Bank fixed deposits (FD) gives you a return of around 4-7% depending on the tenure and bank you choose. Fixed deposits continue to be popular among investors, as there is an insurance cover on FD of ₹1 lakh per person per bank. Many banks including State Bank of India (SBI), Axis Bank, ICICI, Kotak Mahindra Bank and Bank of India (BoI) offer FDs ranging from 7 days to ten years. All the top lenders are revising FD rates after the Reserve Bank of India (RBI) reduced repo rate for the fourth time in a row in August. FD rates vary across banks so it's always better to compare the interest rates on offer before your decide to invest in these deposits.
Here is a comparison of FD rates offered by SBI, Axis Bank, ICICI Bank, Kotak Mahindra Bank and Bank of India (BoI) for various maturity period.
SBI latest FD interest rates
Country's largest lender SBI revised interest on FDs effectively 10th September. For FDs maturing in 7 days to 45 days and 46 days to 179 days, SBI gives 4.50% and 5.50% interest respectively. For deposits maturing in 180 days to less than 1 year, SBI offers an interest rate of 5.80%. For FDs maturing in 1 year to less than 2 year, the bank gives 6.50% interest. For FDs maturing in 2 years to less then 3 years will fetch an interest rate of 6.25%. For long-term FDs maturing in 3 years to 10 years, SBI gives 6.25% interest.
Axis Bank latest FD interest rates
Axis Bank offers FDs across different maturities, ranging from 7 days to 10 years. Axis Bank offers 3.50% interest on FDs between 7 days to 29 days. On FDs between 30 days to 45 days, the bank gives 5.50% interest. For 46 days to less than 5 months, the interest rate is 5.75%. For FDs with 5 months to 6 months, Axis Bank gives 6.00% interest. On FDs maturing between 6 months to less than 9 months, the bank offers an interest rate of 6.25%. For FDs maturities tenure 9 months to less than 10 months, Axis Bank offers 6.50% interest. Axis Bank pays interest rate of 6.75% and 7.00% respectively on FDs between 10 months to 1 year and 1 year to less than 1 year 25 days. The bank pays 7.10% on deposits maturing in less than 14 months. Term deposits maturing in 14 months to less than 2 years will fetch you an interest rate of 6.85% in Axis Bank. On FDs between 2 years to less than 5 years, Axis Bank pays 6.85%. For deposits maturing in 5 years to ten years, the bank gives 6.75% interest. The latest interest rates are applicable on Axis Bank FDs with effect from 9th September 2019.
HDFC Bank latest FD interest rates
HDFC Bank is offering an interest rate of 3.50%, 4.25% and 5.15% on fixed deposits maturing in 7 to 14 days, 15 to 29 days and 30-45 days respectively. On 46 days to 6 months deposits, the bank offers 5.65% interest. For maturities period 6 months 1 day to 9 months and 9 months 1 day to less than 1 year, the bank gives 6.25 % and 6.35% interest respectively.HDFC Bank is offering an interest of 6.90% on deposits with one-year maturity. For deposits maturing in 1 year to 2 years, the bank is offering an interest rate of 6.80%. For 2 to 3 years FDs, HDFC Bank gives 7.10% interest. Long-term FDs maturing in more than 3 years to ten years will fetch an interest rate of 7% with HDFC Bank.
Kotak Mahindra Bank latest FD interest rate
Kotak Mahindra Bank FD interest rates range from 3.50% to 6.80% on maturities with different tenures. For FDs maturing in 7 to 14 days, 15 to 30 days and 31 to 45 days, Kotak Mahindra Bank offers interest rate 3.5%, 4.00% and 5% respectively. Kotak Mahindra Bank gives 5.25% interest on FDs between 46-90 days. For 91 to 120 days, the interest rate is 5.50%. Kotak Mahindra Bank pays interest rate of 5.60% on FDs between 121 and 179 days. For term deposits maturing in 180 to 270 days, Kotak Mahindra Bank pays 6.25% interest. For FDs maturing in 271 days to 363 days, Kotak Mahindra Bank offers an interest rate of 6.35%. For deposits maturing in 364 days, the bank offers an interest rate of 6.75%. On FDs maturing between one year to 389 days, the bank offers 6.75% interest. For deposits maturing in 390 days, it offers an interest rate of 6.80%. For FDs maturing in 391 days to less than 23 months and 23 months to less than 2 years, the bank gives 6.70% interest. FDs with maturity period 390 days will give interest rate of 6.80%. Kotak Mahindra Bank gives 6.50% interest for deposits maturing in two years to less than 3 years. For FDs maturing in 3 years and above but less than 4 years, the bank offers an interest rate of 6.25%. For term deposits maturity period between 4 years and above but less than 5 years, Kotak Bank gives 6.25% interest. For long-term deposits with maturity 5 years and above upto and inclusive of 10 years, the bank offers 6.25% interest. Kotak Mahindra Bank has revised interest rate on FDs effective 6th September
ICICI Bank latest FD interest rates
ICICI Bank offers interest rate ranging from 4.00 to 6.50% on short-term deposits maturities 7 days to one year. ICICI Bank gives 4% interest rate between 7 days and 14 days. For 15 days to 29 days maturity FDs, ICICI Bank is offering 4.25%, 30 days to 45 days 5.25%, 46 days to 60 days 5.75%, 61 days to 90 days 5.75%, 91 days to 120 days 5.75%, 185 days to 289 days 6.25% and 290 days to less than 1 year 6.50%. For FDs between 1 year to 389 days, ICICI Bank is offering 6.70%, 390 days to less than 18 months 6.80%, 18 months to 2 years 7.10%, 2 years 1 day up to 3 years 7.10%. For long-term deposits maturing in 3 years to ten years, ICICI Bank gives 7.00% interest.
