Fixed Deposit (FD) Interest Rates: SBI Vs ICICI Bank Vs HDFC Bank

A fixed deposit (FD) is a popular savings instrument among investors because of the secured returns that it offers. People willing to park their money in FDs are required to keep a sum of amount with a bank for a particular period of time. On the basis of this, the investor gets a regular, assured rate of interest on his/her savings. "Much like a savings account, bank fixed deposits are a safe savings instrument unlike other investment avenues like stocks, mutual funds, gold, real estate etc, which are a function of market volatility," said Ambuj Chandna, Sr. EVP & Head - Retail Liabilities, Investment & Payment Products, Kotak Mahindra Bank.

A longer FD tenure typically fetches a higher rate of interest.

Here are the interest rates on fixed deposits offered by top three top banks of the country:

State Bank of India (SBI)

Retail Domestic Term Deposits ‘Below Rupees One Crore'

 

Tenors	Revised For Public w.e.f. 01.11.2017	Revised for Senior Citizens w.e.f. 01.11.2017
180 days to 210 days	6.25%	6.75%
211 days to less than 1 year	6.25%	6.75%
1 year	6.25%	6.75%
Above 1 year to 455 days	6.25%	6.75%
456 days to less than 2 years	6.25%	6.75%
2 years to less than 3 years	6%	6.5%
3 years to less than 5 years	6%	6.5%
5 years and up to 10 years	6%	6.5%

ICICI Bank

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

 

Tenure Period	Rate of Interest (% p.a.) w.e.f December 11, 2017
	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	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	6.25%	6.75%
290 days to less than 1 year	6.5%	7%
1 year to 389 days	6.6%	7.1%
390 days to 2 years	6.75%	7.25%
2 years 1 day upto 5 years	6.5%	7%
5 years 1 day upto 10 years	6.5%	7%
5 Years Tax saver FD(Max upto Rs. 1.50 lac)	6.5%	7%

HDFC Bank

Domestic / NRO / NRE Term Deposits

 

Period	< 1 Crore
	Interest Rate	**Senior Citizen Rates
	(per annum)	(per annum)
7 - 14 days	3.50%	4.00%
15 - 29 days	4.25%	4.75%
30 - 45 days	5.50%	6.00%
46 - 60 days	5.75%	6.25%
61 - 90 days	5.75%	6.25%
91 days - 6 months	5.75%	6.25%
6 mnths 1 day- 6 mnths 3 days	6.00%	6.50%
6 mnths 4 days	6.00%	6.50%
6 mnths 5 days- 9 mnths	6.00%	6.50%
9 mnths 1 day- 9 mnths 3 days	6.00%	6.50%
9 mnths 4 days	6.00%	6.50%
9 months 5 days - 9 months 15 days	6.00%	6.50%
9 months 16 days	6.25%	6.75%
9 months 17 days < 1 Year	6.25%	6.75%
1 Year	6.75%	7.25%
1 year 1 day - 1 year 3 days	6.75%	7.25%
1 year 4 days	6.25%	6.75%
1 year 5 days - 1 Year 15 Days	6.25%	6.75%
1 Year 16 days	6.25%	6.75%
1 year 17 days - 2 Years	6.25%	6.75%
2 years 1day - 2 Years 15 days	6.00%	6.50%
2 Years 16 days	6.00%	6.50%
2 years 17 days - 3 Years	6.00%	6.50%
3 years 1day - 5 years	6.00%	6.50%
5 Years 1 Day - 8 Years	6.00%	6.50%
8 Years 1 Day - 10 Years	6.00%	6.50%

FDs are of two types: some are normal ones while others act as tax-saving instruments. However, income tax has to be paid on interest income accrued on both types of FDs.