A fixed deposit (FD) is a financial instrument that offers a guaranteed return. Customers can invest money in fixed deposits for a specific period, ranging from seven days to 10 years. FDs are offered by commercial banks, small finance banks as well as non-banking financial companies (NBFCs).
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Banks usually pay a higher rate of interest to senior citizens compared to the general public on fixed deposit accounts. For example, the country's largest lender, SBI, pays interest at the rates of 3.4-6.2 percent to senior citizens and 2.9-5.4 percent to others on these fixed deposits.
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Here's a comparison of the interest rates offered by the three major banks - SBI, ICICI Bank and HDFC Bank - on fixed deposits (FDs) up to Rs 2 crore:
SBI Fixed Deposit Rates
State Bank of India (SBI) offers the following FD interest rates on deposits below Rs 2 crore:
| Tenors | Rates For Public (%) | Revised Rates 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 |
(Source: SBI website)
ICICI Bank Fixed Deposit Rates
ICICI Bank offers the following FD interest rates on deposits below Rs 2 crore:
| Tenors | Rates for general public | Rates 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 150 days | 3.50% | 4.00% |
| 151 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% |
(Source: ICICI Bank website)
HDFC Bank Fixed Deposit Rates
HDFC Bank offers the following FD interest rates on deposits below Rs 2 crore:
| Tenors | Rates for public | Rates 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%* |
(Source: HDFC Bank website)
(Edited by : Aditi Gautam)
First Published:Sept 9, 2021 3:11 PM IST
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