State Bank of India (SBI) has recently hiked the interest rates on domestic bulk term/fixed deposits (FDs) by 0.1 percent. Bulk deposit refers to the deposit of Rs 2 crore and above. However, there has been no change in FDs of less than Rs 2 crore.
Meanwhile, private sector lenders
HDFC Bank and
ICICI Bank revised their bulk deposit rates a while back.
Here's a comparison of the interest rates offered by the three major banks — HDFC Bank, ICICI Bank and State Bank of India (SBI) — on fixed deposits (FDs) above Rs 2 crore:
State Bank of India (SBI) offers the following FD interest rates on deposits below Rs 2 crore:
| Tenors | Rates for general public | Rates for senior citizens |
| 7 days to 45 days | 3% | 3.5% |
| 46 days to 179 days | 3% | 3.5% |
| 180 days to 210 days | 3.1% | 3.6% |
| 211 days to less than 1 year | 3.1% | 3.6% |
| 1 year to less than 2 years | 3.1% | 3.6% |
| 2 years to less than 3 years | 3.1% | 3.6% |
| 3 years to less than 5 years | 3.1% | 3.6% |
| 5 years and upto 10 years | 3.1% | 3.6% |
HDFC Bank Fixed Deposit Rates
HDFC Bank offers the following FD interest rates on deposits above Rs 2 crore:
| Tenors | Interest rates for public | Interest rates for senior citizens |
| 7 - 14 days | 2.50% | 3.00% |
| 15 - 29 days | 2.50% | 3.00% |
| 30 - 45 days | 2.75% | 3.25% |
| 46 - 60 days | 2.75% | 3.25% |
| 61 - 90 days | 3.00% | 3.50% |
| 91 days - 6 months | 3.00% | 3.50% |
| 6 mnths 1 days - 9 mnths | 3.50% | 4.00% |
| 9 mnths 1 day < 1 Year | 3.65% | 4.15% |
| 1 Year | 3.75% | 4.25% |
| 1 year 1 day - 2 years | 3.75% | 4.25% |
| 2 years 1 day - 3 years | 4.40% | 4.90% |
| 3 year 1 day- 5 years | 4.40% | 4.90% |
| 5 years 1 day - 10 years | 4.40% | 5.15%* |
ICICI Bank Fixed Deposit Rates
ICICI Bank offers the following FD interest rates on deposits above Rs 2 crore:
| Tenors | Rates for public | Rates for senior citizens |
| 7 days to 14 days | 2.50% | 2.50% |
| 15 days to 29 days | 2.50% | 2.50% |
| 30 days to 45 days | 2.75% | 2.75% |
| 46 days to 60 days | 2.75% | 2.75% |
| 61 days to 90 days | 3.00% | 3.00% |
| 91 days to 120 days | 3.25% | 3.25% |
| 121 days to 150 days | 3.25% | 3.25% |
| 151 days to 184 days | 3.25% | 3.25% |
| 185 days to 210 days | 3.50% | 3.50% |
| 211 days to 270 days | 3.50% | 3.50% |
| 271 days to 289 days | 3.65% | 3.65% |
| 290 days to less than 1 year | 3.65% | 3.65% |
| 1 year to 389 days | 4.00% | 4.00% |
| 390 days to < 15 months | 4.00% | 4.00% |
| 15 months to < 18 months | 4.10% | 4.10% |
| 18 months to 2 years | 4.25% | 4.25% |
| 2 years 1 day to 3 years | 4.50% | 4.50% |
| 3 years 1 day to 5 years | 4.60% | 4.60% |
| 5 years 1 day to 10 years | 4.60% | 4.60% |
The key thing to note here is that interest rates offered on FDs are subject to change from time to time.
Fixed deposit is a fixed income instrument that provides guaranteed returns over a pre-defined period of lock-in. According to experts, it is one of the best options for people looking for an assured income as they are risk-free.
