Sunday , January 24 2021

State Bank of India, Kotak Mahindra Bank, HDFC Bank, ICICI Bank



Earlier this week, the private sector lender HDFC Bank revised its fixed deposit interest rates.

A fixed deposit (FDs) is a safe investment tool offered by banks, non-banking financial and postal office companies. Investment in a fixed deposit account realizes guaranteed forms. In a fixed deposit account, money can be invested at a higher interest rate than savings accounts. One can repay a lump sum of money in fixed deposits for a fixed period, ranging from seven days to 10 years. Borrowers also pay slightly higher interest rates on fixed deposits for older people, compared to the general public. Earlier this week, the private sector lender HDFC Bank revised its fixed deposit interest rates.

This is a comparison of interest rates offered by SBI, Kotak Mahindra Bank, HDFC Bank and ICICI Bank on fixed deposits up to 1 crare Rs:

State Bank of India (SBI)

The following FD interest rates apply to deposits below Rs. 1 skin, according to the bank's website – sbi.co.in:

Maturity period (term) Interest rate with effect from July 30, 2018
The general public Senior citizen
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 for less than one year 6.4 6.9
1 year for less than 2 years 6.7 7.2
2 years to less than 3 years 6.75 7.25
3 years to less than 5 years 6.8 7.3
5 years and up to 10 years 6.85 7.35
(Source: sbi.co.in)

Kotak Mahindra Bank

The following FD interest rates apply to deposits below Rs. 1 skin, according to the bank's website – kotak.com:

Regular Interest Rates for Domestic Fixed Deposit / NRO / NRE effective from 30th October 2018 (subject to change from time to time)
Maturity Stages – Permitted Removal Soon Less than Rs.1 Crore
7 – 14 days 3.50%
15 – 30 days 4.00%
31 – 45 days 5.00%
46 – 90 Days 5.50%
91 – 120 Days 6.50%
121 – 179 days 6.50%
180 days 7.10%
181 Day to 269 Days 7.00%
270 days 7.00%
271 Days to 363 Days 7.00%
364 days 7.00%
365 days to 389 days 7.25%
390 days (12 months of 25 days) 7.30%
391 Days – Less than 23 Months 7.25%
23 months 7.25%
23 months 1 day – less than 2 years 7.25%
2 years-less than 3 years 7.25%
3 years and above but less than 4 years 7.10%
4 years and above but less than 5 years 7.00%
5 years and up to 10 years and inclusive 6.50%
Source: kotak.com

HDFC Bank

The following FD interest rates apply to deposits below Rs. 1 skin from 6 November, 2018, according to the bank's website – hdfcbank.com:

ICICI Bank

Maturity period (term) Interest rate effective from August 14, 2018
The general public 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 5.75 6.25
61 days to 90 days 6 6.5
91 days to 120 days 6 6.5
121 days to 184 days 6 6.5
185 days to 289 days 6.5 7
290 days for less than one year 6.75 7.25
1 to 389 days 6.75 7.25
390 days to 2 years 7 7.5
2 years 1 day up to 5 years 7.25 7.75
5 years 1 day up to 10 years 7 7.5
FD Year 5 Tax Guarantee (Maximum up to Rs 1.50 pieces) 7.25 7.75
(Source: icicibank.com)

The fixed deposit accounts with a five or 10 year closing period also offer income tax benefit under Section 80C of the Income Tax Act.


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