Prominent Bank like State Bank of India, HDFC Bank, ICICI Bank, and Yes Bank among other offers the facility of opening a fixed deposit.
Fixed deposits are fixed income instrument deposit which guarantees a fixed rate of return on investments. The funds in these accounts have a specified date of maturity.
Under this scheme, Lander deposits his or her funds for a specified period of time and cannot pull out the funds until the end of the time period, or at least not without facing an early withdrawal penalty.
Fixed deposit interest rates are subject to change from time to time. The interest income earned on bank fixed deposits is fully taxable. If the interest amount exceeds Rs. 10,000, the bank would deduct tax at source (TDS) at the rate of 10 percent per annum.
However, fixed deposits with a maturity period of five years or 10 years offer income tax benefits under Section 80 C of the Income Tax Act, 1961.
Given below are interest rates offered by SBI, HDFC Bank, ICICI Bank and Yes Bank on fixed deposits up to Rs. 1 crore:
State Bank of India (SBI):
Given below are the latest SBI FD interest rates on deposits below Rs. 1 crore as mentioned on bank's website-sbi.co.in
Tenors | Revised For Public w.e.f. 28.11.2018 | Revised for Senior Citizens w.e.f. 28.11.2018 |
7 days to 45 days | 5.75% | 6.25% |
46 days to 179 days | 6.25% | 6.75% |
180 days to 210 days | 6.35% | 6.85% |
211 days to less than 1 year | 6.4% | 6.9% |
1 year to less than 2 year | 6.8% | 7.3% |
2 years to less than 3 years | 6.8% | 7.3% |
3 years to less than 5 years | 6.8% | 7.3% |
5 years and up to 10 years | 6.85% | 7.35% |
HDFC Bank
The following FD interest rates are applicable on deposits below Rs. 1 crores from November 6, 2018, according to the bank's website – hdfcbank.com:
Period | < 1 Crores | |
Interest Rate (per annum) | Senior Citizen Rates (per annum) | |
7 – 14 days | 3.50% | 4.00% |
15 – 29 days | 4.25% | 4.75% |
30 – 45 days | 5.75% | 6.25% |
46 – 60 days | 6.25% | 6.75% |
61 – 90 days | 6.25% | 6.75% |
91 days – 6 months | 6.25% | 6.75% |
6 months | 6.75% | 7.25% |
9 months | 7.10% | 7.60% |
1 Year | 7.30% | 7.80% |
2 years | 7.40% | 7.90% |
3 years- 5 years | 7.25% | 7.75% |
5 Years- 8 Years | 6.50% | 7.00% |
8 Years-10 Years | 6.50% | 7.00% |
ICICI Bank
The following FD interest rates are applicable on deposits below Rs. 1 crore, according to the bank's website – icicibank.com
Tenure Period | Rate of Interest (% p.a.) w.e.f November 15, 2018 | |
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 | 6% | 6.5% |
61 days to 90 days | 6.25% | 6.75% |
91 days to 120 days | 6.25% | 6.75% |
121 days to 184 days | 6.25% | 6.75% |
185 days to 289 days | 6.5% | 7% |
290 days to less than 1 year | 6.75% | 7.25% |
1 year to 389 days | 6.9% | 7.4% |
390 days to 2 years | 7.1% | 7.6% |
2 years to 3 years | 7.5% | 8% |
3 years to 5 years | 7.25% | 7.75% |
5 years to 10 years | 7% | 7.5% |
5 Years Tax saver FD(Max to Rs.1.50 lac) | 7.25% | 7.75% |
Yes Bank
The following FD interest rates are applicable on deposits below Rs. 1 crore with effect from October 17, 2018, according to the bank's website- yesbank.in
RESIDENT FIXED DEPOSIT INTEREST RATES (% p.a)** | ||
Period | Rates for < 1 Crores w.e.f 17th October 2018 | |
Regular | Senior Citizen*** | |
Interest Rates | Interest Rates | |
7 to 45 days | 5.00% | 5.50% |
46 to 90 days | 7.00% | 7.50% |
3 months to < 6 months | 6.90% | 7.40% |
6 months to < 9 months | 7.10% | 7.60% |
9 months to < 1 Year | 7.00% | 7.50% |
1 Years to <= 10 years* | 7.25% | 7.75% |
*Special Rates | ||
12 Months 10 Days to 20 Days | 7.50% | 8.00% |
18 Months 8 Days to 18 Days | 7.85% | 8.35% |
36 Months 10 Days to 20 Days | 7.50% | 8.00% |
Small finance banks (SFBs), meanwhile, offer higher interest rates on FDs as compared to the mainstream peers.
