Interest You Can Earn On Fixed Deposit In Top Banks: Return, Lock-In Period And Other Details

Interest You Can Earn On Fixed Deposit In Top Banks: Return, Lock-In Period And Other Details

Bank fixed deposits or FDs are fixed-income instruments which guarantee a fixed rate of return on investments. Major lenders such as State Bank of India (SBI), HDFC Bank and ICICI Bank offer the facility of fixed deposits. Some fixed deposits come with a premature withdrawal facility while some require a compulsory lock-in period. The interest rates on fixed deposits (FDs), which are revised from time to time, vary according to the tenor of a fixed deposit. Most banks offer fixed deposits starting from seven days up to a tenor of 10 years.

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Given below are the latest fixed deposit interest rates offered by SBI, HDFC Bank, ICICI Bank and Kotak Mahindra 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:

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 for deposits below Rs. 1 crore with effect from November 6, 2018 according to the bank’s website – hdfcbank.com:

Period Interest rate on FD less than Rs. 1 Crore
 General public Senior citizen
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%
(Source: hdfcbank.com)

ICICI Bank

The following FD interest rates are for deposits below Rs. 1 crore, according to the bank’s website – icicibank.com:

Rate of Interest (% p.a.) w.e.f November 15, 2018
Tenure Period General 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 6% 6.5%
61 days to 90 days 6.25% 6.75%
91 days to 120 days 6.25% 6.75%
121 days to 184 days 6.25% 6.75%
185 days to 289 days 6.5% 7%
290 days to less than 1 year 6.75% 7.25%
1 year to 389 days 6.9% 7.4%
390 days to 2 years 7.1% 7.6%
2 years 1 day up to 3 years 7.5% 8%
3 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 lakh) 7.25% 7.75%
(Source: icicibank.com)

Kotak Mahindra Bank

The following FD interest rates are for deposits below Rs. 1 crore with effect from December 20, 2018 according to the bank’s website – kotak.com:

Interest Rates for Domestic / NRO / NRE Fixed Deposits effective from 20th December 2018
Maturity Periods – Premature Withdrawal Allowed Regular Less than Rs. 1 Crore Senior citizen Less than Rs.1 Crore
7 – 14 Days 3.50% 4.00%
15 – 30 Days 4.00% 4.50%
31 – 45 Days 5.00% 5.50%
46 – 90 Days 5.50% 6.00%
91 – 120 Days 6.25% 6.75%
121 – 179 days 6.25% 6.75%
180 Days 7.00% 7.50%
181 Days to 269 Days 7.00% 7.50%
270 Days 7.00% 7.50%
271 Days to 363 Days 7.00% 7.50%
364 Days 7.00% 7.50%
365 Days to 389 Days 7.30% 7.80%
390 Days (12 months 25 days) 7.40% 7.90%
391 Days – Less than 23 Months 7.30% 7.80%
23 Months 7.25% 7.75%
23 months 1 Day- less than 2 years 7.25% 7.75%
2 years- less than 3 years 7.25% 7.75%
3 years and above but less than 4 years 7.10% 7.60%
4 years and above but less than 5 years 7.00% 7.50%
5 years and above upto and inclusive of 10 years 6.50% 7.00%

Post offices also offer the option of opening a fixed deposit (FD) account. The government recently revised interest rates on post office fixed deposit scheme for the quarter ending March 31, 2019.

 

Source:- ndtv

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