FD Interest Rates: SBI Vs IndusInd Bank Vs HDFC Bank Vs ICICI Bank

These days, fixed deposits or FDs can be created with just a click. Leading banks offer the option of creating online fixed deposits. Fixed deposit interest rates help customers save money over a period of time and also earn an interest income on the same. However, you need to note that investments in fixed deposits are subject to income tax. Any fixed deposit with a tenure of less than five years does not give you income tax benefit under Section 80 C of the Income Tax Act. If you want to reduce your taxable income via fixed deposits, you need to invest in a fixed deposit of five or 10 years.

Consider this: a fixed deposit for five years fetches an interest rate of 7 per cent with IndusInd Bank, HDFC Bank and ICICI Bank but the largest bank of the country, State Bank of India (SBI), actually offers a lower fixed deposit interest rate of 6.75 per cent on the same tenure. 

Given below is a comparison of fixed deposit interest rates paid by IndusInd Bank, HDFC Bank, State Bank of India (SBI), and ICICI Bank:

Fixed deposit interest rates of IndusInd Bank

The following fixed deposit interest rates are effective from June 1, 2018, according to indusind.com:

Maturity Period DOMESTIC (RESIDENT)
DEPOSITS / NRO DEPOSITS <1 crore
Rates p.a.(%) Annualised Yield*
7 days to 14 days 3.5 3.5
15 days to 30 days 4 4
31 days to 45 days 5.5 5.5
46 days to 60 days 5.75 5.75
61 days to 90 days 6 6
91 days to 120 days 6.25 6.25
121 days to 180 days 6.5 6.55
181 days to 210 days 6.75 6.81
211 days to 269 days 6.75 6.86
270 days or below 1 years 7 7.12
1 Years to below 1 Years 2 Months 7.65 7.87
1 Years 2 Months to below 2 Years 7.4 7.75
2 years to below 2 years 6 Months 7.25 7.73
2 years 6 Months to below 2 years 9 Months 7.25 7.94
2 years 9 Months to below 3 years 7.25 8.02
3 years to below 61 month 7 8
61 month and above 6.75 7.95
Indus Tax Saver Scheme (5 years) 7 8.65

(Also Read: Bank Fixed Deposits Vs Corporate Fixed Deposits: Interest Rates, Taxation, Risks)

Fixed Deposit interest rates of HDFC Bank
Domestic / NRO / NRE Fixed Deposits
Applicable from July 6, 2018

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%

(Also Read: Recurring Deposit (RD) Interest Rates Of These Banks Are As High As 9%)

Fixed deposit interest rates of State Bank of India (SBI) (Below Rs 1 crore) from sbi.co.in

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

Fixed deposit interest rates of ICICI Bank

Interest rates on Domestic, NRO & NRE deposits (Less than Rs 1 crore) from icicibank.com

Tenure Period Rate of Interest (% p.a.) 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 up to 5 years 7 7.5
5 years 1 day up to 10 years 7 7.5
5 Years Tax saver FD(Max upto Rs. 1.50 lac) 7 7.5

Small finance banks like Suryoday Small Finance Bank and ESAF Small Finance Bank, among others, offer higher interest rates than larger peers.

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