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SBI Vs PNB Vs Union Bank Vs HDFC Bank Vs ICICI Bank


Fixed deposits (FDs) are secure financial instruments, which offer guaranteed returns. In a fixed deposit account, money is deposited for a specific time, which varies from seven days to 10 years. Besides, fixed deposit offer higher interest rates than savings accounts. Normal savings accounts offer interest rates between 3-4 per cent usually. Fixed deposits, however, offer much higher interest rates than savings accounts. 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.

Here is a comparison of interest rates offered by State Bank of India (SBI), Punjab National Bank (PNB), Union Bank, 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. 30.07.2018 Revised for Senior Citizens w.e.f. 30.07.2018
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 6.7 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

 

Punjab National Bank

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

Sl. No Period Interest rate for general public (with effect from August 1, 2018) Interest rate for senior citizens (with effect from August 1, 2018)
1 7 to 14 days 5.7 6.2
2 15 to 29 days 5.7 6.2
3 30 to 45 days 5.7 6.2
4 46 to 90 days 6.35 6.85
5 91 to 179 days 6.35 6.85
6 180 days to 270 Days 6.35 6.85
7 271 days to less than 1 year 6.35 6.85
8 1 year 6.75 7.25
9 above 1 year & up to 3 years 6.75 7.25
10 above 3 year & up to 5 years 6.25 6.75
11 above 5 years & up to 10 years 6.25 6.75

 

Union Bank

The following FD interest rates are applicable on deposits below Rs 1 crore with effect from August 27, 2018 according to the bank’s website – pnbindia.in:

Tenure < Rs. 1 Cr
7 day – 14 day 5
15 day – 30 day 5
31 day – 45 day 5
46 day – 90 day 5.5
91 day – 120 day 6.25
121 day to – 179 days 6.25
180 days 6.5
181 day to <10 Month 6.5
10 Month to 14 Month 6.75
>14 Month to 3 Year 6.7
>3 year – 5 Year 6.85
>5 year – 10 Year 6.85

 

HDFC Bank 

The following FD interest rates are for deposits below Rs 1 crore with effect from October 6, according to the bank’s website – hdfcbank.com:

Period < 1 Crore
Interest Rate (per annum) Senior Citizen Rates (per annum)
7 – 14 days 3.50% 4.00%
15 – 29 days 4.25% 4.75%
30 – 45 days 5.75% 6.25%
46 – 60 days 6.25% 6.75%
61 – 90 days 6.25% 6.75%
91 days – 6 months 6.25% 6.75%
6 months 1 day- 6 months 3 days 6.75% 7.25%
6 months 4 days 6.75% 7.25%
6 months 5 days- 9 months 6.75% 7.25%
9 months 1 day- 9 months 3 days 7.00% 7.50%
9 months 4 days 7.00% 7.50%
9 months 5 days – 9 months 15 days 7.00% 7.50%
9 months 16 days 7.00% 7.50%
9 months 17 days < 1 Year 7.00% 7.50%
1 Year 7.25% 7.75%
1 year 1 day – 1 year 3 days 7.25% 7.75%
1 year 4 days 7.25% 7.75%
1 year 5 days – 1 Year 15 Days 7.25% 7.75%
1 Year 16 days 7.25% 7.75%
1 year 17 days – 2 Years 7.25% 7.75%
2 years 1 day – 2 Years 15 days 7.10% 7.60%
2 Years 16 days 7.10% 7.60%
2 years 17 days – 3 Years 7.10% 7.60%
3 years 1 day – 5 years 7.10% 7.60%
5 Years 1 Day – 8 Years 6.00% 6.50%
8 Years 1 Day – 10 Years 6.00% 6.50%

 

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 August 14, 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 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 to less than 1 year 6.75 7.25
1 year to 389 days 6.75 7.25
390 days to 2 years 7 7.5
2 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

 

Small finance banks such as Jana Small Finance Bank, Fincare Small Finance Bank and ESAF Small Finance Bank offer interest rates up to 9.5 per cent on FDs.



Updated: October 21, 2018 — 7:49 am

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