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Fixed deposit interest rates: How returns offered by key lenders vary?

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A fixed deposit (FD) is a financial instrument that offers guaranteed return. Customers can invest money in fixed deposits for a specific period, ranging from seven days to 10 years.

Fixed deposit interest rates: How returns offered by key lenders vary?
A fixed deposit (FD) is a financial instrument that offers a guaranteed return. Customers can invest money in fixed deposits for a specific period, ranging from seven days to 10 years. FDs are offered by commercial banks, small finance banks as well as non-banking financial companies (NBFCs).
Banks usually pay a higher rate of interest to senior citizens compared to the general public on fixed deposit accounts. For example, the country's largest lender, SBI, pays interest at the rates of 3.4-6.2 percent to senior citizens and 2.9-5.4 percent to others on these fixed deposits.
Here's a comparison of the interest rates offered by the three major banks - SBI, ICICI Bank and HDFC Bank - on fixed deposits (FDs) up to Rs 2 crore:
SBI Fixed Deposit Rates
State Bank of India (SBI) offers the following FD interest rates on deposits below Rs 2 crore:
TenorsRates For Public (%)Revised Rates for Senior Citizens (%)
7 days to 45 days2.93.4
46 days to 179 days3.94.4
180 days to 210 days4.44.9
211 days to less than 1 year4.44.9
1 year to less than 2 year55.5
2 years to less than 3 years5.15.6
3 years to less than 5 years5.35.8
5 years and up to 10 years5.46.2
(Source: SBI website)
ICICI Bank Fixed Deposit Rates
ICICI Bank offers the following FD interest rates on deposits below Rs 2 crore:
TenorsRates for general publicRates for senior citizens
7 days to 14 days2.50%3.00%
15 days to 29 days2.50%3.00%
30 days to 45 days3.00%3.50%
46 days to 60 days3.00%3.50%
61 days to 90 days3.00%3.50%
91 days to 120 days3.50%4.00%
121 days to 150 days3.50%4.00%
151 days to 184 days3.50%4.00%
185 days to 210 days4.40%4.90%
211 days to 270 days4.40%4.90%
(Source: ICICI Bank website)
HDFC Bank Fixed Deposit Rates
HDFC Bank offers the following FD interest rates on deposits below Rs 2 crore:
TenorsRates for publicRates for senior citizens
7 - 14 days2.50%3.00%
15 - 29 days2.50%3.00%
30 - 45 days3.00%3.50%
46 - 60 days3.00%3.50%
61 - 90 days3.00%3.50%
91 days - 6 months3.50%4.00%
6 months 1 days - 9 months4.40%4.90%
9 months 1 day < 1 Year4.40%4.90%
1 Year4.90%5.40%
1 year 1 day - 2 years4.90%5.40%
2 years 1 day - 3 years5.15%5.65%
3 year 1 day- 5 years5.30%5.80%
5 years 1 day - 10 years5.50%6.25%*
(Source: HDFC Bank website)