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Top 4 Lenders of India Offering Good Returns On Fixed Deposits
A fixed deposit (FD) is a form of fixed-income investment that offers guaranteed returns for a set period of time. After post office savings schemes it is among the better choices for those looking for steady and risk-free returns. To gain decent returns you need to lock-in your deposit amount for a fixed period of time. Generally, investors can select a tenure of 7 days to 10 years. The interest rates on FDs are subject to adjustment from time to time, and they differ from one lender to the next. In the case of FDs, choosing the tenure is important since if holders withdraw the funds before the maturity date, they will be charged a penalty, which will reduce the net interest received against the principal amount. The below is a comparison of the interest rates on fixed deposits (FDs) up to Rs 2 crore provided by the four major banks: SBI, ICICI Bank, Axis Bank, and HDFC Bank:
SBI Fixed Deposit Interest Rates
SBI FDs with terms ranging from seven to 45 days pay 2.9 percent interest. Term deposits with a maturity period of 46 to 179 days will yield 3.9 percent. FDs with maturity ranging from 180 days to less than one year will offer 4.4 percent. Deposits with a maturity period of one year or less than two years will provide 10 basis points more. The interest rate on these deposits will be 5%. FDs with a maturity period of two to three years will yield 5.1 percent interest rate. After the recent revision, FDs with a maturity period of 3 or less than 5 years will pay 5.3 percent, while term deposits maturing in 5 to 10 years will 5.4% interest. SBI offers senior citizens an additional 50 basis points interest rate on all tenors. Following the most recent revision with in effect from January 8, 2021, senior citizens will receive 3.4 percent to 6.2 percent on FDs maturing in 7 days to 10 years.
| Tenure | ROI in % for general public | ROI in % for senior citizens |
|---|---|---|
| 7 days to 45 days | 2.9 | 3.4 |
| 46 days to 179 days | 3.9 | 4.4 |
| 180 days to 210 days | 4.4 | 4.9 |
| 211 days to less than 1 year | 4.4 | 4.9 |
| 1 year to less than 2 year | 5 | 5.5 |
| 2 years to less than 3 years | 5.1 | 5.6 |
| 3 years to less than 5 years | 5.3 | 5.8 |
| 5 years and up to 10 years | 5.4 | 6.2 |
ICICI Bank Fixed Deposit Interest Rates
Fixed deposits are available from 7 days to 10 years at the bank. ICICI Bank now offers 2.5 percent interest on deposits maturing in 7 to 29 days, 3 percent for 30 to 90 days, and 3.5 percent for FDs maturing in 91 to 184 days, after the most recent adjustment. ICICI Bank offers a 4.40 percent interest rate on deposits maturing in 185 days or less than a year. Seniors will receive a 50 basis point (bps) higher interest rate than the general public. Senior citizens will receive interest ranging from 3% to 6.3 percent on FDs maturing in 7 days to 10 years after the most recent adjustment (w.e.f. October 21, 2020).
| Tenure | ROI for general public | ROI for senior citizens |
|---|---|---|
| 7 days to 14 days | 2.50% | 3.00% |
| 15 days to 29 days | 2.50% | 3.00% |
| 30 days to 45 days | 3.00% | 3.50% |
| 46 days to 60 days | 3.00% | 3.50% |
| 61 days to 90 days | 3.00% | 3.50% |
| 91 days to 120 days | 3.50% | 4.00% |
| 121 days to 184 days | 3.50% | 4.00% |
| 185 days to 210 days | 4.40% | 4.90% |
| 211 days to 270 days | 4.40% | 4.90% |
| 271 days to 289 days | 4.40% | 4.90% |
| 290 days to less than 1 year | 4.40% | 4.90% |
| 1 year to 389 days | 4.90% | 5.40% |
| 390 days to < 18 months | 4.90% | 5.40% |
| 18 months days to 2 years | 5.00% | 5.50% |
| 2 years 1 day to 3 years | 5.15% | 5.65% |
| 3 years 1 day to 5 years | 5.35% | 5.85% |
| 5 years 1 day to 10 years | 5.50% | 6.30% |
| 5 Years (80C FD) | 5.35% | 5.85% |
Axis Bank Fixed Deposit Interest Rates
With effect from March 18 - 2021, private sector lender Axis Bank revised interest rates on fixed deposits (FDs). Axis Bank provides FDs in terms ranging from seven days to ten years. Following the most recent revision, Axis Bank now offers 2.50 percent interest on FDs maturing between 7 and 29 days, 3% for FDs maturing between 30 days and less than 3 months, and 3.5 percent for FDs maturing between 3 months and less than 6 months. Axis Bank offers a 4.40 percent interest rate on FDs maturing in six months or less than eleven months and twenty-five days. 5.15 percent for 11 months 25 days to less than 1 year 5 days, and 5.10 percent for 1 year 5 days to less than 18 months. Axis Bank pays 5.25 percent interest on term deposits that mature in 18 months or less than two years. Axis Bank pays a 5.40 percent interest rate on deposits maturing in two to five years. Deposits with a maturity period of 5 to 10 years will offer you 5.75 percent interest. On certain maturities, Axis Bank gives senior citizens a higher rate. For deposits maturing in 7 days to 10 years, senior citizens will receive interest rates ranging from 2.5 percent to 6.50 percent.
| Tenure | ROI in % for general public | ROI in % for senior citizens |
|---|---|---|
| 7 days to 14 days | 2.5 | 2.5 |
| 15 days to 29 days | 2.5 | 2.5 |
| 30 days to 45 days | 3 | 3 |
| 46 days to 60 days | 3 | 3 |
| 61 days < 3 months | 3 | 3 |
| 3 months < 4 months | 3.5 | 3.5 |
| 4 months < 5 months | 3.5 | 3.5 |
| 5 months < 6 months | 3.5 | 3.5 |
| 6 months < 7 months | 4.4 | 4.65 |
| 7 months < 8 months | 4.4 | 4.65 |
| 8 months < 9 months | 4.4 | 4.65 |
| 9 months < 10 months | 4.4 | 4.65 |
| 10 months < 11 months | 4.4 | 4.65 |
| 11 months < 11 months 25 days | 4.4 | 4.65 |
| 11 months 25 days < 1 year | 5.15 | 5.4 |
| 1 year < 1 year 5 days | 5.15 | 5.8 |
| 1 year 5 days < 1 year 11 days | 5.1 | 5.75 |
| 1 year 11 days < 1 year 25 days | 5.1 | 5.75 |
| 1 year 25 days < 13 months | 5.1 | 5.75 |
| 13 months < 14 months | 5.1 | 5.75 |
| 14 months < 15 months | 5.1 | 5.75 |
| 15 months < 16 months | 5.1 | 5.75 |
| 16 months < 17 months | 5.1 | 5.75 |
| 17 months < 18 months | 5.1 | 5.75 |
| 18 Months < 2 years | 5.25 | 5.9 |
| 2 years < 30 months | 5.4 | 6.05 |
| 30 months < 3 years | 5.4 | 5.9 |
| 3 years < 5 years | 5.4 | 5.9 |
| 5 years to 10 years | 5.75 | 6.5 |
HDFC Bank Fixed Deposit Interest Rates
HDFC Bank's FD rates have been in effect since November 13th, 2020. Following the new revision, HDFC Bank is now offering 2.50 percent interest on deposits with a maturity period of 7 to 29 days, and 3 percent interest on deposits with a maturity period of 30 to 90 days. 3.5 percent for 91 days to 6 months, and 4.4 percent for 6 months 1 day to less than one year. On one-year FDs, the bank offers 4.9 percent interest. Term deposits with a one-year or two-year maturity period will earn 4.9 percent interest. FDs maturing in 2 to 3 years will yield 5.15 percent, whereas those maturing in 3 to 5 years will yield 5.30 percent. 5.50 percent interest will be paid on deposits for a maturity period of 5 to 10 years. Senior citizens will receive interest rates that are 50 basis points higher than the general public. Senior citizens will get interest rates ranging from 3% to 6.25 percent on FDs on terms ranging from 7 days to 10 years.
| Tenure | ROI for general public | ROI for senior citizens |
|---|---|---|
| 7 - 14 days | 2.50% | 3.00% |
| 15 - 29 days | 2.50% | 3.00% |
| 30 - 45 days | 3.00% | 3.50% |
| 46 - 60 days | 3.00% | 3.50% |
| 61 - 90 days | 3.00% | 3.50% |
| 91 days - 6 months | 3.50% | 4.00% |
| 6 months 1 days - 9 months | 4.40% | 4.90% |
| 9 months 1 day < 1 Year | 4.40% | 4.90% |
| 1 Year | 4.90% | 5.40% |
| 1 year 1 day - 2 years | 4.90% | 5.40% |
| 2 years 1 day - 3 years | 5.15% | 5.65% |
| 3 year 1 day- 5 years | 5.30% | 5.80% |
| 5 years 1 day - 10 years | 5.50% | 6.25% |
