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Check What SBI, HDFC Bank, ICICI Bank, Kotak Mahindra and Axis Bank offer

Fixed deposits are one of the safest options to invest your hard-earned money. FDs offer a risk-averse return on your deposits with banks for tenure that can range from 7 days to 10 years. You can deposit money in FDs with banks, non-banking financial companies (NBFCs), corporates and small finance banks according to your financial goal and get interest rates higher than the interest on saving accounts. The interest rate offered to senior citizen is higher than that offered to common depositors. However, before investing your money in FDs or any other financial tools, it is important to understand the terms and conditions and return offered by various options. Here, we will look at the latest revised FD interest rates being offered by India’s leading banks.

SBI

India’s largest bank, State Bank of India is offering interest rate ranging from 2.9 per cent to 5.4 on fixed deposits with a fixed period of 7 days to 10 years. In addition, the interest rate being offered to senior citizens is higher by 50 basis point in comparison to the common depositors.

Tenure                                      Interest rate            Interest rate 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 364 days                    4.4                              4.9

1 year to less than 2 years           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

HDFC Bank

One of India’s leading private banks, HDFC is currently offering interest rates ranging from 2.5 per cent to 5.50 per annum on fixed deposits with tenure of 7 days to 10 years.

Tenure                         Interest Rate                  Interest Rate 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 – 9 months        4.40                                      4.90

9 months 1 day

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

ICICI bank’s fixed interest rates that have been in place since October 2020, offer a return of 2.50 per cent per annum on deposits for 7 to 14 days. The fixed deposit interest touches the mark of 5.50 per cent on investment deposits with a tenure of 5 to 10 years.

Tenure                                        Intrest Rate           Interest Rate for Senior Citizen

7 days to 29 days                      2.50                                    3.00

30 days to 90 days                   3.00                                    3.50

91 days to 184 days                 3.50                                     4.00

185 days to 364 days               4.40                                    4.90

1 year to

18 months to 2 year                 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                                    6.40

Kotak Mahindra Bank

The Kotak Mahindra Bank has revised FD interest rates into effect since April 26, 2021. The bank is offering 2.50 per cent P.A. interest on deposit with a tenure of 7 to 30 days. For the longest FD tenure that’s between 5 to 10 years, the bank offers 5.30 per cent interest.

Tenure                           Interest Rate            Senior Citizens FD Rate

7 – 30 days                        2.50                         2.50

31 – 90 days                      2.75                         2.75

91 – 120 days                    3.00                         3.00

121-179 days                    3.25                         3.25

180-364 days                    4.40                         4.40

365-389 days                    4.50                         4.58

390 days-

23 months-

3 years-

4 years-

5 years – 10 years              5.30                        5.41

Axis Bank

After its recent revision of interest rates that have come into effect since May 6, 2021, Axis Bank now offers interest between 2.5 per cent to 5.75 for tenure ranging from 7 days to 10 years.

Tenure                                    Intrest Rate               Senior Citizens FD Rate

7 – 29 days                                      2.5                                          2.5

30 days –

3 months-

6 months- 

1 year –

1 year 5 days-

1 year 11 days-

15 months   –

18 months –

2 years –

3o months –

5 years to 10 years                         5.75                                       6.5

Keywords: SBI, State Bank of India, HDFC, ICICI, Kotak Mahindra Bank, Axis Bank, Fixed deposit, fixed deposit interest rate, fd, fd tenure, fixed deposit sbi, fixed deposit hdfc,

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