Interest Rates Offered By Banks On Fixed Deposits Below Rs 1 Crore
A fixed deposit (FDs) is a secure investment instrument offered by banks, non-banking financial companies and the post office. Investment in a fixed deposit account fetches guaranteed returns. In a fixed deposit account, money can be invested for a higher rate of interest than savings accounts. One can deposit a lump sum of money in fixed deposits for a specific period, ranging from seven days to 10 years. Lenders also pay slightly higher interest rates on fixed deposits to senior citizens, compared to the general public. Earlier this week, private sector lender HDFC Bank revised its fixed deposit interest rates.
Here's a comparison of interest rates offered by SBI, Kotak Mahindra Bank, HDFC Bank and ICICI Bank on fixed deposits up to 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:
| Maturity period (term) | Interest rate with effect from July 30, 2018 | |
|---|---|---|
| General public | Senior citizen | |
| 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 | 6.7 | 7.2 |
| 2 years to less than 3 years | 6.75 | 7.25 |
| 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) | ||
Kotak Mahindra Bank
The following FD interest rates are applicable on deposits below Rs. 1 crore, according to the bank's website - kotak.com:
| Regular Interest Rates for Domestic / NRO / NRE Fixed Deposits effective from 30th October 2018 (subject to change from time to time) | |
|---|---|
| Maturity Periods - Premature Withdrawal Allowed | Less than Rs.1 Crore |
| 7 - 14 Days | 3.50% |
| 15 - 30 Days | 4.00% |
| 31 - 45 Days | 5.00% |
| 46 - 90 Days | 5.50% |
| 91 - 120 Days | 6.50% |
| 121 - 179 days | 6.50% |
| 180 Days | 7.10% |
| 181 Days to 269 Days | 7.00% |
| 270 Days | 7.00% |
| 271 Days to 363 Days | 7.00% |
| 364 Days | 7.00% |
| 365 Days to 389 Days | 7.25% |
| 390 Days (12 months 25 days) | 7.30% |
| 391 Days - Less than 23 Months | 7.25% |
| 23 Months | 7.25% |
| 23 months 1 Day- less than 2 years | 7.25% |
| 2 years- less than 3 years | 7.25% |
| 3 years and above but less than 4 years | 7.10% |
| 4 years and above but less than 5 years | 7.00% |
| 5 years and above upto and inclusive of 10 years | 6.50% |
| Source: kotak.com | |
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 mnths 1 day- 6 mnths 3 days | 6.75% | 7.25% |
| 6 mnths 4 days | 6.75% | 7.25% |
| 6 mnths 5 days- 9 mnths | 6.75% | 7.25% |
| 9 mnths 1 day- 9 mnths 3 days | 7.10% | 7.60% |
| 9 mnths 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 1day - 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 1day - 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% |
ICICI Bank
| Maturity period (term) | Interest rate with effect from August 14, 2018 | |
|---|---|---|
| General public | Senior citizen | |
| 7 days to 14 days | 4 | 4.5 |
| 15 days to 29 days | 4.25 | 4.75 |
| 30 days to 45 days | 5.5 | 6 |
| 46 days to 60 days | 5.75 | 6.25 |
| 61 days to 90 days | 6 | 6.5 |
| 91 days to 120 days | 6 | 6.5 |
| 121 days to 184 days | 6 | 6.5 |
| 185 days to 289 days | 6.5 | 7 |
| 290 days to less than 1 year | 6.75 | 7.25 |
| 1 year to 389 days | 6.75 | 7.25 |
| 390 days to 2 years | 7 | 7.5 |
| 2 years 1 day up to 5 years | 7.25 | 7.75 |
| 5 years 1 day up to 10 years | 7 | 7.5 |
| 5 Years Tax saver FD (Max up to Rs. 1.50 lac) | 7.25 | 7.75 |
| (Source: icicibank.com) | ||
The 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.
