BackLatest fixed deposit (FD) rates: What SBI, Axis, ICICI, Kotak Mahindra and IDFC First Bank offer
Always compare the interest rates on offer before investing in fixed depositsFD rates vary across banks, tenure and the amount you need to invest
PremiumFixed deposits (FDs) continue to be popular among investors, who are looking for guaranteed income. Interest earned from FDs gets added to your total income and is accordingly taxed at your slab rate. Many banks including SBI, ICICI, HDFC, Axis, IDFC First Bank and Kotak Mahindra Bank offer FDs ranging from 7 days to ten years. Recently, top lenders revised their FD rates after the Reserve Bank of India (RBI) lowered repo rate, also known as lending rate, by 25 basis points for the third time in a row. FD rates vary across banks, tenure and the amount you need to invest. Always compare the interest rates on offer before investing in these deposits.
Here are a list of top banks along with the latest FD rates offered by them:
SBI offers FDs ranging from seven days to one year. For FDs with maturity period of 7 days to less than 1 year, SBI offers a 6.40% interest rate. On FDs maturing between one year and two years, the bank is offering 7% interest rate. On FDs maturing in 2-3 years, SBI offers 6.75%. On maturity between three and five years, the bank is offering 6.70% interest rate. SBI offers an interest rate of 6.60% on FDs with maturity between five years and 10 years.
Kotak Mahindra Bank is offering 5.5% interest rate on deposits maturing between seven days to 90 days. On maturity period of 91 days to 270 days, the bank is offering a 6.50% rate of interest. The bank is offering 7% interest rate on the maturity period of 271 days to 389 days. On FDs maturing in 390 days to 23 months, Kotak Mahindra Bank offers 7.10% interest rate. On the maturity period of 23 months to less than four years, the bank offers a 7% rate of interest. On fixed deposits maturing in 4 years and above but less than 5 years, the bank offers 6.75% interest rate. Deposits above 5 years and above upto 10 years will fetch a 6.5% interest rate in Kotak Mahindra Bank.
For FDs with a maturity of 7 days to less than 1 year, ICICI Bank is offering 6.75% interest rate. On FDs maturing in 2-3 years, the 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.
Axis Bank is offering an interest rate of 6.25% on FDs with maturity between 7 days and 6 months, 6.75% for FDs maturing between 6 and 9 months, and 7.1% for FDs between 9 months and 1 year. Axis Bank is offering 7.3% for fixed deposits maturing in one and two years. The bank is now offering 7.3% for FDs maturing in 2 years but not more than 3 years and 7.25% interest rate on FDs maturing between three and less than five years. For FDs with maturity between five years and 10 years, Axis Bank offers an interest rate of 7%.
IDFC First Bank is offering an interest rate of 6.5% on deposits maturing between seven days and 90 days. On FDs maturing in one to two years, the banks offers an interest rate of 8.5%. For deposits maturing in two years to five years, IDFC First Bank offers 7.50% interest rate. The bank offers a 7.25% rate of interest for deposits maturing in five years and 10 years. These rates are effective from 1 July 2019.
HDFC Bank offers interest rate ranging from 3.5% to 7.4% on its fixed deposits across various tenures. 7 days to six months- 6.75%. On deposits maturing in six months to one year, the bank is offering a 7.3% interest rate. For deposits maturing in one to three years, HDFC Bank offers interest rate of 7.4%. On FDs maturing in three to five years, the bank offers a 7.25% interest rate. Senior citizens get an additional rate of interest of 0.5% on their deposits across all maturities. FDs maturing in five to 10 years will fetch 6.5% interest rate.
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