FD Interest Rate: With effect from May 27, SBI provides interest rates to the tune of 2.9-5.4 per cent on fixed deposits to the general public, and 3.4-6.2 per cent to senior citizens.
FD Interest Rate: India’s top banks currently provide a range of maturity options for fixed deposits, starting from seven days. The country’s largest lender by assets, State Bank of India, for example, provides eight maturity options with the longest one being from five years to 10 years. With effect from May 27, the lender provides interest rates to the tune of 2.9-5.4 per cent on fixed deposits to the general public, and 3.4-6.2 per cent to senior citizens. Retail fixed deposits are term deposits in which a lump sum amount up to ₹ 2 crore is locked in for a fixed period of time, say five years. Commercial banks such as SBI, HDFC Bank and Kotak Mahindra Bank revise the interest rates applicable to FDs from time to time.
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Here are the current fixed deposit interest rates offered by top banks:
SBI
| Lock-In | Interest Rate With Effect From May 27 | |
|---|---|---|
| Public | Senior citizen | |
| Seven days to 45 days | 2.9% | 3.4% |
| 46 days to 179 days | 3.9% | 4.4% |
| 180 days to 210 days | 4.4% | 4.9% |
| 211 days to less than one year | 4.4% | 4.9% |
| One year to less than two years | 5.1% | 5.6% |
| Two years to less than three years | 5.1% | 5.6% |
| Three years to less than five years | 5.3% | 5.8% |
| Five years and up to 10 years | 5.4% | 6.2% |
| (Source: sbi.co.in) | ||
HDFC Bank
| Lock-In | Interest Rate With Effect From July 21 | |
|---|---|---|
| Public | Senior citizen | |
| Seven days to 14 days | 2.50% | 3.00% |
| 15 days to 29 days | 2.50% | 3.00% |
| 30 days to 45 days | 3.00% | 3.50% |
| 46 days to 60 days | 3.00% | 3.50% |
| 61 days to 90 days | 3.00% | 3.50% |
| 91 days to six months | 4.00% | 4.50% |
| Six months one day to nine months | 4.40% | 4.90% |
| Nine months one day to less than one year | 4.50% | 5.00% |
| One year | 5.10% | 5.60% |
| One year one day to two years | 5.10% | 5.60% |
| Two years one day to three years | 5.20% | 5.70% |
| Three years one day to five years | 5.35% | 5.85% |
| Five years one day to 10 years | 5.50% | 6.25% |
| (Source: hdfcbank.com) | ||
Kotak Mahindra Bank
| Lock-In | Interest Rate With Effect From July 30 | |
|---|---|---|
| Seven to 14 days | 2.50% | |
| 15 to 30 days | 2.50% | |
| 31 to 45 days | 3% | |
| 46 to 90 days | 3% | |
| 91 to 120 days | 4% | |
| 121 to 179 days | 4% | |
| 180 days | 4.70% | |
| 181 to 269 days | 4.70% | |
| 270 days | 4.70% | |
| 271 to 363 days | 4.70% | |
| 364 days | 4.75% | |
| 365 to 389 days | 4.75% | |
| 390 days (12 months and 25 days) | 5.10% | |
| 391 days to less than 23 months | 5.10% | |
| 23 months | 5.10% | |
| 23 months and one day to less than two years | 5.10% | |
| Two years to less than three years | 4.90% | |
| Three years and above but less than four years | 4.90% | |
| Four years and above but less than five years | 4.75% | |
| Five years and above up to 10 years | 4.50% | |
| (Source: kotak.com) | ||
ICICI Bank
| Lock-In | Interest Rate With Effect From August 7 | |
|---|---|---|
| Public | Senior citizen | |
| Seven to 14 days | 2.50% | 3% |
| 15 to 29 days | 2.50% | 3% |
| 30 to 45 days | 3% | 3.50% |
| 46 to 60 days | 3% | 3.50% |
| 61 to 90 days | 3% | 3.50% |
| 91 to 120 days | 4% | 4.50% |
| 121 to 184 days | 4% | 4.50% |
| 185 to 210 days | 4.40% | 4.90% |
| 211 to 270 days | 4.40% | 4.90% |
| 271 to 289 days | 4.40% | 4.90% |
| 290 days to less than one year | 4.50% | 5% |
| One year to 389 days | 5% | 5.50% |
| 390 days to less than 18 months | 5% | 5.50% |
| 18 months and one day to two years | 5.10% | 5.60% |
| Two years and one day to three years | 5.10% | 5.60% |
| Three years and one day to five years | 5.35% | 5.85% |
| Five years and one day to 10 years | 5.50% | 6.30% |
| Five years tax-saver FD (maximum ₹ 1.50 lakh) | 5.35% | 5.85% |
| (Source: icicibank.com) | ||
PNB
| Lock-In | Interest Rate With Effect From July 1 | ||
|---|---|---|---|
| Public | Senior citizen | ||
| Seven days to 14 days | 3.00% | 3.75% | |
| 15 days to 29 days | 3.00% | 3.75% | |
| 30 days to 45 days | 3.00% | 3.75% | |
| 46 days to 90 days | 3.25% | 4% | |
| 91 days to 179 days | 4.00% | 4.75% | |
| 180 days to 270 days | 4.40% | 5.15% | |
| 271 days to less than one year | 4.50% | 5.25% | |
| 333 days | 4.50% | 5.25% | |
| One year | 5.25% | 6% | |
| 444 days | 5.25% | 6% | |
| 555 days | 5.25% | 6% | |
| Above one year and up to two years | 5.25% | 6% | |
| Above two years and up to three years | 5.25% | 6% | |
| Above three years and up to five years | 5.30% | 6.15% | |
| Above five years and up to 10 years | 5.30% | 6.15% | |
| (Source: pnbindia.in) | |||
All of these commercial banks offer slightly higher returns to senior citizen customers compared to other depositors.
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