Lenders also pay slightly higher interest rates on fixed deposits to senior citizens.Bank fixed deposits (FDs) are secure fixed-income instruments which offer guaranteed returns.
Unlike stocks and mutual funds, fixed deposits offer assured returns because they are unaffected by market volatility, say experts.
Top lenders such as State Bank of India (SBI), HDFC Bank and ICICI Bank, among others, offer fixed deposits.
Customers are required to park their funds until a pre-determined period and then they can earn attractive interest rates on the same.Lenders also pay slightly higher interest rates on fixed deposits to senior citizens, compared to those applicable to the general public.State Bank of India (SBI)The following FD interest rates are applicable on deposits below Rs 2 crore, according to the bank's website - sbi.co.in:TenorsRevised For Public w.e.f.
22.02.2019Revised for Senior Citizens w.e.f.
22.02.20197 days to 45 days5.75%6.25%46 days to 179 days6.25%6.75%180 days to 210 days6.35%6.85%211 days to less than 1 year6.4%6.9%1 year to less than 2 year6.8%7.3%2 years to less than 3 years6.8%7.3%3 years to less than 5 years6.8%7.3%5 years and up to 10 years6.85%7.35%(Source: sbi.co.in)HDFC BankThe following FD interest rates are applicable on deposits below Rs 1 crore with effect from November 6, 2018 according to the bank's website - hdfcbank.com:PeriodInterest rate onFD less thanRs.1 CroreGeneral publicSenior citizen7 - 14 days3.50%4.00%15 - 29 days4.25%4.75%30 - 45 days5.75%6.25%46 - 60 days6.25%6.75%61 - 90 days6.25%6.75%91 days - 6 months6.25%6.75%6 months 1 day- 6 months 3 days6.75%7.25%6 months 4 days6.75%7.25%6 months 5 days- 9 months6.75%7.25%9 months 1 day- 9 months 3 days7.10%7.60%9 months 4 days7.10%7.60%9 months 5 days - 9 months 15 days7.10%7.60%9 months 16 days7.10%7.60%9 months 17 days < 1 Year7.10%7.60%1 Year7.30%7.80%1 year 1 day - 1 year 3 days7.30%7.80%1 year 4 days7.30%7.80%1 year 5 days - 1 Year 15 days7.30%7.80%1 Year 16 days7.30%7.80%1 year 17 days - 2 Years7.30%7.80%2 years 1 day - 2 Years15 days7.40%7.90%2 Years16 days7.40%7.90%2 years17 days - 3 Years7.40%7.90%3 years 1 day - 5 years7.25%7.75%5 Years 1 day - 8 Years6.50%7.00%8 Years 1 day - 10 Years6.50%7.00%(Source: hdfcbank.com)ICICI BankThe following FD interest rates are applicable ondeposits below Rs1 crore, according to the bank's website - icicibank.com:Rate of Interest (% p.a.) w.e.f November 15, 2018Tenure PeriodGeneralSenior Citizen7 days to 14 days4%4.5%15 days to 29 days4.25%4.75%30 days to 45 days5.5%6%46 days to 60 days6%6.5%61 days to 90 days6.25%6.75%91 days to 120 days6.25%6.75%121 days to 184 days6.25%6.75%185 days to 289 days6.5%7%290 days to less than 1 year6.75%7.25%1 year to 389 days6.9%7.4%390 days to 2 years7.1%7.6%2 years 1 day up to 3 years7.5%8%3 years 1 day up to 5 years7.25%7.75%5 years 1 day up to 10 years7%7.5%5 years Tax saver FD (max up to Rs.
1.50 lakh)7.25%7.75%(Source: icicibank.com)Yes BankThe following FD interest rates are applicable on deposits below Rs 2 crore, according to the bank's website - yesbank.in:RESIDENT FIXED DEPOSIT INTEREST RATES (% p.a)**PeriodRates for < 1 Crore w.e.f March 5, 2019RegularSenior Citizen***Interest RatesInterest Rates7 to 45 days5.00%5.50%46 to 90 days6.25%6.75%3 months to < 6 months6.70%7.00%6 months to < 9 months6.85%7.35%9 months to < 1 Year7.15%7.65%1 Years to <= 10 years*7.25%7.75%*Special Rates12 Months 10 Days to12 Months 20 Days7.50%8.00%18 Months 8 Days to18 Months 18 Days7.85%8.35%36 Months 10 Days to36 Months 20 Days7.50%8.00%Small finance banks (SFBs), meanwhile, offer higher interest rates on FDs as compared to the mainstream peers.