Interest rates on fixed deposits or term deposits are revised by commercial banks from time to time.
Interest rate on an FD - which is a fixed income instrument - varies from one bank to another, depending upon factors such as MCLR (marginal cost of funds-based lending rate), maturity period or term and the deposit amount.
Major public sector banks such as State Bank of India and Punjab National Bank pay interest rates to the tune of 5.7-6.85 per cent per annum on domestic fixed deposits up to Rs 1 crore, while their private sector peers like HDFC Bank and ICICI Bank pay anywhere between 3.5 per cent and 7.3 per cent.State Bank of India (SBI)Interest rate (with effect from July 30)TermGeneral publicSenior citizens7 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 year6.40%6.90%1 year to less than 2 year6.70%7.20%2 years to less than 3 years6.75%7.25%3 years to less than 5 years6.80%7.30%5 years and up to 10 years6.85%7.35%(Source: sbi.co.in)Punjab National Bank (PNB)TermInterest rates (with effect from August 1)General publicSenior citizens7 to 14 days5.7%6.2%15 to 29 days5.7%6.2%30 to 45 days5.7%6.2%46 to 90 days6.35%6.85%91 to 179 days6.35%6.85%180 days to 270 Days6.35%6.85%271 days to less than 1 year6.35%6.85%1 year6.75%7.25%above 1 year upto 3 years6.75%7.25%above 3 year upto 5 years6.25%6.75%above 5 years upto 10 years6.25%6.75%(Source: pnbindia.in)HDFC BankInterest rate (with effect from August 6)TermGeneral publicSenior citizens7 - 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 1day - 5 years7.10%7.60%5 Years 1 Day - 8 Years6.00%6.50%8 Years 1 Day - 10 Years6.00%6.50%(Source: hdfcbank.com)ICICI BankInterest rate (with effect from August 14)TermGeneral publicSenior citizens7 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 days5.75%6.25%61 days to 90 days6%6.5%91 days to 120 days6%6.5%121 days to 184 days6%6.5%185 days to 289 days6.5%7%290 days to less than 1 year6.75%7.25%1 year to 389 days6.75%7.25%390 days to 2 years7%7.5%2 years 1 day upto 5 years7.25%7.75%5 years 1 day upto 10 years7%7.5%(Source: icicibank.com)Axis BankTermInterest rates (with effect from September 10)General publicSenior citizens7 days to 14 days3.53.515 days to 29 days3.53.530 days to 45 days5.55.546 days to 60 days6.256.2561 days < 3 months6.256.253 months < 4 months6.256.254 months < 5 months6.256.255 months < 6 months6.256.256 months < 7 months6.7577 months < 8 months6.7578 months < 9 months6.7579 months < 10 months77.2510 months < 11 months77.2511 months < 1 year77.251 year < 1 year 5 days7.257.91 year 5 days < 1 year 11 days7.257.91 year 11 days < 13 months7.257.913 months < 14 months7.37.9514 months < 15 months7.257.915 months < 16 months7.257.916 months < 17 months7.257.917 months < 18 months7.257.918 Months < 2 years7.257.92 years < 30 months7.257.930 months < 3 years7.257.753 years < 5 years7.257.755 years to 10 years77.5(Source: axisbank.com)Most banks offer slightly better returnsto senior citizens - those above 60 years of age - compared to the general public.