Bank fixed deposits (FDs) continue to be popular investment products among investors who can’t stomach risk. Recently, top lenders like ICICI Bank, HDFC Bank, Axis Bank and Kotak Mahindra Bank tweaked the interest rates on some select maturities after the Reserve Bank of India (RBI) cut repo rate by 25 basis points in the monetary policy meet and had asked banks to pass on the benefit to customers. The move by top banks comes amid easing liquidity conditions. Banks like SBI, ICICI, Axis, HDFC and Kotak Mahindra offer FDs starting from 7 days to 10 years. Generally, interest rates on FDs are higher than the interest rates on saving accounts.
Here is a list of banks with revised FD rates over various tenures:
FD interest rates of SBI
For FDs with maturity period of 7-45 days, SBI is offering 5.75%, 46-179 days 6.25%, 180-210 days 6.35%, and 211 days to less than 1 year 6.40%. On FDs maturing between one year and two years, SBI is offering 7% interest rate. On FDs maturing in 2-3 years, the bank offers 6.75%. On maturity between three and five years, SBI is offering 6.70% interest. SBI offers an interest rate of 6.60% on FDs with maturity between five years and 10 years.
FD interest rates of ICICI Bank
ICICI Bank provides a number of FD options to park your savings. ICICI Bank offers short-term FDs ranging from 7 days to 289 days and long-term FDs ranging from 1-10 years. For FDs with a maturity of 7-45 days, ICICI Bank is offering 5.50%, 46-184 days 6.60%, 185-289 days 6.50%, and 290 days to less than 1 year 6.75%. On FDs maturing in 2-3 years, the bank is offering a 7.5% interest rate. ICICI Bank is offering a 7.25% interest rate on FDs maturing between three years and five years. ICICI Bank offers an interest rate of 7% on FDs with maturity between five years and 10 years.
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FD interest rates of Axis Bank
Axis Bank is offering an interest rate of 6.25% on FDs with maturity between 7 days and 6 months, 6.75% for FDs maturing between 6 and 9 months, and 7.1% for FDs between 9 months and 1 year. Axis Bank is offering 7.3% for fixed deposits maturing in one and two years. The bank is now offering 7.3% for FDs maturing in 2 years but not more than 3 years and 7.25% interest rate on FDs maturing between three and less than five years. For FDs with maturity between five years and 10 years, Axis Bank offers an interest rate of 7%.
FD interest rates of Kotak Mahindra Bank
Kotak Mahindra Bank is now offering 6.4% (earlier 6.5%) on maturity period of 7 days to 180 days, 181 days to 270 days (6.5%). Earlier, the bank was offering a 6.5% rate of interest on deposits of 7 days to 180 days. On maturity period of 271-364 days, the bank is now offering 7% interest rate. The bank is offering a 7.20% (earlier 7.3) interest rate on the maturity period of 365 days to less than 23 months, earlier it was offering a 7.3% interest rate. On the maturity period of 23 months to less than 3 years, the bank has reduced the rate of interest from 7.25 % to 7.1%. Kotak Mahindra Bank has also reduced the rate of interest for 3 years but less than 5 years of deposits. The bank is offering 6.75% now, earlier it was offering a 7% interest rate. Deposits above 5 years and up to 10 years will fetch a 6.5% interest rate in Kotak Mahindra Bank.
FD interest rates of HDFC Bank
HDFC Bank also seems to have done a review of its deposit rates and the revised rates are applicable from 12 June 2019, according to the lender's website. The bank offers fixed deposit maturities ranging from seven days to 10 years. It offers interest rates in the range of 3.5% to 7.5 % for the general public. The bank will be paying an interest of 7.30% for deposits of under ₹2 crore for a year, according to its website. For FDs with maturity 7-90 days, HDFC is offering 6.25%, 91 days to 1 year 7.30%. HDFC Bank is offering 7.4 % interest rate on FD maturing in 2-3 years. HDFC Bank is offering 7.25% interest rate on FDs maturing between three and five years. The bank offers interest rate of 6.5% on FDs with maturity between five years and 10 years.
