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Bank FD Interest Rates: SBI Vs Axis Vs HDFC Bank Vs ICICI - A Comparison

Banks offer higher interest rates to senior citizens on some maturities.

Bank fixed deposits (FDs) are one of the most popular instruments used to save for the future. Despite falling interest rates, many people prefer FDs over other savings/ investment products as it offers secured return and easy access to liquidity. Depending on the investment horizon fixed deposits offer you a wide range of choices ranging from seven days to 10 years. However, to get the best return out of your fixed deposits you need to know the various rates offered by top lenders in India. State Bank of India, biggest lender in the country for example offers 6.75 per cent interest on fixed deposits of one year. Here is a comparison of interests offered by State Bank of India, HDFC Bank, ICICI Bank and Axis Bank.
 

State Bank of India (SBI) Fixed Deposit Rates:

SBI revised interest rates on retail domestic term deposits (Below rupees One Crore) with effect from July 1, 2017, according to its website.

The revised interest rates are as under:
 

Tenors Revised For Public w.e.f. 01.07.2017
(In %)
Revised for Senior Citizens w.e.f. 01.07.2017 (In %)
7 days to 45 days

5.5

6

46 days to 179 days

6.5

7

180 days to 210 days

6.5

7

211 days to less than 1 year

6.5

7

1 year

6.75

7.25

Above 1 year to 455 days

6.5

7

456 days to less than 2 years

6.5

7

2 years to less than 3 years

6.25

6.75

3 years to less than 5 years

6.25

6.75

5 years and up to 10 years

6.25

6.75

 

HDFC Bank Fixed Deposit Rates:

Domestic / NRO / NRE Term Deposits
 

Period < 1 Crore >=1 Crore to < 5 Crores
Interest Rate  **Senior Citizen Rates  Interest Rate  **Senior Citizen Rates 
(per annum) (per annum) (per annum) (per annum)
7 – 14 days 3.50% 4.00% 4.25% 4.75%
15 – 29 days 4.25% 4.75% 4.25% 4.75%
30 – 45 days 5.50% 6.00% 4.25% 4.75%
46 – 60 days 5.75% 6.25% 4.50% 5.00%
61 – 90 days 5.75% 6.25% 4.50% 5.00%
91 days – 6 months 5.75% 6.25% 5.75% 6.25%
6 mnths 1 day- 6 mnths 3 days 6.00% 6.50% 5.25% 5.75%
6 mnths 4 days 6.00% 6.50% 6.25% 6.75%
6 mnths 5 days- 9 mnths 6.00% 6.50% 5.25% 5.75%
9 mnths 1 day- 9 mnths 3 days 6.00% 6.50% 5.25% 5.75%
9 mnths 4 days 6.00% 6.50% 6.25% 6.75%
9 months 5 days – 9 months 15 days 6.00% 6.50% 5.25% 5.75%
9 months 16 days 6.25% 6.75% 5.25% 5.75%
9 months 17 days < 1 Year 6.25% 6.75% 5.25% 5.75%
1 Year 6.75% 7.25% 4.90% 5.40%
1 year 1 day – 1 year 3 days 6.75% 7.25% 4.90% 5.40%
1 year 4 days 6.25% 6.75% 6.50% 7.00%
1 year 5 days – 1 Year 15 Days 6.25% 6.75% 5.00% 5.50%
1 Year 16 days 6.25% 6.75% 5.00% 5.50%
1 year 17 days – 2 Years 6.25% 6.75% 5.00% 5.50%
2 years 1day – 2 Years 15 days 6.00% 6.50% 4.85% 5.35%
2 Years 16 days 6.00% 6.50% 4.85% 5.35%
2 years 17 days – 3 Years 6.00% 6.50% 4.85% 5.35%
3 years 1day – 5 years 6.00% 6.50% 4.85% 5.35%
5 Years 1 Day – 8 Years 6.00% 6.50% 4.85% 5.35%
8 Years 1 Day – 10 Years 6.00% 6.50% 4.85% 5.35%

 

ICICI Bank Fixed Deposit Rates:

Interest rates on Domestic, NRO & NRE deposits(Less than Rs 1 crore)
 

Tenure Period

Rate of Interest (% p.a.) w.e.f July 19, 2017
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 5.75 6.25
61 days to 90 days 6 6.5
91 days to 120 days 6 6.5
121 days to 184 days 6 6.5
185 days to 289 days 6.25 6.75
290 days to less than 1 year 6.5 7
1 year to 389 days 6.75 7.25
390 days to 2 years 6.75 7.25
2 years 1 day upto 5 years 6.5 7
5 years 1 day upto 10 years 6.5 7
5 Years Tax saver FD(Max upto Rs. 1.50 lac) 6.5 7

 
 

Axis Bank Fixed Deposit Rates:

 

     
PERIOD INTEREST RATES (% P.A.)
     
  INTEREST RATE ON DEPOSITS INTEREST RATES ON DEPOSITS OF
  BELOW RS. 1 CRORE RS. 1 CRORE < RS.5 CRORES
     
7 days to 14 days 3.5 5.5
15 days to 29 days 3.5 5.5
30 days to 45 days 5.5 5.5
46 days to 60 days 6 6
61 days < 3 months 6 6
3 months < 4 months 6.25 6
4 months < 5 months 6.25 6
5 months < 6 months 6.25 6
6 months < 7 months 6.5 6.25
7 months < 8 months 6.5 6.25
8 months < 9 months 6.5 6.25
9 months < 10 months 6.5 6.25
10 months < 11 months 6.5 6.25
11 months < 1 year 6.5 6.25
1 year < 13 months 6.75 6.5
13 months < 14 months 6.75 6.5
14 months < 15 months 6.75 6.5
15 months < 16 months 6.75 6.5
16 months < 17 months 6.75 6.5
17 months < 18 months 6.75 6.5
18 Months < 2 years 6.25 6
2 years < 30 months 6.25 6
30 months < 3 years 6.25 6
3 years < 5 years 6.25 6
5 years to 10 years 6.25 6

 

The above interest rates of different banks show that their interest rates are more or less same. However, some private banks are offering higher interest rate on some maturities. Here are they:
 

Here are interest rates offered by Bandhan Bank:

 

Tenor Rates
7 days to 14 days  3.50%
15 days to 30 days  4.00%
31 days to Less than 2 months  4.00%
2 months to less than 3 months  4.00%
3 months to less than 6 months 4.50% 4.50%
6 months to less than 1 year  7.00%
1 year  7.25%
Above 1 year to less than 2 years  7.25%
2 years to less than 5 years  6.90%
5 years to less than 7 years 6.50% 6.50%
7 years to up to 10 years 6.50% 6.50%

IDFC Bank FD Interest rates

 

Tenor Rates
7 – 14 days  4.00%
15 – 29 days  5.00%
30 – 45 days  6.25%
46 – 60 days  6.50%
61 – 90 days  6.50%
91 – 180 days  6.75%
181 – 270 days  7.00%
271 – 365 days  7.00%
366 days  7.50%
367 – 400 days  7.25%
401 – 540 days  7.25%
541 – 731 days  7.25%
732 – 1095 days  7.20%
3 years 1days – 5 years  7.20%
5 Year 1 Day – 8 Years  7.20%
8 Year 1 Day – 10 Years  7.20%

 

Here is what RBL Bank is offering on its fixed deposits:

 

  Deposits less than Rs 1 crore Deposits of Rs 1 crore or more up to Rs 3 crore
Period of Deposit Interest Rates (% p.a.) Effective Annualised Yield (%) Effective Annualised Yield for Senior Citizen(%) Interest Rates (% p.a.) Effective Annualised Yield (%) Effective Annualised Yield for Senior Citizen (%)
7 days to 14 days 5 5 5.5 5 5 5.5
15 days to 45 days 5.25 5.25 5.75 5.25 5.25 5.75
46 days to 90 days 6.75 6.75 7.25 6.5 6.5 7
91 days to 180 days 6.75 6.75 7.25 6.65 6.65 7.15
181 days to 240 days 7 7.11 7.62 6.9 7 7.52
241 days to 364 days 7.1 7.29 7.82 6.85 7.03 7.56
12 months to less than 24 months 7.2 7.4 7.93 6.85 7.03 7.56
24 months to less than 36 months 7.3 7.5 8.03 6.85 7.03 7.56
36 months to less than 60 months 7.2 7.4 7.93 6.85 7.03 7.56
60 months to less than 120 months 7.2 7.4 7.93 6.85 7.03 7.56
120 months to 240 months 7.2 7.4 7.93 6.85 7.03 7.56

 

Although, bank FDs are most popular savings instrument in India, you must know that interest earned from an fixed deposit is taxable. Banks are liable to deduct TDS at the rate of 10 per cent on the interest earned (based on FD interest rates) if the interest income for the year is more than Rs. 10,000.