Home / Money / Personal Finance /  Latest fixed deposit (FD) rates: What SBI, ICICI, Yes, HDFC Bank and PNB offer

Fixed deposits (FDs) are considered a preferred mode of investment for investors who want guaranteed returns as well as the highest level of safety for their money. Top lenders like State Bank of India (SBI), ICICI Bank, HDFC Bank, Yes Bank and Punjab National Bank (PNB) provide customers with the facility of opening a short-term or a long-term FD account. Recently, the Reserve Bank of India (RBI) lowered its lending rate also known as repo rate for the third time in a calendar year. Accordingly, major banks like ICICI Bank, Axis Bank and Yes Bank too revised their interest rates on deposits.

FD comes with a wide range of tenures; you can choose from as low as 7 days up to 10 years. Based on the tenure you chose, banks offer different interest rates which also vary from bank to bank. The interest rate typically ranges from 5.75 per cent to 7.50 per cent in a year. Interest offered to senior citizens are 0.5 per cent higher than the regular customers.

SBI revised fixed deposit (FD) rates

The rate of interest for fixed deposits ranging between seven days and up to one year has remained unchanged. SBI is offering an interest rate of 6.4%. On deposits which are one year to less than two years, the rate of interest has been increased from 6.8% to 7%. On deposits which are two years to less than three years, the rate of interest has been decreased marginally from 6.8% to 6.75%. Similarly, on deposits which are three years to less than five years, the rate of interest has been decreased marginally from 6.8% to 6.70%. And, on deposits which are five years and up to 10 years, the rate of interest has been decreased from 6.85% to 6.60%. These interest rates are applicable from 9 May 2019.

ICICI Bank revised fixed deposit (FD) rates

For FDs with maturity of 46-184 days, ICICI Bank has increased the interest rate from 6.25% to 6.60%. The bank has revised interest rates on maturities with effect from 17 June. For FDs maturing in 185-289 days, the bank has kept the rate unchanged at 6.50%. On FDs maturing in 2-3 years, the bank has increased the interest rate from 7.3% to 7.5%. For long term fixed deposits, the bank has kept the interest rates unchanged. ICICI Bank is offering a 7.25% interest rate on FDs maturing between three years and five years. On FDs maturing between five years and 10 years, ICICI Bank offers an interest rate of 7%. On FDs maturing in 2-3 years, the bank has increased the interest rate from 7.3% to 7.5%. For the long term fixed deposits, the bank has kept the interest rates unchanged. ICICI Bank is offering a 7.25% interest rate on FDs maturing between three years and five years. On FDs maturing between five years and 10 years, ICICI Bank offers an interest rate of 7%.

HDFC Bank's revised fixed deposit (FD) rates

HDFC Bank has revised the interest rates on fixed deposits (FD) with effect from 24 June 2019. It offers interest rates in the range of 3.5% to 7.40% to the general public for deposits up to 2 crore. The bank will be paying an interest of 7.30% for deposits of under 2 crore for a year. For FDs with maturity 7-90 days, HDFC is offering 6.25%, 91 days to 1 year 7.30%. HDFC Bank is offering 7.4 % interest rate on FD maturing in 2-3 years. HDFC Bank is offering 7.25% interest rate on FDs maturing between three and five years. The bank offers interest rate of 6.5% on FDs with maturity between five years and 10 years.

YES Bank's revised fixed deposit (FD) rates

YES Bank offers interest rates in the range of 5% to 7.25% to the general public for deposits of up to 2 crore. For seven days to less than six months, the bank offers 6.25% interest rate. YES Bank offers a rate of interest of 6.85% for six months to less than nine months maturities. For long-term FDs, maturing in one and up to ten years, the bank offers an interest rate of 7.25%. The revised rates are applicable with effect from 27 June.

PNB revised's fixed deposit (FD) rates

PNB revised interest rates on select maturities with effect from 15 May 2019. PNB is offering 5.75% interest rate on FDs of up to 2 crore for maturity periods between 7-45 days. For one-year FDs, the bank is offering 7% rate of interest. For maturity term of more than one year and up to three years, PNB offers 6.75% interest rate. On FDs maturing between three years and 10 years, PNB is offering 6.25% interest rate.

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