days 5.75
61 days to 90 days 5.75
91 days to 120 days 5.75
121 days to 179 days 5.75
180 days to 270 days 6.25
271 days to 364 days 6.25
365 days / 1 year 6.65
More than 1 yr to less than 2 years 6.75
2 years to less than 3 years 6.6
3 years to less than 5 years 6.25
5 years to less than 8 years 6.3
8 years to 10 years 6.3

Senior citizens will get an additional 0.50 per cent interest over and above rates except NRI deposits, said the bank.

HDFC Bank

The following FD interest rates are applicable on deposits below Rs. 1 crore from November 6, 2018, according to the bank’s website – hdfcbank.com:

ICICI Bank

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

Tenure Period Rate of Interest (% p.a.) w.e.f November 15, 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 6 6.5
61 days to 90 days 6.25 6.75
91 days to 120 days 6.25 6.75
121 days to 184 days 6.25 6.75
185 days to 289 days 6.5 7
290 days to less than 1 year 6.75 7.25
1 year to 389 days 6.9 7.4
390 days to 2 years 7.1 7.6
2 years 1 day upto 3 years 7.5 8
3 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

Lenders also pay slightly higher interest rates on fixed deposits to senior citizens, compared to the general public.

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