Fixed deposit (FDs), also known as term deposits, are secure investment instruments offered by private and public sector banks, small finance banks (SFBs), non-banking financial companies (NBFCs) and post offices. The funds in these accounts are held for a fixed term, has a specified date of maturity and offer assured returns. From a fixed deposit, the money can be withdrawn only after the term has ended or by giving a predetermined number of days' notice. The interest rates on FDs vary according to the tenor of a fixed deposit.
Small finance banks (SFBs) offer higher interest rates on FDs as compared to the mainstream peers. For instance, on deposits below Rs 1 crore, the largest lender of the country, State Bank of India (SBI), offers 6.8 per cent interest for a tenure of one year to less than two years. Ujjivan Small Finance Bank pays 7.5 per cent on a tenor of 180 days to 364 days, Jana Small Finance Bank offers 8.5 per cent for 181-365 days and Equitas Small Finance Bank pays 7.50 per cent for a period of 271 - 364 days
Given below are interest rates offered by large commercial banks and small finance banks on fixed deposits of up to Rs 1 crore:
State Bank of India (SBI):
Given below are the latest SBI FD interest rates on deposits below Rs 1 crore as mentioned on 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 from November 6, 2018, according to the bank's website - hdfcbank.com:
| Period | < 1 Crore | |
|---|---|---|
| Interest Rate (per annum) | Senior Citizen Rates (per annum) | |
| 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% |
Ujjivan Small Finance Bank
These are the FD interest rates paid by the bank on fixed deposits below Rs 1 crore, according to its website-ujjivansfb.in:
| Tenure | Interest Rate (pa) (Under Rs. 1 Crore) |
|---|---|
| 7 Days to 29 Days | 5.50% |
| 30 Days to 89 Days | 6.25% |
| 90 Days to 179 Days | 6.75% |
| 180 Days to 364 Days | 7.50% |
| 1 Year to 2 Years | 8.30% |
| 2 Years and 1 Day to 734 Days | 7.50% |
| 735 Days | 8.25% |
| 736 Days to 798 Days | 7.50% |
| 799 Days | 8.60% |
| 800 Days to 3 Years | 7.50% |
| 3 Years and 1 Day to 5 Years | 7.00% |
| 5 Years and 1 Day to 10 Years | 6.50% |
| Additional Interest Rate for Senior Citizens | 0.50% |
Jana Small Finance Bank
These are the FD interest rates paid by the bank on fixed deposits below Rs 1 crore, according to its website - janabank.com:
| Period | Interest Rate (p.a) | Interest Rate (p.a) | Interest Rate (p.a) |
|---|---|---|---|
| Fixed Deposit Plus with No Premature Withdrawal | Regular Fixed Deposit | Senior Citizen Fixed Deposit | |
| Applicable on deposit of >15 lakhs | Applicable on deposit < 1 crore | Applicable on deposit of < 1 crore | |
| 7-45 days | 6.00% | 6.00% | 6.60% |
| 46-60 days | 6.50% | 6.50% | 7.10% |
| 61-180 days | 7.25% | 7.00% | 7.60% |
| 181-365 days | 8.75% | 8.50% | 9.10% |
| More than 1 year and up to 2 years | 9.00% | 8.50% | 9.10% |
| More than 2 years to less than 3 years | 9.00% | 8.50% | 9.10% |
| 3 years | 9.25% | 9.00% | 9.60% |
| More than 3 years and up to 5 years | 8.50% | 8.50% | 9.10% |
| More than 5 years and up to 10 years | 7.00% | 7.00% | 7.60% |
Equitas Small Finance Bank
These are the FD interest rates paid by the bank on fixed deposits below Rs 1 crore, according to its website- equitasbank.com:
| Maturity period (term) | Interest rate with effect from November 1, 2018 |
|---|---|
| 7 - 14 days | 5.00% |
| 15 - 29 days | 5.50% |
| 30 - 45 days | 6.00% |
| 46 - 62 days | 6.25% |
| 63 - 90 days | 6.25% |
| 91 - 120 days | 6.50% |
| 121 - 180 days | 6.50% |
| 181 - 210 days | 6.75% |
| 211 - 270 days | 6.75% |
| 271 - 364 days | 7.50% |
| 1 year to 18 months | 8.50% |
| 18 months 1 day to 2 years | 8.75% |
| 2 years 1 day to 3 years | 8.80% |
| 3 years 1 day to 4 years | 7.00% |
| 4 years 1 day to 5 years | 7.00% |
| 5 years 1 day to 10 years | 7.00% |
| (Source: equitasbank.com) |
Suryoday Bank
These are the FD interest rates paid by the bank on fixed deposits below Rs 1 crore, according to its website- suryodaybank.com
| Maturity period (term) | Interest rate with effect from September 29, 2018 | |
|---|---|---|
| General | Senior citizen | |
| 7 days to 14 days | 4.00% | 4.50% |
| 15 days to 45 days | 4.00% | 4.50% |
| 46 days to 90 days | 5.00% | 5.50% |
| 91 days to 180 days | 5.50% | 6.00% |
| 181 days to 240 days | 7.50% | 8.00% |
| 241 days to less than 1 Year | 7.75% | 8.25% |
| 1 Year to 2 Years | 8.50% | 9.00% |
| Above 2 Years to 3 Years | 8.75% | 9.25% |
| 950 Days* | 9.00% | 9.50% |
| Above 3 Years to less than 5 Years | 8.00% | 8.50% |
| 5 Years | 8.25% | 8.75% |
| Above 5 Years to 10 Years | 7.25% | 7.75% |
| Source: suryodaybank.com) | ||
Post offices, meanwhile, offer FD interest rates between 6.9-7.8 per cent.
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