Are you looking to invest your money somewhere? Usually your parents or elders would advise you to invest in fixed deposits (FDs) as it is considered as the safest means of investment. FD accounts can be opened in a post office or bank. All major banks, including State Bank of India (SBI), ICICI Bank, HDFC Bank, Axis Bank, Kotak Mahindra and others have the option of opening an FD account with them. Recently after the Reserve Bank of India (RBI) slashed the repo rate by 35 basis points, a number of banks revised their interest rates across all buckets. Before you start investing in these term deposits, it's always better to compare the rate of interest offered by various banks.
Here is a list of top lenders and the rate of interest offered by them on various tenures:
SBI latest FD rates
Country's largest lender, SBI, offers an interest rate of 5% for 7-45 days FDs. SBI FDs with maturity between 46 days to 179 days offer an interest rate of 5.75%. For deposits maturing in 180 days to 1 year, the bank is offering 6.25% interest. For fixed deposits between 1 year and less than 2 years, SBI offers an interest rate of 6.7%. SBI’s 2-3 years FDs will fetch you 6.70%. For deposits between 3 years to less than 5 years, SBI offers an interest rate to 6.6%. On deposits maturing between 5 years and upto 10 years, SBI is offering an interest rate of 6.5%. SBI revised interest rates on its deposits from 1 August.
ICICI Bank latest FD rates
ICICI Bank is offering an interest rate of 6.50% on FDs with a maturity of 7 days to less than 1 year. For FDs between 1 year to 389 days, ICICI Bank is offering 6.70%, 390 days to less than 18 months 6.80%, 18 months to 2 years 7.10%. Term deposits with 2-3 years maturity period will fetch an interest rate of 7.10%. ICICI Bank is offering an interest rate of 7% on FDs maturing between three years and five years. On tax-saving FDs, with maturity between five years and 10 years, the bank offers an interest rate of 7%. ICICI Bank's new interest rate on fixed deposits came into effect from 14 August.
HDFC Bank latest FD rates
HDFC Bank is offering an interest rate of 5.50% on fixed deposits of seven to 45 days. On 46 days to 6 months deposits, the bank offers 6% interest. HDFC Bank is offering an interest of 7% on deposits with one-year maturity. For deposits maturing in 1 year to 2 years, the bank is offering an interest rate of 7.10%. For 2 to 3 years FDs, HDFC Bank gives 7.30% interest. On deposits maturity between 3-5 years, the bank will give you an interest rate of 7.25%. Long-term FDs maturing in 5 years to 10 years will fetch an interest rate of 7%. HDFC Bank revised interest rates on its deposits from 2 August.
Axis Bank latest FD rates
Axis Bank is offering 6% rate of interest on FDs with maturity between 7 days and 6 months, 6.40% for FDs maturing between 6 and 9 months, and 6.75% for FDs between 9 months and 1 year. On FDs with maturity between 1 year to 14 months, Axis Bank offers an interest rate of 7.20%. On FDs between 14 months to less than 2 years, Axis Bank is paying 7%. On FDs between 2 years to 5 years, Axis Bank is paying 7% while between 5 years to 10 years, the interest rate is 6.75%. Axis Bank's new interest rate on fixed deposits came into effect from 10 August.
Kotak Mahindra Bank latest FD rates
Kotak Mahindra Bank is offering 5.25% interest rate on deposits maturing between seven days and 90 days. On maturity period of 91 days to 270 days, the bank is offering a 6.40% rate of interest. The bank is offering 6.75% interest rate on the maturity period of 271 days to 389 days. On FDs maturing in 390 days to less than two years, Kotak Mahindra Bank offers 6.80% interest rate. Deposits maturing in 2 to less than 3 years will fetch 6.80% interest. FDs maturing in 3 years and above but less than 4 years, will earn an interest rate of 6.75%. For FDs maturing in 4 years and above but less than 5 years, the bank offers an interest rate of 6.50%. Kotak Mahindra Bank pays 6.25% interest for FDs maturing in 5 years to 10 years.