Fixed deposits (FDs), also known as term deposits (TDs), are fixed-income instruments that offer guaranteed returns over a pre-defined period of lock-in. These are offered by public and private sector banks, small finance banks as well as non-banking finance companies (NBFCs).
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Lenders provide a range of maturity options to retail customers for setting up fixed deposits, starting from seven days to as long as 10 years.
The interest rates offered on FDs are subject to change from time to time, which also varies from lenders to lenders. Senior citizens usually get a higher rate of interest on fixed deposits compared to the general public.
Here's a comparison of FD interest rates offered by some of the key banks:
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 | 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 | 4.9 | 5.4 |
| 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.co.in)
HDFC Bank Fixed Deposit Rates
HDFC Bank offers the following FD interest rates on deposits below Rs 2 crore:
| Tenor | 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%* |
ICICI Bank Fixed Deposit Rates
ICICI Bank offers the following FD interest rates on deposits below Rs 2 crore:
| Tenor | Rates for 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 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 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) – Max to ₹ 1.50 lac | 5.35% | 5.85% |
(Source: icicibank.com)
(Edited by : Jomy)
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