A fixed deposit (FDs) is a financial instrument which offers guaranteed return. Customers can invest money in fixed deposits for a specific period, ranging from seven days to 10 years. Banks usually pay a higher rate of interest to senior citizens compared to general public on fixed deposit accounts.
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For example, the country's largest lender, SBI, pays interest at the rates of 5.00-6.75 to senior citizens and 4.50-6.25 to others on these fixed deposits.
(Also read: How to take a loan against fixed deposit)
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 | 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 | 5.1 | 5.6 |
| 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 |
(Also read: Small finance banks offer higher rates on fixed deposits; but should you invest)
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 | 2.75% | 3.25% |
| 15 - 29 days | 3.00% | 3.50% |
| 30 - 45 days | 3.25% | 3.75% |
| 46 - 60 days | 4.00% | 4.50% |
| 61 - 90 days | 4.00% | 4.50% |
| 91 days - 6 months | 4.10% | 4.60% |
| 6 mnths 1 days - 9 mnths | 4.50% | 5.00% |
| 9 mnths 1 day < 1 Year | 4.75% | 5.25% |
| 1 Year | 5.25% | 5.75% |
| 1 year 1 day - 2 years | 5.25% | 5.75% |
| 2 years 1 day - 3 years | 5.35% | 5.85% |
| 3 year 1 day- 5 years | 5.50% | 6.00% |
| 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:
| Tenors | Rates for public | Rates for senior citizens |
| 7 days to 14 days | 2.50% | 2.50% |
| 15 days to 29 days | 2.50% | 2.50% |
| 30 days to 45 days | 3.00% | 3.00% |
| 46 days to 60 days | 3.00% | 3.00% |
| 61 days to 90 days | 3.00% | 3.00% |
| 91 days to 120 days | 3.50% | 3.50% |
| 121 days to 184 days | 3.50% | 3.50% |
| 185 days to 210 days | 4.00% | 4.00% |
| 211 days to 270 days | 4.00% | 4.00% |
| 271 days to 289 days | 4.25% | 4.25% |
| 290 days to less than 1 year | 4.25% | 4.25% |
| 1 year to 389 days | 4.75% | 4.75% |
| 390 days to < 18 months | 4.75% | 4.75% |
| 18 months days to 2 years | 5.00% | 5.00% |
| 2 years 1 day to 3 years | 5.00% | 5.00% |
| 3 years 1 day to 5 years | 5.00% | 5.00% |
| 5 years 1 day to 10 years | 5.00% | 5.00% |
First Published:Jun 12, 2020 11:23 AM IST
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