Banks keep on revising their fixed deposit interest rates from time-to-time.Fixed deposit (FD), a secure investment instrument, offers higher interest rates than the deposits in savings accounts.
Fixed deposits can be started for specific period, which can be as short as 7 days.
The FD 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.
FD interest rates of most banks are higher for senior citizens as compared to those for the general public.However, fixed deposit interest rates and tenors vary according to different lenders.Banks keep on revising their fixed deposit interest rates from time-to-time.
Currently, on a three-year fixed deposit below Rs 1 crore, SBI pays an interest rate of 6.8 per cent.
As compared to this, HDFC Bank offers 7.10 per cent and ICICI Bank pays 7.25 per cent on fixed deposits of the same tenor and amount.Given below is a comparison of Fixed Deposit (FD)interest rates offered by SBI, ICICI Bank, HDFC Bank and Axis Bank on deposits below 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:TenorsRevised For Public w.e.f.
30.07.2018Revised for Senior Citizens w.e.f.
30.07.20187 days to 45 days5.756.2546 days to 179 days6.256.75180 days to 210 days6.356.85211 days to less than 1 year6.46.91 year to less than 2 year6.77.22 years to less than 3 years6.757.253 years to less than 5 years6.87.35 years and up to 10 years6.857.35HDFC BankThe following FD interest rates are for deposits below Rs 1 crore with effect from October 6, according to the bank's website - hdfcbank.com:Period< 1 CroreInterest Rate (per annum)Senior Citizen Rates (per annum)7 - 14 days3.50%4.00%15 - 29 days4.25%4.75%30 - 45 days5.75%6.25%46 - 60 days6.25%6.75%61 - 90 days6.25%6.75%91 days - 6 months6.25%6.75%6 months 1 day- 6 months 3 days6.75%7.25%6 months 4 days6.75%7.25%6 months 5 days- 9 months6.75%7.25%9 months 1 day- 9 months 3 days7.00%7.50%9 months 4 days7.00%7.50%9 months 5 days - 9 months 15 days7.00%7.50%9 months 16 days7.00%7.50%9 months 17 days < 1 Year7.00%7.50%1 Year7.25%7.75%1 year 1 day - 1 year 3 days7.25%7.75%1 year 4 days7.25%7.75%1 year 5 days - 1 Year 15 Days7.25%7.75%1 Year 16 days7.25%7.75%1 year 17 days - 2 Years7.25%7.75%2 years 1 day - 2 Years 15 days7.10%7.60%2 Years 16 days7.10%7.60%2 years 17 days - 3 Years7.10%7.60%3 years 1 day - 5 years7.10%7.60%5 Years 1 Day - 8 Years6.00%6.50%8 Years 1 Day - 10 Years6.00%6.50%ICICI BankThe following FD interest rates are applicable on deposits below Rs 1 crore, according to the bank's website - icicibank.com:Tenure PeriodRate of Interest (% p.a.) w.e.f August 14, 2018GeneralSenior Citizen*7 days to 14 days44.515 days to 29 days4.254.7530 days to 45 days5.5646 days to 60 days5.756.2561 days to 90 days66.591 days to 120 days66.5121 days to 184 days66.5185 days to 289 days6.57290 days to less than 1 year6.757.251 year to 389 days6.757.25390 days to 2 years77.52 years 1 day upto 5 years7.257.755 years 1 day upto 10 years77.55 Years Tax saver FD(Max upto Rs.
1.50 lac)7.257.75Axis BankThe following FD interest rates are applicable on deposits below Rs 1 crore, according to the bank's website - axisbank.com:TermInterest rates (with effect from October 15, 2018)General publicSenior citizens7 days to 14 days3.53.515 days to 29 days3.53.530 days to 45 days5.55.546 days to 60 days6.256.2561 days < 3 months6.256.253 months < 4 months6.256.254 months < 5 months6.256.255 months < 6 months6.256.256 months < 7 months6.777 months < 8 months6.778 months < 9 months6.779 months < 10 months77.2510 months < 11 months77.2511 months < 1 year77.251 year < 1 year 5 days7.257.91 year 5 days < 1 year 11 days7.257.91 year 11 days < 13 months7.257.913 months < 14 months7.37.9514 months < 15 months7.257.915 months < 16 months7.257.916 months < 17 months7.257.917 months < 18 months7.257.918 Months < 2 years7.257.92 years < 30 months7.257.930 months < 3 years7.257.753 years < 5 years7.257.755 years to 10 years77.5(Source: axisbank.com)However, fixed deposits of small finance banks offer higher interest rates than larger peers like State Bank of India (SBI), HDFC Bank and ICICI Bank.