Bank fixed deposit: HDFC Bank recently revised its interest rates on fixed deposits on select maturitiesBanks make adjustments in the interest rates for retail customers from time to time.
Lenders adjust these interest rates based on factors such as cost of borrowing from the Reserve Bank of India (RBI).
The central bank earlier this month announced a 25-basis-point hike in repo rate to 6.5 per cent.
That made short-term borrowing of funds from the central bank more expensive for commercial banks.
Public sector banking major State Bank of India (SBI) and private sector peer HDFC Bank recently revised their FD interest rates across select maturities.Here's a comparison of FD interest rates paid by top banks today on amounts up to Rs 1 crore:HDFC Bank FD interest ratesHDFC Bankhas revised its interest rates with effect fromAugust 6, 2018, stated hdfcbank.com.Periodlt; 1 CroreInterest Rate(per annum)Senior Citizen Rates(per annum)7 - 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 days7.00%7.50%9 months 4 days7.00%7.50%9 months 5 days - 9 months 15 days7.00%7.50%9 months 16 days7.00%7.50%9 months 17 days < 1 Year7.00%7.50%1 Year7.25%7.75%1 year 1 day - 1 year 3 days7.25%7.75%1 year 4 days7.25%7.75%1 year 5 days - 1 Year 15 Days7.25%7.75%1 Year 16 days7.25%7.75%1 year 17 days - 2 Years7.25%7.75%2 years 1 day - 2 Years15 days7.10%7.60%2 Years16 days7.10%7.60%2 years17 days - 3 Years7.10%7.60%3 years 1 day - 5 years7.10%7.60%5 Years 1 Day - 8 Years6.00%6.50%8 Years 1 Day - 10 Years6.00%6.50%State Bank of India (SBI) FD Interest RatesSBI revised its interest rates on retail fixed deposits with effect from August 30, stated sbi.co.in.
The following FD interest rates are for deposits below Rs 1 crore:(All figures in % per annum)TermInterest rate for general public w.e.f.
30.07.2018Interest rate for senior citizens w.e.f.
30.07.20187 days to 45 days5.756.2546 days to 179 days6.256.75180 days to 210 days6.356.85211 days to less than 1 year6.46.91 year to less than 2 year6.77.22 years to less than 3 years6.757.253 years to less than 5 years6.87.35 years and up to 10 years6.857.35ICICI Bank FD Interest RatesFixed deposit (FD) rates offered by ICICI Bank:Interest rates on Domestic, NRO NRE deposits (Less than Rs 1 crore), as per icicibank.com:Rate of Interest (% p.a.) w.e.f June 07, 2018TenureGeneral publicSenior Citizen7 days to 14 days44.515 days to 29 days4.254.7530 days to 45 days5.5646 days to 60 days5.756.2561 days to 90 days66.591 days to 120 days66.5121 days to 184 days66.5185 days to 289 days6.256.75290 days to less than 1 year6.571 year to 389 days6.67.1390 days to 2 years6.757.252 years 1 day upto 5 years77.55 years 1 day upto 10 years77.55 Years Tax saver FD(Max upto Rs.
1.50 lac)77.5(Source: icicibank.com)In contrast to equity-related financial instruments such as mutual funds, fixed deposits offer fixed returns without market risks.
That is why investors with a low appetite for risk prefer investment in FD over a mutual fund, say financial planners.