Fixed deposit (FD), also known as time deposit or term deposit, is a popular investment option. It is considered as a low-risk investment that allows depositors to park their idle money for a fixed period and earn fixed interest on it at regular intervals during the chosen tenure or at maturity. There are multiple banks offering interest rates ranging between 3 to 7 per cent depending on the tenure of the investment. On the other hand, senior citizens enjoy an additional 0.5 per cent interest rate.
However, before making any investment, it is necessary to compare the FD rates of various banks. Therefore, in this article, we have four banks offering the FD with their interest rates;
State Bank of India (Rates on deposit of less than Rs 2 Crores)
SBI FD Rates: General customers investing in Fixed Deposits (FDs) with the State Bank of India can avail interest rates ranging from 3 percent to 6.10 percent, with senior citizens receiving an additional 50 basis points (bps). Specifically, for FDs maturing in one year, the bank provides an interest rate of 6.80 percent. Additionally, for a tenure of two years to less than three years, the bank offers a rate of 7 percent.
ICICI Bank (Rates on deposit of less than Rs 5 Crores)
ICICI Bank FD Rates: As of October 10, 2023, this bank presents interest rates for its FD schemes within the range of 3 percent to 7 percent. Concurrently, senior citizens enjoy an extra 0.5 percent interest, resulting in rates spanning from 3.50 percent to 7.50 percent across various tenures, ranging from 7 days to 10 years. Specifically, for fixed deposits maturing in one year, general customers are offered an interest rate of 6.70 percent.
Punjab National Bank (Rates on deposit of less than Rs 2 Crores)
PNB FD Rates: As on October 10, 2023, PNB provides fixed deposit interest rates spanning from 3.50 percent to 7.30 percent. Specifically, for fixed deposits maturing in one year, the interest rate stands at 6.75 percent for regular investors, while senior citizens receive a higher rate of 7.25 percent on a one-year plan.
HDFC Bank (Rates on deposit of less than Rs 2 Crores)
HDFC Bank FD Rates: HDFC Bank is providing an attractive interest rate for one-year fixed deposits. Regular investors can benefit from a rate of 6.60 percent, while senior citizens are eligible for a higher rate of 7.10 percent on such deposits. It’s noteworthy that HDFC Bank offers interest rates ranging from 3 percent to 7.75 percent for general customers, depending on the maturity period.
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