A fixed deposit (FD) account is an interest-bearing account that has a given date of maturity. A fixed term and a guarantee of return of principal is there for the funds in the FD account, reported NDTV Profit.
The interest rate does not change in a FD account for the nominated term so that the account holders exactly know the worth of his/her investment.
Higher interest rates are offered by the fixed deposits to senior citizens as compared to those for the general public.
Higher interest rates are provided by fixed deposit accounts as compared to savings accounts and banks always revise their fixed deposit interest rates from time-to-time.
Currently, SBI pays an interest rate of 6.8 percent, HDFC Bank offers 7.10 percent, ICICI Bank pays 7.25 percent and Kotak Mahindra Bank offers 7.10% interest for the same tenor and amount.
State Bank of India (SBI):
| Interest rate in per cent effective from July 30, 2018 | ||
|---|---|---|
| Maturity period | General public | Senior citizens |
| 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 | 6.7 | 7.2 |
| 2 years to less than 3 years | 6.75 | 7.25 |
| 3 years to less than 5 years | 6.8 | 7.3 |
| 5 years and up to 10 years | 6.85 | 7.35 |
| (Source: sbi.co.in) | ||
HDFC Bank:
| Interest rate in per cent effective from August 6, 2018 | ||
|---|---|---|
| Maturity period | General public | Senior citizens |
| 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 mnths 1 day- 6 mnths 3 days | 6.75 | 7.25 |
| 6 mnths 4 days | 6.75 | 7.25 |
| 6 mnths 5 days- 9 mnths | 6.75 | 7.25 |
| 9 mnths 1 day- 9 mnths 3 days | 7.00 | 7.50 |
| 9 mnths 4 days | 7.00 | 7.50 |
| 9 months 5 days - 9 months 15 days | 7.00 | 7.50 |
| 9 months 16 days | 7.00 | 7.50 |
| 9 months 17 days < 1 Year | 7.00 | 7.50 |
| 1 Year | 7.25 | 7.75 |
| 1 year 1 day - 1 year 3 days | 7.25 | 7.75 |
| 1 year 4 days | 7.25 | 7.75 |
| 1 year 5 days - 1 Year 15 Days | 7.25 | 7.75 |
| 1 Year 16 days | 7.25 | 7.75 |
| 1 year 17 days - 2 Years | 7.25 | 7.75 |
| 2 years 1day - 2 Years 15 days | 7.10 | 7.60 |
| 2 Years 16 days | 7.10 | 7.60 |
| 2 years 17 days - 3 Years | 7.10 | 7.60 |
| 3 years 1day - 5 years | 7.10 | 7.60 |
| 5 Years 1 Day - 8 Years | 6.00 | 6.50 |
| 8 Years 1 Day - 10 Years | 6.00 | 6.50 |
| (Source: hdfcbank.com) | ||
ICICI Bank:
| Interest rate in per cent effective from August 14, 2018 | ||
|---|---|---|
| Maturity period | General public | Senior citizens |
| 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 | 6.5 | 7 |
| 290 days to less than 1 year | 6.75 | 7.25 |
| 1 year to 389 days | 6.75 | 7.25 |
| 390 days to 2 years | 7 | 7.5 |
| 2 years 1 day upto 5 years | 7.25 | 7.75 |
| 5 years 1 day upto 10 years | 7 | 7.5 |
| (Source: icicibank.com) | ||
Kotak Mahindra Bank:
| Interest Rate in per cent effective from August 9, 2018 | ||
|---|---|---|
| Regular | Senior Citizen | |
| Maturity Periods - Premature Withdrawal Allowed | Less than Rs. 1 Crore | Less than Rs. 1 Crore |
| 7 - 14 Days | 3.50% | 4.00% |
| 15 - 30 Days | 4.00% | 4.50% |
| 31 - 45 Days | 5.00% | 5.50% |
| 46 - 90 Days | 5.50% | 6.00% |
| 91 - 120 Days | 6.00% | 6.50% |
| 121 - 179 days | 6.25% | 6.75% |
| 180 Days | 6.50% | 7.00% |
| 181 Days to 269 Days | 6.75% | 7.25% |
| 270 Days | 6.75% | 7.25% |
| 271 Days to 363 Days | 7.00% | 7.50% |
| 364 Days | 7.00% | 7.50% |
| 365 Days to 389 Days | 7.25% | 7.75% |
| 390 Days (12 months 25 days) | 7.25% | 7.75% |
| 391 Days - Less than 23 Months | 7.25% | 7.75% |
| 23 Months | 7.30% | 7.80% |
| 23 months 1 Day- less than 2 years | 7.30% | 7.80% |
| 2 years- less than 3 years | 7.10% | 7.60% |
| 3 years and above but less than 4 years | 7.10% | 7.60% |
| 4 years and above but less than 5 years | 7.00% | 7.50% |
| 5 years and above up to and inclusive of 10 years | 6.50% | 7.00% |
First Published: Sept 26, 2018 5:36 AM IST
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