Fixed deposits (FDs) are secure financial instruments that offer guaranteed returns.
FD interest rates vary from one bank to another depending on factors such as maturity period and amount.
In a fixed deposit account, money is deposited for a specific time, which varies from seven days to ten years in major banks.
Investment in a fixed deposits fetches higher interest rates than money deposited in a savings accounts.
Some banks provide a a premature withdrawal facility along with a fixed deposit account with while others require a compulsory lock-in period.Here is a comparison of fixed deposit (FD) interest rates offered by State Bank of India (SBI), Punjab National Bank (PNB), HDFC Bank, ICICI Bank and Axis Bank:State Bank of IndiaThe following FD interest rates are applicable on deposits below Rs 1 crore as stated on 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, as stated on 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 mnths 1 day- 6 mnths 3 days6.75%7.25%6 mnths 4 days6.75%7.25%6 mnths 5 days- 9 mnths6.75%7.25%9 mnths 1 day- 9 mnths 3 days7.00%7.50%9 mnths 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 1day - 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%(: Zero Balance Savings Account: SBI Vs HDFC Bank Vs ICICI Bank)ICICI BankThe following FD interest rates are for deposits below Rs 1 crore as stated on 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 on deposits below Rs 1 crore are with effect from October 1, according to axisbank.com :PERIODINTEREST RATES (% P.A.)GENERALSENIOR 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 months6.7577 months < 8 months6.7578 months < 9 months6.7579 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 days7.58.151 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 months7.558.218 Months < 2 years7.257.92 years < 30 months7.257.930 months < 3 years7.257.753 years < 5 years7.257.755 years to 10 years77.5Punjab National BankThe following FD interest rates are applicable on deposits below Rs 1 crore from August 1, 2018 as stated onpnbindia.in:Sl.
NoPeriodROI (% p.a.)For Senior Citizen ROI (% p.a.)17 to 14 days5.76.2215 to 29days5.76.2330 to 45 days5.76.2446 to 90 days6.356.85591 to 179 days6.356.856180 days to 270 Days6.356.857271 days to less than 1 year6.356.8581 year6.757.259above 1 year upto 3 years6.757.2510above 3 year upto 5 years6.256.7511above 5 years upto 10 years6.256.75The 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.Meanwhile,small finance banks such as Jana Small Finance Bank, Fincare Small Finance Bank and ESAF Small Finance Bank offer interest rates up to 9.5 per cent to senior citizens on FDs up to Rs 1 crore.