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Fixed deposits? Check out various banks' rates
Bank fixed deposits, once considered one of the best investment options, lost their charm in the recent past when interest rates declined. With several other investment options available, people started putting the choice of bank term deposits (or FDs) on the backburner.
But not any more. With global financial crisis forcing banks to tighten interest rates, fixed deposits are somewhat back in demand.
While making an investment, a cautious investor seeks answers to some basic queries: What are the existing deposit rates at various Indian banks? Which term deposit schemes provide best returns? Which bank has the best rate to offer?
Here is a look at term deposit rates offered by some Indian banks.
1. State Bank of India
Interest rates for domestic term deposits below Rs 1 crore (Rs 10 million):
| Duration | Rates w.e.f. 08.09.2009 |
| 15 days to 45 days | 3.00% |
| 46 days to 90 days | 4.00% |
| 91 days to 180 days | 5.25% |
| 181 days to less than 1 year | 6.00% |
| 1 year to less than 2 years | 6.50% |
| 2 years to less than 3 years | 7.00% |
| 3 years to less than 5 years | 7.25% |
| 5 years to less than 8 years | 7.50% |
| 8 years and up to 10 years | 7.75% |
Interest rates for domestic term deposits of Rs 1 crore (Rs 10 million) and above:
| Duration | Rates w.e.f. 15.06.2009 |
| 7 days to 14 days | 1.50% |
| 15 days to 30 days | 2.00% |
| 31 days to 45 days | 2.25% |
| 46 days to 90 days | 2.50% |
| 91 days to 180 days | 3.00% |
| 181 days to 270 days | 4.00% |
| 271 days to less than 1 year | 4.50% |
| One Year & above | 5.00% |
Fixed deposits? Check out various banks' rates
2. Allahabad Bank
The bank revised interest rates on domestic term deposits of Rs 1 crore (Rs 10 million) and above, with effect from July 7, 2009.
| Tenor | Existing Interest | Revised Interest | ||||
| For below | For Rs. 1 cr to less than Rs. 10 cr | For Rs.10 cr & above | For below Rs. 1 cr | For Rs. 1 cr to less than Rs. 10 cr | For Rs.10 cr & above | |
| 7 days to 14 days | NA | 1.50 | 1.50 | NA | 1.50 | 1.50 |
| 15 days to 29 days | 3.00 | 2.00 | 2.00 | 3.00 | 2.00 | 2.00 |
| 30 days to 45 days | 3.00 | 2.50 | 2.50 | 3.00 | 2.25 | 2.25 |
| 46 days to 60 days | 4.25 | 3.00 | 3.00 | 4.25 | 2.75 | 2.75 |
| 61 days to 90 days | 4.25 | 3.00 | 3.00 | 4.25 | 2.75 | 2.75 |
| 91 days to 179 days | 5.25 | 3.50 | 3.50 | 5.25 | 3.25 | 3.25 |
| 180 days to 269 days | 6.25 | 4.50 | 4.50 | 6.25 | 4.25 | 4.25 |
| 270 days to 364 days | 6.25 | 5.50 | 5.50 | 6.25 | 5.00 | 5.00 |
| 1 year to less than 2 years | 7.25 | 6.00 | 6.00 | 7.25 | 5.75 | 5.75 |
| 2 years to less than 3 years | 7.25 | 6.00 | 6.00 | 7.25 | 5.75 | 5.75 |
| 3 years to less than 5 years | 7.50 | 6.00 | 6.00 | 7.50 | 5.50 | 5.50 |
| 5 years and upto 10 years | 7.75 | 6.00 | 6.00 | 7.75 | 5.50 | 5.50 |
The above rates will be applicable for fresh deposits and renewal of deposits and rates are subject to revision at any time.
The rate of interest on Allahabad Bank Tax Benefit Term Deposit Scheme will be at the rate of 7.75% per annum from July 7, 2009 for fresh deposits.
Existing additional interest rate for senior citizens will be continued.
| Penal rate of interest for premature withdrawal of domestic term deposits | |||
| Amount of Deposit | Penal Rate of Interest | ||
| 1. | Premature closure of term deposits for reinvestmentnk | Any amount | No penal rate to be charged |
| 2. | 15 days to 1 year | Any amount | No penal rate to be charged |
| 3. | All others | All others | 1 % penal interest to be charged |
Fixed deposits? Check out various banks' rates
3. Bank of India
The bank has revised interest rates with effect from 3.08.2009 on domestic rupee term deposits of less than Rs 15 lakh (Rs 1.5 million), Rs 15 lakh and above but less than Rs 1 crore (Rs 10 million).
| Maturity | For deposits less than Rs 15 lakh | For deposits of Rs 15 lakh and above but less than Rs 1 crore |
| 07 days to 14 days | 2.50% | 2.50% |
| 15 days to 30 days | 2.75% | 2.75% |
| 31 days to 45 days | 3.00% | 3.00% |
| 46 days to 90 days | 4.00% | 4.00% |
| 91 days to 179 days | 5.00% | 5.00% |
| 180 days to 269 days | 6.00% | 6.00% |
| 270 days to 364 days | 6.25% | 6.25% |
| 1 year to less than 2 years | 6.50% | 6.50% |
| 2 years and above | 6.50% | 6.50% |
Fixed deposits? Check out various banks' rates
4. HDFC Bank
Interest rates for regular fixed deposits below Rs 15 lakh (Rs 1.5 million):
| Maturity Period | Rates w.e.f. 18.05.2009 |
| 15 - 29 days | 2.25% |
| 30 - 45 days | 3.00% |
| 46 - 60 days | 3.50% |
| 61 - 90 days | 3.75% |
| 91 days to less than 6 months 1 day | 4.50% |
| 6 months 1 day - 6 months 15 days | 5.50% |
| 1 year 17 days - 2 years | 6.00% |
| 2 years 17 days - 3 years | 6.00% |
| 3 years 1 day - 5 years | 6.00% |
| 5 years 1 day - 10 years | 6.00% |
Fixed deposits? Check out various banks' rates
5. ICICI Bank
Interest rates for domestic term deposits:
| Maturity Period | Deposit of less than Rs 15 lakh w.e.f. August 1, 2009 |
| 7 days to 14 days | N.A. |
| 15 days to 29 days | 3.00% |
| 30 days to 45 days | 3.00% |
| 46 days to 60 days | 3.50% |
| 61 days to 90 days | 3.50% |
| 91 days to 120 days | 5.25% |
| 121 days to 180 days | 5.25% |
| 181 days to less than 1 year | 6.00% |
| 1 year to 389 days | 6.50% |
| 390 days | 6.75% |
| 391 days to 589 days | 6.50% |
| 990 days | 7.75% |
| 991 days to less than 3 years | 7.00% |
| 3 years to less than 4 years | 7.50% |
| 4 years to less than 5 years | 7.50% |
| 5 years up to 10 years | 8.00% |
Fixed deposits? Check out various banks' rates
6. HSBC India
Interest rates for domestic / Non-Resident Ordinary Rupee (NRO) term deposit accounts:
| FD Period | Rates effective from August 14 |
| 15 days | 2.80% |
| 30 days | 2.80% |
| 60 days | 3.25% |
| 90 days | 3.50% |
| 180 days | 3.90% |
| 270 days | 4.25% |
| 1 year | 4.25% |
| 2 years | 4.75% |
| 3 years to 5 years | 5.50% |
Fixed deposits? Check out various banks' rates
7. Axis Bank
Interest rates for domestic deposits:
| Period | Rates on deposits below Rs 50 lakh effective Aug 29 |
| 15 days to 29 days | 2.50% |
| 30 days to 45 days | 3.00% |
| 46 days to 60 days | 3.50% |
| 61 days to less than 3 months | 4.00% |
| 3 months to less than 6 months | 4.50% |
| 6 months to less than 9 months | 6.00% |
| 9 months to less than 1 year | 6.25% |
| 1 year to less than 2 years | 6.75% |
| 2 years to less than 3 years | 7.30% |
| 3 years to less than 5 years | 7.05% |
| 5 years up to 10 years | 7.00% |