Banks offer fixed deposits in a range of maturity periods starting from seven days
India's top banks currently provide annual returns to the tune of 2.75-6.30 per cent on retail fixed deposits - also known as term deposits - up to Rs 2 crore. Lenders from the likes of state-run SBI and Punjab National Bank (PNB) to their private sector peers HDFC Bank, Kotak Mahindra Bank and and ICICI Bank offer interest rates ranging from 2.75 to 5.50 per cent per annum to the general public, and 3.75-6.3 per cent to senior citizens, on such fixed deposits or FDs across maturity periods starting from seven days and stretching to as long as 10 years. The interest rates are revised from time to time. The country's largest bank, SBI, for example, revised its interest rates applicable to fixed deposits last on May 27.
Here's a comparison of the interest rates offered by these banks on retail fixed deposits (FDs up to Rs 2 crore):
SBI fixed deposit interest rates
| Maturity period | 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) |
PNB fixed deposit interest rates
| Maturity period | 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) |
HDFC Bank fixed deposit interest rates
| Maturity period | Interest rate with effect from June 12 |
|---|
| Public | Senior citizen |
| Seven days to 14 days | 2.75% | 3.25% |
| 15 days to 29 days | 3.00% | 3.50% |
| 30 days to 45 days | 3.25% | 3.75% |
| 46 days to 60 days | 4.00% | 4.50% |
| 61 days to 90 days | 4.00% | 4.50% |
| 91 days to six months | 4.10% | 4.60% |
| Six months one day to nine months | 4.50% | 5.00% |
| Nine months one day to less than one year | 4.75% | 5.25% |
| One year | 5.25% | 5.75% |
| One year one day to two years | 5.25% | 5.75% |
| Two years one day to three years | 5.35% | 5.85% |
| Three years one day to five years | 5.50% | 6.00% |
| Five years one day to 10 years | 5.50% | 6.25% |
| (Source: hdfcbank.com) |
ICICI Bank fixed deposit interest rates
| Maturity period | Interest rate with effect from June 16 |
|---|
| Public | Senior citizen |
| Seven to 14 days | 2.75% | 3.25% |
| 15 to 29 days | 3.00% | 3.50% |
| 30 to 45 days | 3.25% | 3.75% |
| 46 to 60 days | 3.50% | 4.00% |
| 61 to 90 days | 3.50% | 4.00% |
| 91 to 120 days | 4.10% | 4.60% |
| 121 to 184 days | 4.10% | 4.60% |
| 185 to 210 days | 4.50% | 5.00% |
| 211 to 270 days | 4.50% | 5.00% |
| 271 to 289 days | 4.50% | 5.00% |
| 290 days to less than one year | 4.75% | 5.25% |
| One year to 389 days | 5.15% | 5.65% |
| 390 days to less than 18 months | 5.15% | 5.65% |
| 18 months and one day to two years | 5.35% | 5.85% |
| Two years and one day to three years | 5.35% | 5.85% |
| Three years and one day to five years | 5.50% | 6% |
| Five years and one day to 10 years | 5.50% | 6.30% |
| Five years tax-saver FD (maximum Rs 1.50 lakh) | 5.50% | 6% |
| (Source: icicibank.com) |
Meanwhile, the Reserve Bank of India (RBI) in May lowered the repo rate - or the key interest rate at which it lends short-term funds to commercial banks - by 40 basis points to 4 per cent, the lowest since 2000.
