Fixed Deposit rates 2019: SBI, HDFC, Axis, ICICI, IDFC, IDBI compared

what exactly is a fixed deposit?

You put a lump sum in your bank for a fixed tenure at an agreed rate of interest. At the end of the tenure, you receive the amount you have invested plus compound interest.

In India, Fixed Deposits are one of the most popular ways to save money. They are a safe investment, offer good returns, and are easy to open.

source: HDFC Bank

Interest rate varies for most of the nationalized and private sector banks.

SBI Bank

Nationalized bank, SBI offers 6.85% interest for fixed deposit of duration more than 5 years.

 Tenors Public Senior Citizens
7 days to 45 days 5.75 6.25
46 days to 179 days 6.25 6.75
180 days to 210 days 6.35 6.85
211 days to less than 1 year 6.4 6.9
1 year to less than 2 year 6.8 7.3
2 years to less than 3 years 6.8 7.3
3 years to less than 5 years 6.8 7.3
5 years and up to 10 years 6.85 7.35

HDFC Bank

HDFC Bank offers 7.4% rate of interest for the fixed deposit for tenors between 2 year to 3 year. where as long term deposit of 5 years plus is at 6.5% which is lesser than SBI Bank.

Tenors Public Senior Citizens
7 – 14 days 3.50% 4.00%
15 – 29 days 4.25% 4.75%
30 – 45 days 5.75% 6.25%
46 – 6 months 6.25% 6.75%
6 mnths 1 day- 9 mnths 6.75% 7.25%
9 mnths 1 day- less than 1 Year 7.10% 7.60%
1 year – 2 Years 7.30% 7.80%
2 years 1day – 3 Years 7.40% 7.90%
3 years 1day – 5 years 7.25% 7.75%
5 Years 1 Day – 10 Years 6.50% 7.00%

AXIS Bank

One of the complex Interest rate seems to be of axis bank, where you will see lots of difference. But good part is that this bank is offering 7.55% rate of interest for short term duration of ~1 year. For senior citizens it offers 8.25% rate of interest

Tenors Public Senior Citizens
7 days to 29 days 3.5 3.5
30 days to 45 days 5.5 5.5
46 days < 6 months 6.25 6.25
6 months < 9 months 6.75 7
9 months < 1 year 7.1 7.35
1 year < 1 year 5 days 7.3 7.95
1 year 5 days < 1 year 11 days 7.55 8.2
1 year 11 days < 13 months 7.3 7.95
13 months < 14 months 7.35 8
14 months < 17 months 7.3 7.95
17 months < 18 months 7.6 8.25
18 Months < 2 years 7.3 7.95
2 years < 3 years 7.5 8.15
3 years < 5 years 7.25 7.75
5 years to 10 years 7 7.5

ICICI Bank

ICICI bank offers 7.5% rate of interest for tenor of 2-3 years and maximum of 7.75% for senior citizens

Tenors General Senior Citizen*
7 days to 14 days 4 4.5
15 days to 29 days 4.25 4.75
30 days to 45 days 5.5 6
46 days to 60 days 6 6.5
61 days to 184 days 6.25 6.75
185 days to 289 days 6.5 7
290 days to less than 1 year 6.75 7.25
1 year to 389 days 6.9 7.4
390 days to 2 years 7.1 7.6
2 years 1 day upto 3 years 7.5 8
3 years 1 day upto 5 years 7.25 7.75
5 years 1 day upto 10 years 7 7.5
5 Years Tax saver FD(Max upto Rs. 1.50 lac) 7.25 7.75

IDFC Bank

This small bank offers 8.25% rate of interest for the long term investment of 3 years +

Tenors General Senior Citizen*
7 days to 14 days 4 4.5
15 days to 29 days 5 5.5
30 days to 45 days 6.25 6.75
46 days to 90 days 6.5 7
91 days to 180 days 6.75 7.25
181 days to 365 days 7 7.25
366 days to 730 days 7.5 8
731 days to 1095 days 8 8.5
3 years 1 Day – 10 years 8.25 8.75

IDBI Bank

Offers maximum rate of interest of 7.2% for 1100 days.

Tenors General Senior Citizen*
15-45 days 5.75 6.25
46-6 months 6.25 6.75
6 months 1 day to < 1 year 6.5 7
1 year 7 7.5
>1yrs to < 3yrs 7.05 7.55
3 yrs to < 1100 days 6.85 7.35
1100 Days 7.2 7.7
> 1100 days to 5 yrs 6.85 7.35
> 5yrs – 10yrs 6.25 6.75
>10 yrs – 20 yrs* 6 6.5

Concluding most of the banks support fixed deposit till 10 years, where IDBI support deposit till 20 years. Maximum interest is offered by IDFC bank of 8.25% for 3 years +. ICICI & IDFC offers ~7.3% – 8% for less than 3 years

Looking for Bank account opening in any of the above banks then please revert back on the post team will reach out to you.