Want To Open A Bank FD? Compare Interest Rates Paid By Key Lenders

Bank fixed deposits or bank FDs are considered a secure form of investment. When you invest money in a fixed deposit, banks guarantee the rate of annual return on the investment. FD returns are not linked to market volatility. So, even if markets fluctuate, returns on fixed deposits stay unchanged. Banks, however, change fixed deposit or FD interest rates from time to time. From 7 days to 10 years, bank fixed deposits come with different maturity periods. Investors can opt for a monthly, quarterly and annual interest payout.

Bank FD accounts with a lock-in period of five or 10 years are eligible for deduction in income tax under Section 80C of the Income Tax Act. Interim Budget 2019-20 proposed to increase the limit for tax deduction at source (TDS) on interest income earned on bank and post office deposits from Rs 10,000 to Rs 40,000 per annum. The proposed TDS hike will come into effect from April 1, 2019.

Given below are the latest interest rates offered by SBI, HDFC Bank, ICICI Bank, Bank of India and Bank of Baroda on fixed deposits:

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:

Tenors Revised For Public w.e.f. 28.11.2018 Revised for Senior Citizens w.e.f. 28.11.2018
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 6.8 7.3
2 years to less than 3 years 6.8 7.3
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)

HDFC Bank

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

Period Interest rate on FD less than Rs. 1 Crore
 General public Senior citizen
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 months 1 day- 6 months 3 days 6.75% 7.25%
6 months 4 days 6.75% 7.25%
6 months 5 days- 9 months 6.75% 7.25%
9 months 1 day- 9 months 3 days 7.10% 7.60%
9 months 4 days 7.10% 7.60%
9 months 5 days – 9 months 15 days 7.10% 7.60%
9 months 16 days 7.10% 7.60%
9 months 17 days < 1 Year 7.10% 7.60%
1 Year 7.30% 7.80%
1 year 1 day – 1 year 3 days 7.30% 7.80%
1 year 4 days 7.30% 7.80%
1 year 5 days – 1 Year 15 days 7.30% 7.80%
1 Year 16 days 7.30% 7.80%
1 year 17 days – 2 Years 7.30% 7.80%
2 years 1 day – 2 Years 15 days 7.40% 7.90%
2 Years 16 days 7.40% 7.90%
2 years 17 days – 3 Years 7.40% 7.90%
3 years 1 day – 5 years 7.25% 7.75%
5 Years 1 day – 8 Years 6.50% 7.00%
8 Years 1 day – 10 Years 6.50% 7.00%
(Source: 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:

Rate of Interest (% p.a.) w.e.f November 15, 2018
Tenure Period 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 up to 3 years 7.5 8
3 years 1 day up to 5 years 7.25 7.75
5 years 1 day up to 10 years 7 7.5
5 years Tax saver FD (max up to Rs. 1.50 lakh) 7.25 7.75
(Source: icicibank.com)

Bank of India

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

Maturity Buckets Deposits less than Rs.1 Cr
  w.e.f. 07.09.18
7 days to 14 days 5.25*%
15 days to 30 days 5.25%
31 days to 45 days 5.25%
46 days to 90 days 5.75%
91 days to 120 days 6%
121 days to 179 days 6%
180 days to 269 days 6.25%
270 days to less than 1 year 6.25%
1 Year & above to less than 2 Yrs 6.65%
2 years & above to less than 3 years 6.70%
3 years & above to less than 5 years 6.50%
5 years & above to less than 8 years 6.50%
8 years & above to 10 years 6.35%

An additional interest rate of 0.50 per cent per annum is paid over and above general rates in case of senior citizens, said Bank of India on its official website.

Bank of Baroda

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

Tenors Below Rs 1 Cr. (w.e.f. 14.01.19)
7 days to 14 days 4.50%
15 days to 45 days 4.75%
46 days to 90 days 5%
91 days to 180 days 5.75%
181 days to 270 days 6.50%
271 days & above and less than 1 year 6.50%
1 year 6.70%
Above 1 year to 400 days 6.85%
Above 400 days and upto 2 Years 6.80%
Above 2 Years and upto 3 Years 6.70%
Above 3 Years and upto 5 Years 6.70%
Above 5 Years and upto 10 Years 6.70%
444 days (Only for Baroda Samriddhi Deposit Scheme) 7%

Branches pays an additional interest of 0.50 per cent on fixed deposits of less than Rs 1 crore from senior citizens for all tenors in terms of extant guidelines, stated Bank of Baroda on its official website. 

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