State Bank of India SBI Revises Fixed Deposit FD Interest Rates What PNB, HDFC Bank, ICICI Bank Pay

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HDFC Bank and ICICI Bank last revised their FD interest rates on November 6 and November 15 respectively.

State Bank of India (SBI), the largest lender of the country, revised its fixed deposit (FD) interest rates with effect from today, the bank said on its website – sbi.co.in. A fixed deposit (FDs) is a secure financial instrument offered by banks, which fetch guaranteed returns. In a fixed deposit account, money can be invested for a higher rate of interest than savings accounts. One can deposit a lump sum of money in fixed deposits for a specific period, ranging from seven days to 10 years. 

Private sector peers HDFC Bank and ICICI Bank last revised their FD interest rates on November 6 and November 15 respectively. SBI hiked its FD interest rates ahead of the Reserve Bank of India’s bi-monthly monetary policy review outcome on December 5.

Here’s a comparison of interest rates offered by SBI, Punjab National Bank (PNB), HDFC Bank and ICICI Bank on fixed deposits up to Rs. 1 crore:

State Bank of India (SBI)

The following FD interest rates are applicable on deposits below Rs. 1 crore, according to the bank’s website – sbi.co.in:

Tenors Revised For Public w.e.f. 28.11.2018 Revised for Senior Citizens w.e.f. 28.11.2018
7 days to 45 days 5.75 6.25
46 days to 179 days 6.25 6.75
180 days to 210 days 6.35 6.85
211 days to less than 1 year 6.4 6.9
1 year to less than 2 year 6.8 7.3
2 years to less than 3 years 6.8 7.3
3 years to less than 5 years 6.8 7.3
5 years and up to 10 years 6.85 7.35

Punjab National Bank

The following FD interest rates are applicable on deposits below Rs. 1 crore, according to the bank’s website – pnbindia.in:

Domestic FD rates for less Than Rs 1 crore from November 1, 2018
Period General public (% p.a.) For Senior Citizen (% p.a.)
7 to 14 days 5.7 6.2
15 to 29 days 5.7 6.2
30 to 45 days 5.7 6.2
46 to 90 days 6.35 6.85
91 to 179 days 6.35 6.85
180 days to 270 Days 6.35 6.85
271 days to less than 1 year 6.35 6.85
1 year 6.75 7.25
555 days 6.85 7.35
above 1 year & upto 3 years 6.75 7.25
above 3 year & upto 5 years 6.25 6.75
above 5 years & upto 10 years 6.25 7.27

 

HDFC Bank

The following FD interest rates are applicable on deposits below Rs. 1 crore from November 6, 2018, according to the bank’s website – hdfcbank.com:

 

ICICI Bank

The following FD interest rates are applicable on deposits below Rs. 1 crore, according to the bank’s website – icicibank.com:

Tenure Period Rate of Interest (% p.a.) w.e.f November 15, 2018
  General Senior Citizen
7 days to 14 days 4 4.5
15 days to 29 days 4.25 4.75
30 days to 45 days 5.5 6
46 days to 60 days 6 6.5
61 days to 90 days 6.25 6.75
91 days to 120 days 6.25 6.75
121 days to 184 days 6.25 6.75
185 days to 289 days 6.5 7
290 days to less than 1 year 6.75 7.25
1 year to 389 days 6.9 7.4
390 days to 2 years 7.1 7.6
2 years 1 day upto 3 years 7.5 8
3 years 1 day upto 5 years 7.25 7.75
5 years 1 day upto 10 years 7 7.5
5 Years Tax saver FD (Max upto Rs. 1.50 lac) 7.25 7.75

The fixed deposit accounts which have a lock-in period of five or 10 years also offer income tax benefit under Section 80C of the Income Tax Act.



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