New Delhi: Bank fixed deposits (FDs) are an excellent means to grow your money over a period of time. Generally, interest rates on FDs are higher than interest rates on savings accounts. Most banks offer FDs starting from seven days up to a term of 10 years. Axis Bank has revised its FD interest rates with effect from 1 February 2019. The move follows rate hikes by other major banks, including Punjab National Bank (PNB), State Bank of India (SBI), ICICI Bank and HDFC Bank.

Axis Bank is offering an interest rate of 6.25% for FDs with maturity between 46 days and 6 months, and 6.75% for maturity between 6 months and 9 months. The bank is offering 7.1% for FDs maturing in 9 months to less than a year. The bank offers 7.30% interest for FDs with tenure of 1 year to less than 2 years. For 2 years to less than 3 years, the bank offers 7.50% interest. A 7.25% rate of interest is offered on deposits for tenures of 3 years to less than 5 years and 5 years to 10 years.

Here is a list of banks that offer the highest FD rates for deposits up to 1 crore over various tenures:

FD interest rates of SBI

For FDs with maturity period of 7-45 days, SBI is offering 5.75%, 46-179 days 6.25%, 180-210 days 6.35%, and 211 days to less than 1 year 6.40%. On FDs maturing between one year and two years, SBI is offering 6.80% interest rate. On FDs maturing in 2-3 years, the bank offers 6.80%. On maturity between three and five years, SBI is offering 6.80% interest. SBI offers an interest rate of 6.85% on FDs with maturity between five years and 10 years.

FD interest rates of ICICI Bank

ICICI Bank offers short-term FDs ranging from seven days to 289 days and long-term FDs ranging from one to ten years. For FDs with maturity of 7-45 days, ICICI Bank is offering 5.50%, 46-184 days 6.25%, 185-289 days 6.50%, and 290 days to less than 1 year 6.40%. On FDs maturing in 2-3 years, ICICI Bank is offering a 7.5% interest rate. ICICI Bank is offering a 7.25% interest rate on FDs maturing between three years and five years. ICICI Bank offers an interest rate of 7% on FDs with maturity between five years and 10 years.

FD interest rates of HDFC Bank

For FDs with maturity of 7-90 days, HDFC Bank is offering 6.25%, and for 91 days to one year 7.30%. HDFC Bank is offering 7.3% on FDs with maturity of one year to less than two years. HDFC Bank is offering 7.4 % interest rate on FDs maturing in 2-3 years. HDFC Bank is offering a 7.25% interest on FDs maturing between three years and five years. The bank offers an interest rate of 6.5% on FDs with maturity between five years and 10 years.

FD interest rates of Punjab National Bank (PNB)

PNB is offering a 5.75% interest rate on FDs up to 1 crore for maturity periods between seven days and 45 days. For one-year FDs, the bank is offering a 6.75% rate of interest. For maturity term of more than one year but less than three years, PNB offers a 6.75% interest rate. PNB is offering a 6.25% interest rate on FDs maturing between three years and 10 years.

FD interest rates of Bank of Baroda

For FDs with maturity period 15 days to 1 year, Bank of Baroda (BoB) is offering a 6.7% interest rate. On FD maturity between one year and two years, BoB is offering a 6.80% interest rate. On maturity between two and five years, BoB is offering a 6.70% interest rate. BoB offers an interest rate of 6.7% on FDs with maturity between five years and 10 years.

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