On a one-year deposit below Rs 1 crore, SBI or State Bank of India, offers 6.7% FD interest rate.Bank fixed deposits are considered to be the safest investment instruments in terms of the guaranteed returns that they offer.
Returns on fixed deposits are secure because FD interest rates do not change according to volatile market environment.
Bank fixed deposits are of two types: 1) with premature withdrawal facility 2) with compulsory lock-in periods.
Fixed deposits with a premature withdrawal facility can be closed before the term of the deposit expires.
However, banks charge a penalty for the same.
Fixed deposits with lock-in periods of five to 10 years cannot be closed before the tenor expires.
These fixed deposits, however, offer income tax benefits under Section 80 C of the Income Tax Act.On a one-year fixed deposit below Rs 1 crore, SBI or State Bank of India, the largest lender of the country, offers 6.7 per cent interest rate, HDFC Bank 7.25 per cent interest rate, ICICI Bank 6.75 per cent interest rate and Punjab National Bank (PNB) 6.75 per cent interest rate.Given below is a comparison of fixed deposits of SBI, PNB, HDFC Bank and ICICI Bank:Fixed deposit (FD) rates offered by State Bank of India (Below Rs.
1 crore)Revised from July 30, 2018 according to sbi.co.in: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 years6.857.35Fixed deposit or FD interest rates offered by Punjab National Bank (Below Rs.
1 crore)Domestic fixed deposit less than Rs.1 crore with effect from August 1, 2018, according to pnbindia.in:Sl.
NoPeriodROI (% p.a.)For Senior Citizen ROI (% p.a.)17 to 14 days5.76.2215 to 29 days5.76.2330 to 45 days5.76.2446 to 90 days6.356.85591 to 179 days6.356.856180 days to 270 Days6.356.857271 days to less than 1 year6.356.8581 year6.757.259above 1 year upto 3 years6.757.2510above 3 year upto 5 years6.256.7511above 5 years upto 10 years6.256.75FD interest rates offered by HDFC Bank applicable from August 6, 2018 for deposits below Rs 1 croreThe following FD interest rates are from 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 mnths 1 day- 6 mnths 3 days6.75%7.25%6 mnths 4 days6.75%7.25%6 mnths 5 days- 9 mnths6.75%7.25%9 mnths 1 day- 9 mnths 3 days7.00%7.50%9 mnths 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 1day - 2 Years15 days7.10%7.60%2 Years16 days7.10%7.60%2 years17 days - 3 Years7.10%7.60%3 years 1day - 5 years7.10%7.60%5 Years 1 Day - 8 Years6.00%6.50%8 Years 1 Day - 10 Years6.00%6.50%FD interest rates offered by ICICI Bankon domestic, NRO NRE deposits (less than Rs 1 crore)The following FD interest rates are from icicibank.com:Tenure PeriodRate of Interest (% p.a.) w.e.f August 14, 2018GeneralSenior Citizen*7 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 days6.57290 days to less than 1 year6.757.251 year to 389 days6.757.25390 days to 2 years77.52 years 1 day upto 5 years7.257.755 years 1 day upto 10 years77.55 Years Tax saver FD(Max upto Rs.
1.50 lac)7.257.75Small finance banks usually offer higher FD interest rates than leading banks.