New Delhi | Jagran Business Desk: Fixed deposits are one of the safest and used investment people do with their hard-earned money. By investing in Fixed Deposits (FDs), you can earn returns on your deposits with banks for a pre-decided period of time ranging from 7 days to 10 years. Apart from banks, you can also deposit your hard-earned money with non-banking financial companies (NBFCs), corporates and small finance banks according to your financial goal and receive interests that are higher than the interests on savings accounts.

However, before investing in Fixed Deposits of any bank, a person should know the terms and conditions and the returns offered by the banks for your investment. Meanwhile, the interest rates offered for senior citizens are higher than that of the common man. Here's a list of banks and the interest rates they offer to various options of Fixed Deposits:

SBI: India’s largest bank, State Bank of India is offering interest rate ranging from 2.9 per cent to 5.4 on fixed deposits with a fixed period of 7 days to 10 years.

Tenure Interest Rate Interest Rate for Senior Citizens
7 days to 45 days 2.9 3.4
46 days to 179 days   3.9 4.4
180 days to 210 days 4.4 4.9
211 days to 364 days 4.4 4.9
1 year to less than 2 years 5 5.5
2 years to less than 3 years  5.1 5.6
3 years to less than 5 years 5.3 5.8
5 years and up to 10  years 5.4 6.2

 

HDFC Bank: HDFC is currently offering interest rates ranging from 2.5 per cent to 5.50 per annum on fixed deposits with tenure of 7 days to 10 years.

Tenure Interest Rate Interest Rate for Senior Citizens
7 days to 14 days 2.50 3
15 days to 29 days   2.50 3
30 days to 45days 3 3.50
46 days to 60days 3 3.50
6 days to 90 days 3 3.50
91 days to 6 months  3.50 4.00
6 months to 9 months 4.40 4.90
1 year 4.90 5.40
1 year to 2 year 4.90 5.40
2 years to 3 years 5.15 5.65
3 years to 5 years 5.30 5.80
5 years to 10 years 5.50 6.25

ICICI Bank: ICICI bank’s fixed interest rates offer a return of 2.50 per cent per annum on deposits for 7 to 14 days. The fixed deposit interest touches the mark of 5.50 per cent on investment deposits with a tenure of 5 to 10 years.

Tenure Interest Rate Interest Rate for Senior Citizens
7 days to 29 days   2.50 3
30 days to 90 days  3 3.50
91 days to 184 days 3.50
185 to 364 days 4.40  4.90 
1 year to 18 months  4.90  5.40 
18 months to 2 years 5.50 
2 years to 3 years 5.15  5.65 
3 years to 5 years  5.35  5.85 
5 years to 10 years 5.50 6.40


Kotak Mahindra Bank:
The bank is offering 2.50 per cent P.A. interest on deposit with a tenure of 7 to 30 days. For the longest FD tenure that’s between 5 to 10 years, the bank offers 5.30 per cent interest.

Axis Bank: Axis Bank now offers interest between 2.5 per cent to 5.75 for tenure ranging from 7 days to 10 years.

Posted By: Talibuddin Khan