FD interest rates of SBI, HDFC Bank, Axis Bank, ICICI Bank and PNB compared

SUMMARY

Major banks reduced FD interest rates between 5 to 50 basis points in the last two weeks in line with falling lending rates. Fixed deposits are one of the many popular instruments for long-term savings and tax-saving purpose, mainly due to the safety of money and guaranteed returns. Here are the latest interest rates on fixed deposits of less than Rs 2 crore offered by SBI, Axis Bank, Punjab National Bank and HDFC Bank.

By CNBC-TV18Dec 12, 2019 2:42:31 PM IST (Published)

State Bank of India: India’s largest lender lowered interest rates on FDs, effective November 10. According to the revised rates, FDs for less than Rs 2 crore and with the tenor of 180 days to 210 days will have an interest rate of 5.8 percent and, for senior citizens, 6.3 percent. For the tenor of 5 years to up to 10 years, SBI offers FD rates of 6.25 percent and, for senior citizens, 6.75 percent.

Punjab National Bank: Effective December 1, FDs for less than Rs 2 crore and the tenor of 271 days to below 1 year will earn an interest of 6 percent and, for senior citizens, 6.5 percent. For the tenor of 5 years to up to 10 years, PNB has FD rates of 6.3 percent and, for senior citizens, 6.8 percent.

Axis Bank revised its interest rates on fixed deposits from November 26. FDs for less than Rs 2 crore and with the tenor of less than 1 year will give interest at the rate of 6.50 percent and, for senior citizens, 6.75 percent. For the tenor of 5 years to up to 10 years, Axis Bank offers FD rates of 6.70 percent and, for senior citizens, 7.20 percent.

HDFC Bank last revised fixed-deposit interest rates on November 16. According to the website, FDs for less than Rs 2 crore and with the tenor of 6 months to 9 months attract an interest rate of 5.8 percent and, for senior citizens, 6.3 percent. For the tenor of 5 years to up to 10 years, HDFC Bank offers FD rates of 6.3 percent and, for senior citizens, 6.8 percent.

ICICI Bank: Effective December 7, FDs for less than Rs 2 crore and the tenor of 185 days to 289 days will earn interest of 5.75 percent and, for senior citizens, 6.25 percent. For the tenor of 5 years to up to 10 years, ICICI Bank offers FD rates of 6.40 percent, and 6.9 percent for senior citizens. The bank revised its interest rates on November 12.