Before locking a fixed deposit (FD), it is advisable to compare the interest rates offered by different banks. Here we present the interest rates offered on term deposits of different state and private banks.
Interest rates of most banks hover around 6.8 to 7 percent on their 1-year deposits.
Fixed deposit interest rates offered by top banks
HDFC Bank: On a one-year term deposit, HDFC bank offers 6.60 percent to regular citizens and 7.10 percent to senior citizens.
The interest rate rises to 7.10 percent on a tenure of 15 months to 18 months. The interest rate rises further 7.25 percent on FDs with tenure of 18-21 months.
When the tenure is between 21 months to 2 years 11 months, the interest rate is 7 percent. When the tenure increases to 2 years 11 months to 35 months, the interest rate is 7.15 per cent. The new rates came into effect from Feb 9 onwards.
ICICI Bank: ICICI Bank offers 7.40 percent to one-year fixed deposits (FDs). It falls to 7.30 percent when the tenure is increased to anywhere between 390 days to 15 months.
On fixed deposits of 15 month to 2 years tenure, the bank offers an interest of 7.05 percent per annum. On FDs with longer than 2 years tenure, the bank offers 7 per cent. The new rates came into effect from Feb 8, 2024 onwards.
| Bank | Interest rate on 1-year deposits (%) |
| HDFC Bank | 6.6 |
| ICICI Bank | 7.4 |
| SBI | 6.8 |
| Axis Bank | 6.7 |
| Kotak Mahindra | 7.10 |
| Bank of Baroda | 6.85 |
(Source: Bank websites)
State Bank of India (SBI): The state lender offers 6.80 percent to one-year fixed deposits. When the tenure increases to anywhere between 2-3 years, the interest rate increases to 7 percent.
The interest rate offered by SBI further falls to 6.75 per cent when tenure is anywhere between 3-5 years and to 6.5 percent when the tenure rises beyond 5 years. The latest rates came into effect from Dec 27, 2023.
View Full Image
Axis Bank: Axis Bank offers 6.7 percent on its one-year deposits lower than ₹2 crore. The interest is 7.10 percent on its 2-year deposits. The interest is 7.10 percent on 3-year deposits and the interest offered is 7 percent on 5-year deposits. These rates came into effect from Feb 5, 2024.
Kotak Mahindra Bank: Kotak Mahindra Bank offers 7.10 percent on one-year deposits. The interest rate rises to 7.15 percent on 2-year deposits. The interest falls to 7 percent on deposits that are 3 or 4 years in duration. When the deposit is of 5 years, the interest rate falls to 6.20 per cent.
Bank of Baroda: The state lender offers 6.85 percent on its deposits ranging between 1-2 years. The interest rate offered by Bank of Baroda rises to 7.25 percent when the tenure rises to 2-3 years. On 4-year deposits, the bank offers 6.5 percent interest.
Here’s your comprehensive 3-minute summary of all the things Finance Minister Nirmala Sitharaman said in her Budget speech: Click to download!
Download The Mint News App to get Daily Market Updates.
Published: 10 Feb 2024, 10:07 AM IST