FD interest rates: FD is considered to be the best option for the common people in terms of savings and security. There is no risk of sinking the investment amount in it.
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When it comes to saving money, everyone’s first choice is Fixed Deposit. The returns and security on FD are the only two reasons why people prefer to invest in it. Once you put money in the FD and after that for a fixed period, interest will continue to be added on that principal amount at the fixed rate. The FD rate of banks also depends on the monetary policy of the Reserve Bank of India (RBI). In the monetary policy meeting, a decision has been taken regarding repo rate, base rate etc.
The FD rates of different banks are also different. These rates depend on the duration of the investment, the amount and the person making the investment. Currently State Bank of India, ICICI Bank, HDFC Bank and Kotak Mahindra Bank offer their customers the option to invest in FDs ranging from 7 days to 10 years
ICICI Bank FD Rates
This private sector bank pays interest from 2.5 percent to 5.50 percent on a period of 7 days to 10 years. These interest rates are applicable from October 21. Senior citizens will continue to get 50 basis points more interest on these interest rates.
| FD tenure | Rate of interest |
| 7 days to 29 days | 2.50% |
| 30 days to 90 days | 3% |
| 91 days to 184 days | 3.5% |
| 185 days to less than 1 year | 4.40% |
| 1 year to 18 months | 4.9% |
| 18 months to 2 years | 5% |
| 2 years 1 day to 3 years | 5.15% |
| 3 years one day to 5 years | 5.35% |
| 5 years from one day to 10 years | 5.50% |
FD rates of SBI
State Bank of India is paying interest of 2.9% to 5.4% to its customers for a period ranging from 7 days to 10 years. In this bank, senior citizens get interest at the rate of 50 basis points. The new rates are effective from 8 June 2021.
| FD duration | Rate of interest |
| 7 days to 45 days | 2.9% |
| 46 days to 19 days | 3.9% |
| 180 days to less than a year | 4.4% |
| from one year to less than two years | 5% |
| 2 years to less than 3 years | 5.1% |
| 3 years to less than 5 years | 5.3% |
| 5 years to 10 years | 5.4% |
HDFC Bank interest rates
This bank of the private sector is giving interest at the rate of 2.50 per cent for a period ranging from 7 days to 10 years. These interest rates are effective from 21 May 2021.
| FD tenure | Rate of interest |
| 7 days to 29 days | 2.50% |
| 30 days to 90 days | 3% |
| 91 days to 6 months | 3.5% |
| 6 months one day to one year | 4.4% |
| 1 year to 2 years | 4.9% |
| 2 years 1 day to 3 years | 5.15% |
| 3 years from one day to 5 years | 5.30% |
| 5 years one day to 10 years | 5.50% |
Kotak Mahindra Bank FD Rates
Kotak Mahindra Bank offers interest ranging from 2.5% to 5.30% on FDs ranging from 7 days to 10 years. These interest rates are applicable from 26 April 2021.
| FD tenure | Rate of interest |
| 7 days to 30 days | 2.50% |
| 31 days to 90 days | 2.75% |
| 91 days to 120 days | 3% |
| 121 days to 179 days | 3.25% |
| 180 days to 364 days | 4.40% |
| 365 days to 389 days | 4.50% |
| 390 days to less than 23 months | 4.80% |
| 23 months to 3 years | 5% |
| 3 years to less than 4 years | 5.10% |
| 4 years to less than 5 years | 5.25% |
| 5 years to 10 years | 5.30% |
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