Fixed deposit (FD) gives you a fixed return, you may opt for it to safely put your money aside. Bank FD gives you a return of around 5-8% depending on the tenure and the bank. It is considered as one of the safest investment options available in the market. The interest rate is fixed. So, if you are a conservative investor and cannot stomach much risk in your investment, you would most likely opt for an FD. After the RBI rate cut, almost all the top lenders including State Bank of India (SBI), HDFC Bank, ICICI Bank, Axis Bank and others have revised interest rates on FDs across all tenures. Before investing your money in an FD, its’s always better to compare the rates offered by different banks. Usually bank FDs offer higher interest rates as compared to savings account.
SBI latest FD interest rates (below ₹2 crore) for general public effective 26 August
SBI has cut retail FD rates by 10 to 50 basis points across maturities while bulk deposits have also seen a 30-70 basis-point cut across tenors. SBI’s revised rates on FDs are effective from 26 August. SBI pays interest rates to the tune of 4.50-6.75% to the general public for FDs over a maturity period of seven days to 10 years. For FDs ranging between 7 days and 45 days, 46 days and 179 days, 180 days and 210 days, SBI offers 4.50%, 5.50% and 6.00% interest rates respectively. On deposits which are 211 days to less than 1 year, SBI offers 6.00%. SBI gives the highest interest rate on deposits with maturity period one year to less than two years. These FDs will fetch you an interest of 6.70%. On FDs which are 2 years to less than 3 years, the bank offers 6.50% interest rate. On deposits, which are 3 years to less than 5 years, the rate of interest offered by SBI is 6.25%. And on deposits which are 5 years and up to 10 years, the rate of interest offered by the bank is 6.20%. Senior citizens continue to get an additional 50 basis points over the FD interest rates.
HDFC Bank latest FD interest rates for general public (below ₹2 crore) effective 30 August
HDFC Bank offers interest rates from 3.50% to 7.10% on deposits, with maturities from seven days to 10 years. According to the latest HDFC Bank FD rates, the bank is offering 3.50% interest rate on short-term deposits between 7 days and 14 days. For 15 days to 29 days maturity FDs, HDFC Bank is offering 4.25%, 30 days to 45 days 5.15%, 46 days to 60 days 5.65%, 61 days to 90 days 5.65%, 91 days to 6 months 5.65%, six months one day to nine months 6.25% and nine months one day to less than 1 year 6.35%. On FDs of 1 year, HDFC Bank is offering interest rate of 6.90%. On FDs between one year one day to two years, HDFC Bank is paying 6.80%. For maturity period two years one day to three years, HDFC Bank gives 7.10% interest. For FDs maturing in three years one day to five years, the bank will offer an interest rate of 7.00%. HDFC Bank offers an interest rate of 7.00% on FDs maturing in five years one day to ten years. HDFC Bank has revised interest rates on FD maturities below ₹2 crore with effect from 30 August.
ICICI Bank latest FD interest rates for general public (below ₹2 crore) effective August 14
ICICI Bank offers fixed deposits from maturities ranging from 7 days to 10 years. According to the latest ICICI Bank FD rates, the bank is offering 4% interest rate on short-term deposits between 7 days and 14 days. For 15 days to 29 days maturity FDs, ICICI Bank is offering 4.25%, 30 days to 45 days 5.25%, 46 days to 60 days 5.75%, 61 days to 90 days 5.75%, 91 days to 120 days 5.75%, 185 days to 289 days 6.25% and 290 days to less than 1 year 6.50%. For FDs between 1 year to 389 days, ICICI Bank gives 6.70%, 390 days to less than 18 months 6.80%, 18 months to 2 years 7.10%, 2 years 1 day up to 3 years 7.10%, 3 years 1 day up to 5 years 7.00%, and 5 years 1 day up to 10 years 7.00%.
Axis Bank latest FD interest rates for general public (below ₹2 crore) effective August 10
Axis Bank is offering 6% rate of interest on FDs with maturity between 7 days and 6 months, 6.40% for FDs maturing between 6 and 9 months, and 6.75% for FDs between 9 months and 1 year. On FDs with maturity between 1 year to 14 months, Axis Bank offers an interest rate of 7.20%. On FDs between 14 months to less than 2 years, Axis Bank is paying 7%. On FDs between 2 years to 5 years, Axis Bank is paying 7% while between 5 years to 10 years, the interest rate is 6.75%. Axis Bank’s new interest rate on fixed deposits came into effect from 10 August.
Bank of Baroda latest FD interest rates for general public (below ₹2 crore) effective July 20
Bank of Baroda (BoB) offers a 4.75% rate of interest on FDs with maturity period seven days to 90 days. On deposits maturing between 91 days to less than one year, the bank is offering 6.25% interest. For one-year FDs, BoB offers 6.45% interest rate. For one year to two year deposits, the bank is offering an interest rate of 6.55%. For deposits maturing in two to five years and five to ten years, Bank of Baroda is offering an interest rate of 6.45%.