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Top 5 Lenders Of India Currently Providing Good Returns On Fixed Deposit

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Fixed deposits (FDs) are stable investment options provided by banks and non-banking financial companies (NBFCs) that promise regular and stable returns along with tax benefits. Customers can invest a certain amount of money in the bank for a certain period of time, also known as a lock-in period, at a predetermined rate of interest. The depositor earns the amount deposited as well as compound interest at the end of the maturity period which generally ranges from 7 days to 10 or 20 years. The country's largest lender, State Bank of India (SBI), as well as leading private sector banks of India like HDFC Bank, ICICI Bank, Axis Bank and Kotak Mahindra Bank offer a variety of FD schemes with varying interest rates. Hence, after the latest adjustment on interest rates here's what these 5 leading banks are currently providing on their fixed deposits.

 

SBI Fixed Deposit

SBI Fixed Deposit

The State Bank of India provides competitive interest rates on fixed deposits with terms ranging from seven days to ten years. Senior citizens are eligible for an additional 0.50 percent interest rate. The general public's interest rates vary from 2.90 percent per annum to 5.40 percent per annum. SBI WeCare Deposit Scheme is a retail term deposit scheme for senior citizens. For tenure of 5 years and above, an additional premium of 30 basis points will be paid over and above the additional 50 basis points, which is currently capped at 6.20 percent. This is only valid for a short period of time, until June 30, 2021. For a deposit amount of Rs 2 Cr the below framed SBI FD Rates are in effect from January 2021.

TenureROI for general publicROI for senior citizens
7 days - 45 days 2.90% 3.40%
46 days - 179 days 3.90% 4.40%
180 days - 210 days 4.40% 4.90%
211 days - 364 days 4.40% 4.90%
1 year - 1 year 364 days 4.90% 5.40%
2 years - 2 years 364 days 5.10% 5.60%
3 years - 4 years 364 days 5.30% 5.80%
5 years - 10 years 5.40% 6.20%

HDFC Bank Fixed Deposit
 

HDFC Bank Fixed Deposit

HDFC Fixed Deposit comes with a tenure ranging from 7 days to 10 years. HDFC Bank FD rates for the general public vary from 2.5% to 5.5%. Whereas senior citizens will get an additional premium of 0.25% over and above the existing premium of 0.50%. HDFC Bank FD rates for senior citizens range from 3% to 6.25% respectively. HDFC Bank's special fixed deposit (FD) scheme for senior citizens was recently extended for the third time. The 'HDFC Senior Citizen Care' scheme offers a 75 basis point higher interest rate on these deposits. The interest rate on a fixed deposit held by a senior citizen will be 6.25 percent if it is made under HDFC Bank Senior Citizen Care FD. These rates are in effect from November 13, 2020. This benefit will be provided to senior citizens who make a fixed deposit of less than Rs 5 crore for a term of 5 years one day to 10 years during a special deposit offer that will function from May 18, 2020 to June 30, 2021. For a deposit amount of Rs 2 Cr the below listed HDFC Bank FD Rates are in effect from 13 November 2020.

TenureROI for general publicROI 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%

ICICI Bank Fixed Deposit

ICICI Bank Fixed Deposit

For opening a short-term fixed deposit account, ICICI Bank provides interest rates ranging from 2.50 percent to 4.40 percent per annum. Fixed deposit periods of less than 12 months are known as short-term fixed deposits. Fixed deposits with a period of 12 to 60 months are known as medium-term fixed deposits. ICICI Bank's rate of return on such deposits ranges from 4.90 percent to 5.35 percent per annum. Long-term fixed deposits are classified as any FD account that is opened for a period of five years or more. For such deposits, the lender provides 5.50 percent p.a. Interest rate. For all fixed deposit tenures, ICICI Bank offers senior citizens an additional 0.50 percent p.a. interest rate. As a result, interest rates vary from 3.00 percent per year to 6.30 percent annually. ICICI Bank Golden Years is a special FD scheme for senior citizens provided by ICICI Bank. For these deposits, the bank offers an 80 basis point higher interest rate. The ICICI Bank Golden Years FD scheme provides a 6.30 percent annual interest rate to senior citizens which will end today, March 31, 2021. For a deposit amount of Rs 2 Cr the below listed ICICI Bank FD Rates are in effect from 21 October 2020.

TenureROI for general publicROI 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

Axis Bank Fixed Deposit

With impact from March 18, Axis Bank has updated its fixed deposit interest rates (FDs). Axis Bank provides FDs in terms ranging from seven days to ten years. Axis Bank is providing a 2.50 percent interest rate on FDs for a maturity period of 7 to 29 days. The bank provides 3% on FDs with a maturity period of 30 days to less than 3 months. 3.5 percent for FDs with a maturity period of 3 to 6 months. For FDs maturing in six months to less than 11 months 25 days, Axis Bank offers a 4.40 percent interest rate. 5.15 percent from 11 months and 25 days to less than one year and five days. For term deposits maturing in 18 months or less than two years, Axis Bank pays 5.25 percent interest rate. Long-term deposits maturing in 2 to 5 years provide a 5.40 percent interest rate while deposits maturing in 5 to 10 years will fetch an interest rate of 5.75%. 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. For a deposit amount of Rs 2 Cr the below listed Axis Bank FD Rates are in effect from March 18, 2021.

TenureROI in % for general publicROI 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

Kotak Mahindra Bank Fixed Deposit

Kotak Mahindra Bank Fixed Deposit

The interest rate on fixed deposits has been updated by Kotak Mahindra Bank (FD). On FDs maturing in 7 to 30 days, 31 to 90 days, and 91 to 179 days, Kotak Mahindra Bank provides interest rates of 2.5 percent, 2.75 percent, and 3.25 percent, respectively. For term deposits maturing in 180 days or less than a year, Kotak Mahindra Bank offers 4.40 percent interest. For deposits maturing in one year to 389 days, the bank offers 4.50 percent. For FDs maturing in 390 days to less than 23 months, the bank will now bid 4.90 percent. For deposits maturing in 23 months to less than 3 years, Kotak Mahindra Bank will provide a 5% interest rate. For term deposits with a maturity period of three years or more but less than four years, the bank will provide 5.10 percent. For deposits maturing in 4 years or more but less than 5 years, Kotak Mahindra Bank offers a 5.25 percent interest rate. For FDs maturing in 5 years or more, up to and including 10 years, the bank offers 5.30 percent. Senior citizens will get interest rates that are 50 basis points higher than the general public. On FDs maturing in 7 days to 10 years, the bank provides interest rates ranging from 3% to 5.8% respectively. These rates are in force from March 25, 2021. For a deposit amount of Rs 2 Cr the below given Kotak Bank FD Rates are considered here.

TenureROI for general publicROI for senior citizens
7 - 14 Days 2.50% 3.00%
15 - 30 Days 2.50% 3.00%
31 - 45 Days 2.75% 3.25%
46 - 90 Days 2.75% 3.25%
91 - 120 Days 3.25% 3.75%
121 - 179 days 3.25% 3.75%
180 Days 4.40% 4.90%
181 Days to 269 Days 4.40% 4.90%
270 Days 4.40% 4.90%
271 Days to 363 Days 4.40% 4.90%
364 Days 4.40% 4.90%
365 Days to 389 Days 4.50% 5.00%
390 Days (12 months 25 days) 4.90% 5.40%
391 Days - Less than 23 Months 4.90% 5.40%
23 Months 5.00% 5.50%
23 months 1 Day- less than 2 years 5.00% 5.50%
2 years- less than 3 years 5.00% 5.50%
3 years and above but less than 4 years 5.10% 5.60%
4 years and above but less than 5 years 5.25% 5.75%
5 years and above up to and inclusive of 10 years 5.30% 5.80%

Read more about: fd fixed deposit investment
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