INSUBCONTINENT EXCLUSIVE:
Bank fixed deposit: SBI recently revised its interest rates on fixed deposits across select maturitiesA fixed deposit (FD) is a financial
instruments that offers a fixed income on deposit of money
This cash deposit is for a specific maturity period - ranging from few days to few years - also known as term of the fixed deposit
Major banks today, from the country's largest lender State Bank of India to its private sector peers ICICI Bank and HDFC Bank, pay an
interest rate ranging from 3.5 per cent to 7.75 per cent on fixed deposits of under Rs 1 crore for a period of up to five years
State-run SBI recently announced a hike in its fixed deposit interest rates in select maturities.SBI on deposits below Rs 1
croreTermInterest rate for general public (% per annum)Interest rate for senior citizens (% per annum)7 days to 45 days5.756.2546 days to
179 days6.256.75180 days to 210 days6.356.85211 days to less than 1 year6.46.91 year to less than 2 year6.77.22 years to less than 3
years6.757.253 years to less than 5 years6.87.3(Source: sbi.co.in)( SBI offers auto debit facility for making NPS contributions)HDFC
Bank Interest rate (%)TermFor general publicFor senior citizens7 - 14 days3.50%4.00%15 - 29 days4.25%4.75%30 - 45 days5.75%6.25%46 - 60
days6.25%6.75%61 - 90 days6.25%6.75%91 days - 6 months6.25%6.75%6 months 1 day- 6 months 3 days6.35%6.85%6 months 4 days6.35%6.85%6 months 5
days- 9 months6.40%6.90%9 months 1 day- 9 months 3 days6.40%6.90%9 months 4 days6.40%6.90%9 months 5 days - 9 months 15 days6.40%6.90%9
months 16 days6.40%6.90%9 months 17 days < 1 Year6.40%6.90%1 Year6.85%7.35%1 year 1 day - 1 year 3 days6.65%7.15%1 year 4 days6.65%7.15%1
year 5 days - 1 Year 15 Days6.65%7.15%1 Year 16 days6.65%7.15%1 year 17 days - 2 Years7.00%7.50%2 years 1day - 2 Years 15 days7.00%7.50%2
Years 16 days7.00%7.50%2 years 17 days - 3 Years7.00%7.50%3 years 1 day - 5 years7.00%7.50%(Source: hdfcbank.com)ICICI Bank Interest rate
(%)TermFor general publicFor senior citizens7 days to 14 days44.515 days to 29 days4.254.7530 days to 45 days5.5646 days to 60
days5.756.2561 days to 90 days66.591 days to 120 days66.5121 days to 184 days66.5185 days to 289 days6.256.75290 days to less than 1
year6.571 year to 389 days6.67.1390 days to 2 years6.757.252 years 1 day upto 5 years77.5(Source: icicibank.com)Axis BankTermInterest rate
for general public (% per annum)Interest rate for senior citizens (% per annum)7 days to 14 days3.53.515 days to 29 days3.53.530 days to 45
days5.55.546 days to 60 days6661 days < 3 months663 months < 4 months664 months < 5 months665 months < 6 months666 months < 7 months6.256.57
months < 8 months6.256.58 months < 9 months6.256.59 months < 10 months6.56.7510 months < 11 months6.56.7511 months < 1 year6.56.751 year <
13 months7.17.7513 months < 14 months7.17.7514 months < 15 months77.6515 months < 16 months77.6516 months < 17 months77.6517 months < 18
months77.6518 Months < 2 years77.652 years < 30 months77.6530 months < 3 years77.53 years < 5 years77.5(Source: axisbank.com)Unlike
market-linked instruments such as mutual funds, investment in bank FDs does not involve any equity-related risks and thus are more suitable
for investors with low risk appetite, say financial planners.
