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A wide range of maturity options, guaranteed returns and facilities like premature withdrawal make bank fixed deposits or FDs one of the most popular investment options. India's biggest bank SBI for example offers fixed deposit (FD) maturity options of up to 10 years. Recently, SBI revised interest rate on fixed deposit rates higher, signalling a hardening of the interest rate regime in the financial system. On retail deposits below Rs 1 crore, SBI hiked interest rate on FDs by up to 50 basis points. For example, effective February 28, 2018, SBI is paying an interest rate of 6.5 per cent on bank FDs in maturity bracket of 5 years and up to 10 years, from 6 per cent earlier. Senior citizens get an interest rate of 50 basis points higher of 7 per cent.SBI fixed deposit (FD) interest rate on retail deposits below Rs 1 crore, as given on the bank's website - sbi.co.in:
| Tenors | Existing for Public w.e.f. 01.11.2017 | Revised For Public w.e.f. 28.02.2018 | Existing for Senior Citizens w.e.f. 01.11.2017 | Revised for Senior Citizens w.e.f. 28.02.2018 |
| 7 days to 45 days | 5.25 | 5.75 | 5.75 | 6.25 |
| 46 days to 179 days | 6.25 | 6.25 | 6.75 | 6.75 |
| 180 days to 210 days | 6.25 | 6.35 | 6.75 | 6.85 |
| 211 days to less than 1 year | 6.25 | 6.4 | 6.75 | 6.9 |
| 1 year | 6.25 | 6.4 | 6.75 | 6.9 |
| Above 1 year to 455 days | 6.25 | 6.4 | 6.75 | 6.9 |
| 456 days to less than 2 years | 6.25 | 6.4 | 6.75 | 6.9 |
| 2 years to less than 3 years | 6 | 6.5 | 6.5 | 7 |
| 3 years to less than 5 years | 6 | 6.5 | 6.5 | 7 |
| 5 years and up to 10 years | 6 | 6.5 | 6.5 | 7 |
ICICI Bank interest rates on fixed deposits (with premature withdrawal facility), as given on the bank's website - icicibank.com:
| Rate of Interest (% p.a.) w.e.f December 11, 2017 | ||
| Tenure Period | General | Senior Citizen (rates applicable only for domestic term deposit) |
| 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 interest rates on fixed deposits up to Rs 5 crore, as given on its website - hdfcbank.com:
| Less than Rs 1 crore | Rs 1 Crore - Rs 5 crore | |||
| Period | Interest Rate (per annum) | Senior Citizen Rates (per annum) | Interest Rate (per annum) | Senior Citizen Rates (per annum) |
| 7 - 14 days | 3.50% | 4.00% | 4.25% | 4.75% |
| 15 - 29 days | 4.25% | 4.75% | 4.25% | 4.75% |
| 30 - 45 days | 5.50% | 6.00% | 6.00% | 6.50% |
| 46 - 60 days | 5.75% | 6.25% | 6.25% | 6.75% |
| 61 - 90 days | 5.75% | 6.25% | 6.75% | 7.25% |
| 91 days - 6 months | 5.75% | 6.25% | 7.00% | 7.50% |
| 6 mnths 1 day- 6 mnths 3 days | 6.00% | 6.50% | 7.00% | 7.50% |
| 6 mnths 4 days | 6.00% | 6.50% | 7.00% | 7.50% |
| 6 mnths 5 days- 9 mnths | 6.00% | 6.50% | 7.00% | 7.50% |
| 9 mnths 1 day- 9 mnths 3 days | 6.00% | 6.50% | 7.00% | 7.50% |
| 9 mnths 4 days | 6.00% | 6.50% | 7.00% | 7.50% |
| 9 months 5 days - 9 months 15 days | 6.00% | 6.50% | 7.00% | 7.50% |
| 9 months 16 days | 6.25% | 6.75% | 7.00% | 7.50% |
| 9 months 17 days < 1 Year | 6.25% | 6.75% | 7.00% | 7.50% |
| 1 Year | 6.75% | 7.25% | 4.90% | 5.40% |
| 1 year 1 day - 1 year 3 days | 6.75% | 7.25% | 7.00% | 7.50% |
| 1 year 4 days | 6.25% | 6.75% | 7.10% | 7.60% |
| 1 year 5 days - 1 Year 15 Days | 6.25% | 6.75% | 7.00% | 7.50% |
| 1 Year 16 days | 6.25% | 6.75% | 7.00% | 7.50% |
| 1 year 17 days - 2 Years | 6.25% | 6.75% | 7.00% | 7.50% |
| 2 years 1day - 2 Years 15 days | 6.00% | 6.50% | 7.00% | 7.50% |
| 2 Years 16 days | 6.00% | 6.50% | 7.00% | 7.50% |
| 2 years 17 days - 3 Years | 6.00% | 6.50% | 7.00% | 7.50% |
| 3 years 1day - 5 years | 6.00% | 6.50% | 7.00% | 7.50% |
| 5 Years 1 Day - 8 Years | 6.00% | 6.50% | 4.85% | 5.35% |
| 8 Years 1 Day - 10 Years | 6.00% | 6.50% | 4.85% | 5.35% |
Axis Bank interest rates on domestic fixed deposits below Rs 5 crore, as given on the bank's website - axisbank.com:
| Serial No. | Period | Interest rates (% P.A.) | |
| Interest rate on deposits below Rs 1 crore | Interest rates on deposits of Rs 1 crore-Rs 5 crore | ||
| 1 | 7 days to 14 days | 3.5 | 5.5 |
| 2 | 15 days to 29 days | 3.5 | 5.5 |
| 3 | 30 days to 45 days | 5.5 | 5.5 |
| 4 | 46 days to 60 days | 6 | 6.3 |
| 5 | 61 days < 3 months | 6 | 6.5 |
| 6 | 3 months < 4 months | 6 | 6.7 |
| 7 | 4 months < 5 months | 6 | 6.7 |
| 8 | 5 months < 6 months | 6 | 6.7 |
| 9 | 6 months < 7 months | 6.25 | 6.7 |
| 10 | 7 months < 8 months | 6.25 | 6.7 |
| 11 | 8 months < 9 months | 6.25 | 6.7 |
| 12 | 9 months < 10 months | 6.5 | 6.7 |
| 13 | 10 months < 11 months | 6.5 | 6.7 |
| 14 | 11 months < 1 year | 6.5 | 6.7 |
| 15 | 1 year < 13 months | 6.75 | 6.85 |
| 16 | 13 months < 14 months | 6.75 | 6.85 |
| 17 | 14 months < 15 months | 6.75 | 6.85 |
| 18 | 15 months < 16 months | 6.75 | 6.85 |
| 19 | 16 months < 17 months | 6.75 | 6.85 |
| 20 | 17 months < 18 months | 6.9 | 6.9 |
| 21 | 18 Months < 2 years | 6.9 | 6.9 |
| 22 | 2 years < 30 months | 6.9 | 6.9 |
| 23 | 30 months < 3 years | 6.9 | 6.5 |
| 24 | 3 years < 5 years | 6.9 | 6.5 |
| 25 | 5 years to 10 years | 6.9 | 6.5 |
Axis Bank interest rates on fixed deposits below Rs 5 crore by senior citizens, as given on the bank's website:
| Serial No. | Period | Interest rates (% P.A.) | |
| Interest rate on deposits below Rs 1 crore | Interest rates on deposits of Rs 1 crore-Rs 5 crore | ||
| 1 | 7 days to 14 days | 3.5 | 5.5 |
| 2 | 15 days to 29 days | 3.5 | 5.5 |
| 3 | 30 days to 45 days | 5.5 | 5.5 |
| 4 | 46 days to 60 days | 6 | 6.3 |
| 5 | 61 days < 3 months | 6 | 6.5 |
| 6 | 3 months < 4 months | 6 | 6.7 |
| 7 | 4 months < 5 months | 6 | 6.7 |
| 8 | 5 months < 6 months | 6 | 6.7 |
| 9 | 6 months < 7 months | 6.5 | 6.95 |
| 10 | 7 months < 8 months | 6.5 | 6.95 |
| 11 | 8 months < 9 months | 6.5 | 6.95 |
| 12 | 9 months < 10 months | 6.75 | 6.95 |
| 13 | 10 months < 11 months | 6.75 | 6.95 |
| 14 | 11 months < 1 year | 6.75 | 6.95 |
| 15 | 1 year < 13 months | 7.4 | 7.5 |
| 16 | 13 months < 14 months | 7.4 | 7.5 |
| 17 | 14 months < 15 months | 7.4 | 7.5 |
| 18 | 15 months < 16 months | 7.4 | 7.5 |
| 19 | 16 months < 17 months | 7.4 | 7.5 |
| 20 | 17 months < 18 months | 7.55 | 7.55 |
| 21 | 18 Months < 2 years | 7.55 | 7.55 |
| 22 | 2 years < 30 months | 7.55 | 7.55 |
| 23 | 30 months < 3 years | 7.4 | 7 |
| 24 | 3 years < 5 years | 7.4 | 7 |
| 25 | 5 years to 10 years | 7.4 | 7 |
Interest income earned from bank fixed deposits (FDs) is taxable. Banks are liable to deduct TDS at the rate of 10 per cent on the interest earned if the interest income for the year is more than Rs 10,000. From April 1, senior citizens will get higher interest income exemption limit on deposits in banks and post offices, including recurring deposits, according Budget 2018 proposals. Currently, a deduction up to Rs. 10,000 is allowed under Section 80TTA of the Income Tax Act to an individual in respect of interest income from a savings account. Under the new tax laws, a new Section 80TTB is proposed to be inserted to allow a deduction up to Rs. 50,000 in respect of interest income from deposits held by senior citizens. However, no deduction under Section 80TTA shall be allowed for senior citizens.
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