New Delhi: Are you planning to invest in fixed deposits (FDs)? Top lenders like State Bank of India (SBI), ICICI Bank and HDFC Bank offer the option of creating an FD account. When it comes to bank FDs, you should look at both the interest rate and the ease of depositing your money.
FD accounts are an excellent means to grow your money over a period of time. Generally, interest rates on FDs are higher than the interest rate on savings accounts. FD interest rates vary across banks according to the tenor of the fixed deposit. Most banks offer FDs starting from seven days up to a term of 10 years. FD interest rates are subject to change from time to time. However, FDs with a maturity period of five years or 10 years also offer income tax benefits.
FD interest rates of SBI
SBI short-term deposits: SBI offers interest rates on these FDs ranging from 5.75% to 6.40% annually. These FDs comes with a minimum tenure of seven days and a maximum tenure of anywhere less than 1 year.
SBI medium-term deposits: SBI medium-term deposits have a lock-in period of at least 1 year. The interest rates on these FDs range from 6.4% to 6.7% annually.
SBI long-term deposits: These FDs come with 5 years to 10 years tenure and offer a rate of interest at 6.85% per annum.
SBI offers senior citizens’ an additional 50 basis point interest rate across all tenures.
FD interest rates of Bank of Baroda
Bank of Baroda (BoB) offers several fixed deposit schemes to choose from, depending on your chosen preferred term period (short-term or long-term). For FDs with maturity period 15 days to 1 year, BoB is offering a 6.7% interest rate. On FD maturity between one year and two years, BoB is offering a 6.80% interest rate. On maturity between two and five years, BoB is offering a 6.70% interest rate. BoB offers an interest rate of 6.7% on FDs with maturity between 5 years and 10 years.
FD interest rates of ICICI Bank
ICICI Bank provides a number of FD options to park your savings, These work as emergency funds to meet your urgent requirements. ICICI offers short-term FDS ranging from seven days to 289 days and long-term ranging from one to ten years. For FDs with maturity of 7-45 days, ICICI Bank is offering 5.50%, 46-184 days 6.25%, 185-289 days 6.50% and 290 days to less than 1 year 6.40%. On FD maturity of 2-3 years, ICICI Bank is offering A 7.5% interest rate. ICICI Bank is offering A 7.25% interest rate on FDS maturing between three years and five years. ICICI Bank offers an interest rate of 7% on FDs with maturity between five years and 10 years.
FD interest rates of Punjab National Bank (PNB)
PNB has increased FD rates for some select maturity periods with effect from 1 January 2019. PNB is offering A 5.75% interest rate on FDs up to ₹1 crore for maturity periods between seven days and 45 days. For one-year FDS, the bank is offering A 6.75% rate of interest. For maturity term of more than one year but less than three years, PNB offers a 6.75% interest rate. PNB is offering a 6.25% interest rate on FDs maturing between three years and 10 years.
FD interest rates of Axis Bank
There are multiple FD options provided by Axis Bank. The short-term FDs range between seven days and one year, and long-term FDs range anywhere between one year and 10 years. Axis Bank is offering an interest rate of 6.25% for FDs with maturity between 46 days and 6 months and 7.1% for between 9 months and one year. Axis Bank is offering 7.3% for FDs maturing in one and two years. The bank is offering 7.50% for FDs maturing in two years but not more than three years and 7.25% interest rate on FDs maturing between three and less than five years. For FDs with maturity between five years and 10 years, Axis Bank offers an interest rate of 7%.
FD interest rates of HDFC Bank
For FDs with maturity of 7-90 days, HDFC Bank is offering 6.25%, and for 91 days to one year tenors 7.30%. HDFC Bank is offering 7.3% on FD maturity of one year to less than two years. HDFC Bank is offering 7.4 % interest rate on FDs maturing in 2-3 years. HDFC Bank is offering a 7.25% interest rate on FDs maturing between three years and five years. The bank offers an interest rate of 6.5% on FDs with maturity between five years and 10 years.