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

Fixed deposits (FDs) are secure financial instruments, which offer guaranteed returns. In a fixed deposit account, money is deposited for a specific time, which varies from seven days to 10 years. Fixed deposits offer much higher interest rates than savings accounts. Recently, big banks such as State Bank of India (SBI), HDFC Bank have revised their fixed deposit rates. The revision in fixed deposit interest rates have come after the Reserve Bank of India hiked the repo rate – the rate at which its lends funds to commercial banks – to 6.5 per cent.

Here is a comparison of fixed deposit (FD) rates offered by State Bank of India (SBI), Union Bank, HDFC Bank and ICICI Bank:

Fixed deposit (FD) rates offered by State Bank of India (Below Rs. 1 crore):

Revised from July 30, 2018:

Term Interest rate for general public (% per annum) Interest rate for senior citizens (% per annum)
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

Fixed deposit (FD) rates offered by Union Bank of India (Below Rs. 1 crore):

Interest rates effective from July 25, 2018:

Tenure < Rs. 1 Cr
7 day – 14 day 5
15 day – 30 day 5
31 day – 45 day 5
46 day – 90 day 5.5
91 day- 120 day 6.25
121 day to – 179 days 6.25
180 days 6.5
181 day to <10 Month 6.5
10 Month to 14 Month 6.75
>14 Month to 3 Year 6.7
>3 year – 5 Year 6.75
>5 year – 10 Year 6.75
Source:unionbankofindia.co.in
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Fixed deposit (FD) rates offered by HDFC Bank (Less than Rs. 1 crore):

The following HDFC Bank FD interest rates are applicable from August 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 6.75% 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 1day – 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%

Fixed deposit (FD) rates offered by ICICI Bank:

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

  Rate of Interest (% p.a.) w.e.f June 07, 2018
Tenure General public 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 7 7.5
5 years 1 day upto 10 years 7 7.5
5 Years Tax saver FD(Max upto Rs. 1.50 lac) 7 7.5
(Source: icicibank.com)

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.

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