When you plan to invest your money somewhere that time your parents or elders usually suggest to invest in fixed deposits or FDs because it is considered to be the safest means of investment. Fixed deposits accounts can be opened in any bank or post office across the country. All major banks like State Bank of India (SBI), Axis Bank, HDFC Bank, ICICI Bank, Kotak Mahindra etc. gives you an option to open an FD account.
After the Reserve Bank of India (RBI) reduced the repo rate by 35 basis points few days back, many banks revised their interest rates across all tenors. Therefore before you begin investing in these term deposits, it's always better to compare the interest rate offered by various banks in India.
Top banks in India and the rate of interest offered by them on various tenures:
Latest SBI FD rates
SBI, country's largest lender, offers an interest rate of 5 percent for 7 to 45 days FDs. Fixed deposits with maturity between 46 to 179 days gives an interest rate of 5.75 percent. For FDs maturing in 180 to 1 year time, the bank offers 6.25 percent interest. Deposits between 1 year & less than 2 years get an interest rate of 6.7 percent. FDs between 2 to3 years will fetch you 6.70 percent. Deposits between 3 years to less than 5 years will give interest rate to 6.6 percent. On FDs maturing between 5 years & upto 10 years, the bank is offering an interest rate of 6.5 percent. SBI has modified interest rates on its deposits from 1st August 2019.
Latest HDFC Bank FD rates
HDFC Bank provides 5.50 percent interest rate on fixed deposits of 7 days to 45 days. On 46 to 6 months FDs, the bank offers 6 percent interest. HDFC offers an interest of 7 percent on deposits with one-year maturity and for those maturing in 1 year to 2 years it gives an interest rate of 7.10%. For 2 to 3 years fixed deposits, the bank gives 7.30 percent interest. On FDs maturity between 3 to 5 years, it will provide you an interest rate of 7.25 percent. Long-term fixed deposits maturing in 5 to 10 years will obtain an interest rate of 7 percent. It must be noted that HDFC Bank revised interest rates on all deposits from 2nd August.
Latest ICICI Bank FD rates
ICICI Bank gives an interest rate of 6.50 percent on fixed deposits with a maturity of 7 days to less than 1 year. For FDs in between 1 year to 389 days, the bank offers 6.70 percent. For 390 days to less than 18 months it gives 6.80 percent and 18 months to 2 years - 7.10 percent. Term deposits with 2 to 3 years maturity period fetches interest rate of 7.10 percent. It offers an interest rate of 7 percent on FDs maturing between 3 years & 5 years. For 5 years and 10 years FDs, the bank gives an interest rate of 7 percent. ICICI Bank's new rate of interest on fixed deposits came into effect from 14th of August.
Latest Axis Bank FD rates
Axis Bank offers 6 percent rate of interest on fixed deposits with maturity between 7 days & 6 months, 6.40 percent for FDs maturing between 6 & 9 months and 6.75 percent for deposits between 9 months & 1 year. On fixed deposits with maturity between 1 year to 14 months, the bank gives an interest rate of 7.20 percent. On FDs between 14 months to less than 2 years, it pays 7 percent. On deposits between 2 years to 5 years, you will get 7 percent while between 5 years to 10 years, the interest rate is 6.75 percent. Axis Bank revised the interest rates on its deposits from 10 August.
Latest Kotak Mahindra Bank FD rates
Kotak Mahindra Bank offers 5.25 percent interest rate on deposits maturing between 7 days & 90 days. On maturity period of 91 days to 270 days, the bank is offering a 6.40 percent rate of interest. The bank gives 6.75 percent interest rate on maturity period of 271 days to 389 days. On fixed deposit maturing in 390 days to less than 2 years, Kotak Mahindra Bank provides 6.80 percent interest rate. Deposits maturing in 2 to less than 3 years will obtain 6.80 percent interest. Meanwhile, deposits maturing in 3 years & above but less than 4 years will get an interest rate of 6.75 percent. FDs maturing in 4 years and less than 5 years, an interest rate of 6.50 percent will be given. The bank pays 6.25 percent interest for fixed deposits maturing in 5 years to 10 years.
Hope this article will help you in selecting the best bank for fixed deposits (FD).
