What SBI, HDFC Bank, ICICI Bank, IDBI Bank Pay On Fixed Deposits
Fixed deposits (FDs), which offer guaranteed returns on investments, are meant for investors looking for assured interests. FDs are fixed-income instruments, the returns on which are determined at the time of initiating the deposit. The annual returns on fixed deposit investments are fixed even amid market fluctuations and geopolitical uncertainties. Fixed deposits are of two types: with premature withdrawal facility and without premature without facility. The fixed deposits which offer premature withdrawal facility do not offer income tax benefits. However, FDs without a premature withdrawal facility require a lock-in period of five or 10 years and offer income tax benefits.
Major banks offer the facility of opening a fixed deposit account.
Given below are FD interest rates offered by State Bank of India (SBI), HDFC Bank, ICICI Bank and IDBI Bank:
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) | ||
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
The following FD interest rates are applicable on deposits below Rs. 1 crore:
| 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) | ||
IDBI Bank
The following FD interest rates on deposits below Rs 1 crore are with effect from October 15, 2018:
| Maturity Slab | Interest Rate (% p.a.) | |
|---|---|---|
| Regular citizens | Senior citizens | |
| 15-30days | 5.75 | 6.25 |
| 31-45 days | 5.75 | 6.25 |
| 46-60 days | 6.25 | 6.75 |
| 61-90 days | 6.25 | 6.75 |
| 91-6 months | 6.25 | 6.75 |
| 6 months 1 day to 270 days | 6.5 | 7 |
| 271 days to < 1year | 6.5 | 7 |
| 1 year | 7 | 7.5 |
| >1yrs to 2yrs | 7.05 | 7.55 |
| >2 yrs to < 3 yrs | 7.05 | 7.55 |
| 3 yrs to < 5 yrs | 6.85 | 7.35 |
| 5 years | 6.85 | 7.35 |
| > 5yrs - 7yrs | 6.25 | 6.75 |
| >7 yrs - 10 yrs | 6.25 | 6.75 |
| >10 yrs - 20 yrs* | 6 | 6.5 |
| Source: idbi.com | ||
India Post fixed deposits offer annual rates of return between 6.9-7.8 per cent.
