Different banks offer varying interest rates on different tenures of bank fixed deposits (FDs).
Shares, bonds and public provident funds are good investment choices for both security and making money but the easiest of all investment options is possibly a bank fixed deposit (FD).
Besides attractive fixed deposit interest rates, customers are also lured because these accounts can be created without any hassles.
In fact these days, banks offer the option of opening and closing a bank FD online.
Different banks offer varying interest rates on different tenures of fixed deposits.
For example, on a bank fixed deposit of less than Rs 1 crore for tenure of three years, Bank of Baroda (BoB) offers 6.6 per cent interest rate, ICICI Bank and HDFC Bank both offer 6.5 per cent, and the largest lender of the country, State Bank of India (SBI), offers 6.7 per cent interest rate.Given below is a comparison of fixed deposit (FD) interest rates offered by BoB, ICICI Bank, HDFC Bank, SBIFixed deposit interest rates of Bank of Baroda (BoB)For Domestic NRO Term Deposits [Per Annum] [Fresh Renewal] [Callable] (ROI in %)- Below Rs.
One Crore, according to bankofbaroda.comTenorsBelow Rs 1 Cr.
(w.e.f.
05.05.18)7 days to 14 days4.2515 days to 45 days4.7546 days to 90 days591 days to 180 days5.5181 days to 270 days6.25271 days above and less than 1 year6.351 year6.45Above 1 year to 400 days6.7Above 400 days and upto 2 Years6.6Above 2 Years and upto 3 Years6.6Above 3 Years and upto 5 Years6.7Above 5 Years and upto 10 Years6.6Fixed deposit interest rates of ICICI Bank(: ICICI Bank Offers Discount On Purchase From Amazon)Interest rates on domestic, NRO NRE deposits (Less than Rs 1 crore), according to icicibank.comTenure PeriodRate of Interest (% p.a.) w.e.f December 11, 2017GeneralSenior 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 days6.256.75290 days to less than 1 year6.571 year to 389 days6.67.1390 days to 2 years6.757.252 years 1 day up to 5 years6.575 years 1 day upto 10 years6.575 Years Tax saver FD(Max upto Rs.
1.50 lac)6.57Fixed deposit interest rates of HDFC Bank (: HDFC Bank Credit Cards: Different Card For Different Needs)Domestic / NRO / NRE term deposits, according to hdfcbank.comPeriod< 1 CroreInterest Rate**Senior Citizen Rates(per annum)(per annum)7 - 14 days3.50%4.00%15 - 29 days4.25%4.75%30 - 45 days5.50%6.00%46 - 60 days5.75%6.25%61 - 90 days5.75%6.25%91 days - 6 months5.75%6.25%6 mnths 1 day- 6 mnths 3 days6.00%6.50%6 mnths 4 days6.00%6.50%6 mnths 5 days- 9 mnths6.00%6.50%9 mnths 1 day- 9 mnths 3 days6.00%6.50%9 mnths 4 days6.00%6.50%9 months 5 days - 9 months 15 days6.00%6.50%9 months 16 days6.25%6.75%9 months 17 days < 1 Year6.25%6.75%1 Year6.85%7.35%1 year 1 day - 1 year 3 days6.50%7.00%1 year 4 days6.25%6.75%1 year 5 days - 1 Year 15 Days6.25%6.75%1 Year 16 days6.25%6.75%1 year 17 days - 2 Years7.00%7.50%2 years 1day - 2 Years15 days7.00%7.50%2 Years16 days7.00%7.50%2 years17 days - 3 Years7.00%7.50%3 years 1day - 5 years7.00%7.50%5 Years 1 Day - 8 Years6.00%6.50%8 Years 1 Day - 10 Years6.00%6.50%State Bank of India (SBI) fixed deposit interest rates on deposits less than Rs 1 crore (according to sbi.co.in)(: SBI Vs HDFC Bank Vs ICICI Bank - Car Loan Interest Rates, Features Compared)(All figures in % per annum)TenorsExisting for Public w.e.f.
28.02.2018Revised For Public w.e.f.
28.03.2018Existing for Senior Citizens w.e.f.
28.02.2018Revised for Senior Citizens w.e.f.
28.03.20187 days to 45 days5.755.756.256.2546 days to 179 days6.256.256.756.75180 days to 210 days6.356.356.856.85211 days to less than 1 year6.46.46.96.91 year to less than 2 year6.46.46.96.92 years to less than 3 years6.56.677.13 years to less than 5 years6.56.777.25 years and up to 10 years6.56.7577.25A couple of small finance banks, however, fetch interest rates of up to 9.5 per cent on bank fixed deposits.Some experts, however, feel public provident funds are better than bank FDs.Other investment options that one can consider include recurring deposits, National Savings Certificates, and Kisan Vikas Patra, among others.