Fixed Deposit (FD) Interest Rates Offered By Top Banks

Fixed deposit (FD) is a financial instrument that offers guaranteed returns. In a fixed deposit account, money is deposited for a specific time, which varies from 7 days to ten years. Some FDs come with a premature withdrawal facility while some require a compulsory lock-in period. Interest rates on fixed deposits are revised by banks from time to time. Interest rate on an FD varies from one bank to another, depending upon factors such as MCLR (marginal cost of funds-based lending rate), maturity period or term and the deposit amount. 

State-run State Bank of India (SBI) currently pays interest rates to the tune of 5.75-6.85 per cent per annum on domestic fixed deposits up to Rs 2 crore for general public, while the private sector peers like HDFC Bank and ICICI Bank pay anywhere between 3.50 per cent and 7.40 per cent per annum on domestic fixed deposits up to Rs 1 crore for general public.

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

State Bank of India (SBI)

The following FD interest rates are applicable on deposits below Rs 2 crore, according to the bank's website - 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:

ICICI Bank

The following FD interest rates are applicable on deposits below Rs 1 crore, according to the bank's website - icicibank.com:

Central Bank of India

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

Just like banking peers, post offices also offer the facility of opening an FD account. Post office fixed deposit (FD) account offers interest rates across four maturities: one year, two years, three years, and five years, according to India Post's official website- indiapost.gov.in.