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FD Interest Rates: What SBI, HDFC, ICICI Bank And Others Offer

SBI revised interest rates on retail domestic term deposits (below Rs 1 crore) with effect from July 1, 2017, according to its website.
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SBI offers 6.75% interest rate on 1 year fixed deposits.
SBI offers 6.75% interest rate on 1 year fixed deposits.
Bank fixed deposits (FDs) are one of the most popular instruments used to save money for the future. Despite falling interest rates, many people prefer FDs over other savings/investment products as they offers a secured return and easy access to liquidity in case of an emergency. Depending on the investment horizon, fixed deposits offer a wide range of choices ranging from seven days to 10 years. However, to get the best return out of your fixed deposits, you need to know the various rates offered by top lenders in India. State Bank of India, biggest lender in the country, for example, offers an interest rate of 6.75 per cent on fixed deposits of one year.

Here is a comparison of interests offered by SBI, HDFC Bank, ICICI Bank and Axis Bank:
 

State Bank of India (SBI) Fixed Deposit Rates:

SBI revised interest rates on retail domestic term deposits (below Rs 1 crore) with effect from July 1, 2017, according to its website.

The revised interest rates are as under:
 
TenorsRevised For Public w.e.f. 01.07.2017
(In %)
Revised for Senior Citizens w.e.f. 01.07.2017 (In %)
7 days to 45 days

5.5

6

46 days to 179 days

6.5

7

180 days to 210 days

6.5

7

211 days to less than 1 year

6.5

7

1 year

6.75

7.25

Above 1 year to 455 days

6.5

7

456 days to less than 2 years

6.5

7

2 years to less than 3 years

6.25

6.75

3 years to less than 5 years

6.25

6.75

5 years and up to 10 years

6.25

6.75

 

HDFC Bank Fixed Deposit Rates:

Domestic / NRO / NRE Term Deposits
 
Period< 1 Crore>=1 Crore to < 5 Crores
Interest Rate **Senior Citizen Rates Interest Rate **Senior Citizen Rates 
(per annum)(per annum)(per annum)(per annum)
7 - 14 days3.50%4.00%4.25%4.75%
15 - 29 days4.25%4.75%4.25%4.75%
30 - 45 days5.50%6.00%4.25%4.75%
46 - 60 days5.75%6.25%4.50%5.00%
61 - 90 days5.75%6.25%4.50%5.00%
91 days - 6 months5.75%6.25%5.75%6.25%
6 mnths 1 day- 6 mnths 3 days6.00%6.50%5.25%5.75%
6 mnths 4 days6.00%6.50%6.25%6.75%
6 mnths 5 days- 9 mnths6.00%6.50%5.25%5.75%
9 mnths 1 day- 9 mnths 3 days6.00%6.50%5.25%5.75%
9 mnths 4 days6.00%6.50%6.25%6.75%
9 months 5 days - 9 months 15 days6.00%6.50%5.25%5.75%
9 months 16 days6.25%6.75%5.25%5.75%
9 months 17 days < 1 Year6.25%6.75%5.25%5.75%
1 Year6.75%7.25%4.90%5.40%
1 year 1 day - 1 year 3 days6.75%7.25%4.90%5.40%
1 year 4 days6.25%6.75%6.50%7.00%
1 year 5 days - 1 Year 15 Days6.25%6.75%5.00%5.50%
1 Year 16 days6.25%6.75%5.00%5.50%
1 year 17 days - 2 Years6.25%6.75%5.00%5.50%
2 years 1day - 2 Years 15 days6.00%6.50%4.85%5.35%
2 Years 16 days6.00%6.50%4.85%5.35%
2 years 17 days - 3 Years6.00%6.50%4.85%5.35%
3 years 1day - 5 years6.00%6.50%4.85%5.35%
5 Years 1 Day - 8 Years6.00%6.50%4.85%5.35%
8 Years 1 Day - 10 Years6.00%6.50%4.85%5.35%
 

ICICI Bank Fixed Deposit Rates:

Interest rates on Domestic, NRO & NRE deposits(Less than Rs 1 crore)
 

Tenure Period

Rate of Interest (% p.a.) w.e.f July 19, 2017
GeneralSenior Citizen*
7 days to 14 days44.5
15 days to 29 days4.254.75
30 days to 45 days5.56
46 days to 60 days5.756.25
61 days to 90 days66.5
91 days to 120 days66.5
121 days to 184 days66.5
185 days to 289 days6.256.75
290 days to less than 1 year6.57
1 year to 389 days6.757.25
390 days to 2 years6.757.25
2 years 1 day upto 5 years6.57
5 years 1 day upto 10 years6.57
5 Years Tax saver FD(Max upto Rs. 1.50 lac)6.57
 
 

Axis Bank Fixed Deposit Rates:

 
   
PERIODINTEREST RATES (% P.A.)
   
 INTEREST RATE ON DEPOSITSINTEREST RATES ON DEPOSITS OF
 BELOW RS. 1 CRORERS. 1 CRORE < RS.5 CRORES
   
7 days to 14 days3.55.5
15 days to 29 days3.55.5
30 days to 45 days5.55.5
46 days to 60 days66
61 days < 3 months66
3 months < 4 months6.256
4 months < 5 months6.256
5 months < 6 months6.256
6 months < 7 months6.56.25
7 months < 8 months6.56.25
8 months < 9 months6.56.25
9 months < 10 months6.56.25
10 months < 11 months6.56.25
11 months < 1 year6.56.25
1 year < 13 months6.756.5
13 months < 14 months6.756.5
14 months < 15 months6.756.5
15 months < 16 months6.756.5
16 months < 17 months6.756.5
17 months < 18 months6.756.5
18 Months < 2 years6.256
2 years < 30 months6.256
30 months < 3 years6.256
3 years < 5 years6.256
5 years to 10 years6.256
 

The above interest rates of different banks show that their interest rates are more or less same. However, some private banks are offering higher interest rate on some maturities. Here are they:
 

Here are interest rates offered by Bandhan Bank:

 
TenorRates
7 days to 14 days 3.50%
15 days to 30 days 4.00%
31 days to Less than 2 months 4.00%
2 months to less than 3 months 4.00%
3 months to less than 6 months 4.50%4.50%
6 months to less than 1 year 7.00%
1 year 7.25%
Above 1 year to less than 2 years 7.25%
2 years to less than 5 years 6.90%
5 years to less than 7 years 6.50%6.50%
7 years to up to 10 years 6.50%6.50%

Notes
-The above rates are applicable for deposits of less than Rs 1 Crore.
-Senior Citizens will get additional 0.50% over and above the given slab rates.


IDFC Bank FD Interest rates

 
TenorRates
7 - 14 days 4.00%
15 - 29 days 5.00%
30 - 45 days 6.25%
46 - 60 days 6.50%
61 - 90 days 6.50%
91 - 180 days 6.75%
181 - 270 days 7.00%
271 - 365 days 7.00%
366 days 7.50%
367 - 400 days 7.25%
401 - 540 days 7.25%
541 - 731 days 7.25%
732 - 1095 days 7.20%
3 years 1days - 5 years 7.20%
5 Year 1 Day - 8 Years 7.20%
8 Year 1 Day - 10 Years 7.20%
(The above interests are for deposits of less than Rs 1 crore)

Notes
-Rates up to 180 days are on "simple interest" basis. Interest on tenor above 180 days is payable/compounded on quarterly basis.

-The incentive for Senior Citizens will be at an additional spread of 0.50% over the above rate.

Here is what RBL Bank is offering on its fixed deposits:

 
 Deposits less than Rs 1 croreDeposits of Rs 1 crore or more up to Rs 3 crore
Period of DepositInterest Rates (% p.a.)Effective Annualised Yield (%)Effective Annualised Yield for Senior Citizen(%)Interest Rates (% p.a.)Effective Annualised Yield (%)Effective Annualised Yield for Senior Citizen (%)
7 days to 14 days555.5555.5
15 days to 45 days5.255.255.755.255.255.75
46 days to 90 days6.756.757.256.56.57
91 days to 180 days6.756.757.256.656.657.15
181 days to 240 days77.117.626.977.52
241 days to 364 days7.17.297.826.857.037.56
12 months to less than 24 months7.27.47.936.857.037.56
24 months to less than 36 months7.37.58.036.857.037.56
36 months to less than 60 months7.27.47.936.857.037.56
60 months to less than 120 months7.27.47.936.857.037.56
120 months to 240 months7.27.47.936.857.037.56
 

Although, bank FDs are most popular savings instrument in India, you must know that interest earned from an fixed deposit is taxable. Banks are liable to deduct TDS at the rate of 10 per cent on the interest earned (based on FD interest rates) if the interest income for the year is more than Rs. 10,000.



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