SBI, ICICI Bank, HDFC Bank pay these returns on fixed deposits now

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Major banks offer a range of maturity options for retail term deposits

The country’s largest banks in terms of market value currently pay annual returns in the range of 2.5-5.5% on fixed retail deposits. State Bank of India, HDFC Bank, and Kotak Mahindra Bank offer a variety of retail fixed deposit maturity options to clients. Retail FDs – or FDs up to Rs 2 crore – are now available in maturities – or blocking periods – ranging from seven days to 10 years. Interest rates are revised from time to time to bring them into line with benchmark interest rates set by the Reserve Bank of India.

Here are the current interest rates paid on retail FDs by the major banks:

SBI

Maturity period Interest rate with effect from September 10
Public Senior citizen
Seven 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 a year 4.4% 4.9%
One year to less than two years 4.9% 5.4%
Two years to less than three years 5.1% 5.6%
From three years to less than five years 5.3% 5.8%
Five years and up to 10 years 5.4% 6.2%
(Source package: sbi.co.in)

HDFC Bank

Maturity period Interest rate (with effect from October 15)
Public Senior citizen
Seven 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 six months 3.50% 4.00%
Six months a day to nine months 4.40% 4.90%
Nine months a day to less than a year 4.40% 4.90%
One year 4.90% 5.40%
One year one day to two years 5.00% 5.50%
Two years one day to three years 5.15% 5.65%
Three years one day to five years 5.30% 5.80%
Five years one day to 10 years old 5.50% 6.25%
(Source: hdfcbank.com)

ICICI Bank

Locking Interest rate with effect from October 21
Public Senior citizen
Seven to 14 days 2.50% 3%
15 to 29 days 2.50% 3%
30 to 45 days 3% 3.50%
46 to 60 days 3% 3.50%
61 to 90 days 3% 3.50%
91 to 120 days 3.50% 4%
121 to 184 days 3.50% 4%
185 to 210 days 4.40% 4.90%
211 to 270 days 4.40% 4.90%
271 to 289 days 4.40% 4.90%
290 days to less than a year 4.40% 4.90%
One year to 389 days 4.90% 5.40%
390 days to less than 18 months 4.90% 5.40%
18 months and one day to two years 5% 5.50%
Two years and one day to three years 5.15% 5.65%
Three years and one day to five years 5.35% 5.85%
Five years and one day at 10 5.50% 6.30%
5 years of FD tax reduction (maximum Rs 1.50 lakh) 5.35% 5.85%
(Source package: icicibank.com)

Kotak Mahindra Bank

Maturity period Interest rate with effect from October 22
Seven to 14 days 2.50%
15 to 30 days 2.50%
31 to 45 days 3%
46 to 90 days 3%
91 to 120 days 3.50%
121 to 179 days 3.50%
180 days 4.50%
181 to 269 days 4.50%
270 days 4.50%
271 to 363 days 4.50%
364 days 4.50%
365 to 389 days 4.60%
390 days (12 months and 25 days) 4.90%
391 days to less than 23 months 4.90%
23 months 5%
23 months and one day to less than two years 4.90%
Two years to less than three years 4.90%
Three years and over but less than four years 4.90%
Four years and over but less than five years 4.75%
Five years and more up to 10 years 4.50%
(Source package: kotak.com)

Most lenders offer slightly higher interest rates to seniors compared to other customers.

This year, the RBI has cut the repo rate – or the policy interest rate at which it lends money to banks – by a total of 115 basis points since February, from 135 basis points last year. It also forced the banks to lower their FD rates.

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