Fixed deposits (FDs) still retain the faith of people as the most reliable investment option as interests earned from a bank FD is fixed and those who wish to spare their savings in this financial instrument are already aware of it. Investment in FDs can be made for a minimum period of 7 days to a maximum of 10 years. If you are planning to park your money in FDs, your should know that with the Reserve Bank of India’s recent rate cut in August, all the banks, including State Bank of India (SBI), HDFC Bank, Axis Bank, ICICI Bank along with other have slashed interest rates on FDs, therefore, you should have a look at interest rates of different bank prior to making investment in the fixed deposit. Here’s given the fixed deposits interest rates of different banks to facilitate you.
1. SBI FD interest rates
According to information available on SBI’s website, you can have short-term FDs that would mature in 7 to 45 days and 46 days to 179 days, with an interest of 4.50% and 5.50% respectively, while the lender offers an interest rate of 5.80% on deposits with maturity period 180 days to 210 days and 211 days to less than 1 year. If you wish to invest in term deposits with a maturity period of 1 year to less than 2 year, SBI would provide you an interest rate of 6.50%, and your deposits maturing in 2 to 10 years will earn 6.25% interest. For more details, you should visit SBI’s official website.
2. Axis Bank latest FD interest rates
Among private banks, Axis Bank’s Fixed deposit rates for your investment from 7 days to 14 days, and 15 days to 29 days stand at 3.50% and 4% respectively, while you earn an interest income of 5.20% on your FDs between 30 days and 45 days. If you want to invest your money for 46 days to less than 3 months, you would get interest rate of 5.65%, and for FDs with 3 months to less than 6 months, the bank extends 5.75% interest. On FDs maturing between 6 months to less than 9 months, an interest rate of 6.25% would be offered, while FDs of 9 months to less than 1 year would get 6.35% interest.
The FDs of maturity period from 1 year to less than 1 year 25 days, Axis Bank provides 6.60% interest, and on term deposits maturing in 1 year 25 days to less than 18 months, you will get an interest rate of 6.70%. For deposits maturing in 18 months to less than 2 years, the bank will give 6.80% interest, less than 3 years 7.00%. On FDs between 2 to less than 3 years, you would get 70% interest, while your deposits maturing in 3 years to ten years would earn 6.75% interest.
3. ICICI Bank’s latest FD interest rates
The private lender, ICICI Bank, gives 4% interest rate for your FD between 7 days and 14 days, and for 15 days to 29 days, it provides an interest of 4.25%, while on FDs from 30 to 45 days, the bank gives an interest of 5%. If you want to park you money in FD for 46 days to 184 days, you would get an interest of 5.50%, while on FDs from 185 days to 289 days, you would be offered 6% interest. For FDs maturing in 290 days to less than 1 year, the bank provides 6.25% interest, and for FDs between 1 year to less than 18 months, the bank extends 6.60% interest.
If you wish your deposits to mature in 18 months to 2 years, you would get the highest interest of 7, and for term deposits from 2 to 10 years, an interest rate of 6.90% is offered by the ICICI Bank.
4. Yes Bank latest FD interest rates
Yes Bank is another private that offers interest rates in the range of 5% to 7.25% for deposits of up to Rs 2 crore. If you want to invest in FD for seven days to less than six months, the bank will offer you 6.25% interest rate, and on the FDs for six months to less than nine months, the bank will offer 6.85% interest. For long-term FDs, maturing in one and up to ten years, an interest rate of 7.25% is being extended by the bank.
Notably, these interest rates are offered by these bank on Fixed deposits below Rs 2 crore to common public.