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Lenders also pay slightly higher interest rates on fixed deposits to older citizens.
Private Loan The latest changes to ICICI Bank's fixed interest rates have been in place today. Another lender of the private sector, Axis Bank also revised its interest rates yesterday. A fixed deposit (FD) is a safe financial instrument offered by banks, which ensure guaranteed returns. In a fixed deposit account, money can be invested for a higher interest rate than savings accounts. One can deposit a fixed amount of money in pre-defined deposits for a specific period, ranging from seven days to 10 years. Lenders also pay slightly higher interest rates on fixed deposits to older people than the general public.
Here is a comparison of the interest rates offered by ICICI Bank, Axis Bank, SBI and HDFC Bank on fixed deposits up to and including Rs. 1 crore:
ICICI Bank
The following FD rates apply to deposits below Rs. 1 crore, according to the bank's website – icicibank.com:
| Term of office | Interest Rate Percentage (% pa), ie from November 15, 2018 | |
|---|---|---|
| General | Elderly | |
| 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 to 3 years | 7.5 | 8 |
| 3 years 1 day to 5 years | 7.25 | 7.75 |
| 5 years 1 day to 10 years | 7 | 7.5 |
| 5 years Tax rate FD (Max upto Rs 1.50 lac) | 7.25 | 7.75 |
Axis Bank
The following FD rates apply to deposits below Rs. 1 crore, according to the bank's website – axisbank.com:
| Term | Interest rates (with effect from November 14, 2018) | |
|---|---|---|
| Public | Senior citizens | |
| 7 days to 14 days | 3.5 | 3.5 |
| 15 days to 29 days | 3.5 | 3.5 |
| 30 days to 45 days | 5.5 | 5.5 |
| 46 days to 60 days | 6.25 | 6.25 |
| 61 days <3 months | 6.25 | 6.25 |
| 3 months <4 months | 6.25 | 6.25 |
| 4 months <5 months | 6.25 | 6.25 |
| 5 months <6 months | 6.25 | 6.25 |
| 6 months <7 months | 6.75 | 7 |
| 7 months <8 months | 6.75 | 7 |
| 8 months <9 months | 6.75 | 7 |
| 9 months <10 months | 7.1 | 7.35 |
| 10 months <11 months | 7.1 | 7.35 |
| 11 months <1 year | 7.1 | 7.35 |
| 1 year <1 year 5 days | 7.3 | 7.95 |
| 1 year 5 days <1 year 11 days | 7.3 | 7.95 |
| 1 year 11 days <13 months | 7.3 | 7.95 |
| 13 months <14 months | 7.35 | 8 |
| 14 months <15 months | 7.3 | 7.95 |
| 15 months <16 months | 7.3 | 7.95 |
| 16 months <17 months | 7.3 | 7.95 |
| 17 months <18 months | 7.3 | 7.95 |
| 18 months <2 years | 7.3 | 7.95 |
| 2 years <30 months | 7.25 | 7.9 |
| 30 months <3 years | 7.25 | 7.75 |
| 3 years <5 years | 7.25 | 7.75 |
| 5 years to 10 years | 7 | 7.5 |
State Bank of India (SBI)
The following FD rates apply to deposits below Rs. 1 crore, according to the bank's website – sbi.co.in:
| Expiry date (deadline) | Interest rate from 30 July 2018 | |
|---|---|---|
| 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 to less than 1 year | 6.4 | 6.9 |
| 1 year in 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) | ||
HDFC Bank
The following FD rates apply to deposits below Rs. 1 crore on 6 November 2018, according to the bank's website – hdfcbank.com:
Fixed deposit accounts with a lock-in period of five or ten years also offer income tax benefits in accordance with section 80C of the Income Tax Act.
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