#FinancialBytes: Fixed Deposit (FD) rates of top public, private banks
When it comes to investment options, Fixed Deposits (FD) are among the top choices in India as they guarantee fixed returns to investors. Fixed Deposits are also considered a safe investment option as they offer good returns, tax benefits, and involve no risks. FDs are also easy to open. Here are the FD interest rates of top public and private banks.
Fixed Deposit interest rates offered by State Bank of India
For FDs below Rs. 2 crore, State Bank of India offers an interest rate of 5.75% pa for 7-45 days, 6.25% for 46-179 days, 6.35% for 180-210 days, 6.4% for 211-365 days. SBI pays an interest rate of 6.8% for FDs of 1 year and less than 5 years and 6.85% for 5-10 years. Senior citizens can earn an additional interest rate of 0.5%.
HDFC Bank's FD interest rates on deposits below Rs. 2cr
HDFC Bank offers 3.5% for FDs between 7-14 days, 4.25% for 15-29 days, 5.75% for 30-45 days, 6.25% for 46 days-6 months, 6.75% for 6-9 months, and 7.1% for 9 months to less than 1 year. It offers 7.3% for FDs between 1-2 years, 7.4% for 2-3 years, 7.25% for 3-5 years, 6,5% for 5-10 years. Senior citizens get an additional 0.5% interest rate.
Punjab National Bank's FD interest-rates for deposits below Rs. 2cr
Punjab National Bank offers an interest rate of 5.75% for FD of 7-45 days, 6.35% for 46-179 days, 6.5% for 111 days, 6.35% for 180-270 days, 6.6% for 222 days, 6.35% for 271 days-1 year, 7.1% for 333 days. It offers 6.75% interest for 1 year, 6.85% for 555 days, 6.75% for above 1 year and up to 3 years, 6.25% for 3-10 years.
Interest offered by ICICI Bank on FDs below Rs. 2cr
ICICI Bank offers an interest rate of 4% for FDs of 7-14 days, 4.25% for 15-29 days, 5.5% for 30-45 days, 6% for 46-60 days, 6.25% for 61-184 days, 6.5% for 185-289 days, and 6.75% for 290 days-1 year. The bank offers an interest rate of 6.9% for FDs of 1 year-389 days, 7.1% for 390 days-2 years, and 7.5% for 2-3 years.
ICICI Bank's interest rates for other fixed deposits
ICICI Bank offers an interest rate of 7.25% for FDs of 3-5 years and 7% for 5-10 years. It also offers a 5-year Tax Saver FD with 7.25% interest. Both Punjab National Bank and ICICI Bank offer an additional 0.5% interest rate for senior citizens.
