When it comes to investments, fixed deposits (FD) are a preferred option as it offers guaranteed returns. FD's are often preferred investment options for senior citizens as it provides higher interest rate and tax benefits. State Bank of India, HDFC Bank and ICICI Bank provide a range of maturity options to retail customers for setting up fixed deposits, starting from seven days to as long as 10 years.
All three banks provide slightly better returns to senior citizen customers. The banks have been reducing interest rates in tandem with RBI's decision to cut its repo rate. This has a bearing on interest income of senior citizens too.
Even small finance banks like Jana, Fincare, Utkarsh and Suryoday offer good interest rates. So let's take a look at the FD interest rate offered by some banks:
SBI FD rates
State Bank of India offers the following FD interest rates on deposits below Rs. 2 crore with effect from November 10.
7 days to 45 days 5.00%
46 days to 179 days 6.00%
180 to 210 days 6.30%
211 days to less than one year 6.30%
One year to less than two years 6.75%
Two years to less than three years 6.75%
Three years to less than five years 6.75%
Five years and up to 10 years 6.75%
HDFC Bank Fixed Deposit Rates
HDFC Bank offers the following FD interest rates on deposits below Rs. 2 crore from October 30, 2019.
Seven to 14 days 4.00%
15 to 29 days 4.50%
30 to 45 days 5.40%
46 to 60 days 5.90%
61 to 90 days 5.90%
91 days to six months 5.90%
Six months and one days to nine months 6.50%
Nine months and one day to less than one year 6.75%
One year 6.95%
One year and one day to two years 6.95%
Two years and one day to three years 7.35%
Three years and one day to five years 7.25%
Five years and one day to 10 years 7.25%
ICICI Bank Fixed Deposit Rates
ICICI Bank offers the following FD interest rates on deposits below Rs. 2 crore from October 23, 2019.
Seven to 14 days 4.50%
15 to 29 days 4.75%
30 to 45 days 5.50%
46 to 60 days 6%
61 to 90 days 6%
91 to 120 days 6%
121 to 184 days 6%
185 to 289 days 6.50%
290 days to less than one year 6.75%
One year to 389 days 6.95%
390 days to less than 18 months 6.95%
18 months to two years 7.35%
Two years and one day to three years 7.25%
Three years and one day to five years 6.75% 7.25%
Five years and one day to 10 years 6.75% 7.25%
5 years tax saver (maximum Rs. 1.50 lakh) 6.75% 7.25%
Jana Small Finance Bank FD interest rates:
Jana Small Finance Bank offers 5.1% to 9% interest on tenures ranging from 7 days to 10 years. These FD interest rates are effective from 5th October. For a tenure of 3 years, Jana Bank gives the highest interest rate of 9% per annum.
7-14 days 5.10%
15 - 45 days 5.6%
46 - 60 days 6.6%
61 - 90 days 6.85%
91 - 180 days 7.6%
181 - 364 days 8.35%
1 year = 365 days 8.60%
> 1 year to < 2 years 8.85%
2 years to < 3 years 8.85%
3 years = 1095 days 9%
> 3 years - 5 years 8.85%
> 5 years - 10 years 7.60%
Fincare Small Finance Bank FD interest rates
Fincare Small Finance Bank offers FDs ranging from 7 days to 7 years. The bank offers interest in the range of 4.5% to 9.5% to senior citizens. For deposits maturing in 21 months one day to 24 months, the bank offers 9% interest. Fincare Small Finance Bank offers the highest rate of interest at the rate of 9.5% for deposits maturing in 24 months 1 day to 3 years.
7 days to 45 days- 4.50%
46 days to 90 days-4.50%
91 days to 180 days- 6.50%
181 days to 364 days-7.50%
12 months to 15 months-8.50%
15 months 1 day to 18 months-8.50%
18 months 1 day to 21 months-8.75%
21 months 1 day to 24 months-9.00%
24 months 1 day to 36 months-9.50%
3 years 1 day to 5 years-8.50%
5 years 1 day to 7 years-7.50%
Utkarsh Small Finance Bank FD interest rates
Utkarsh Small Finance Bank offers 5.25% to 9.00% interest on FDs with tenures ranging from 7 days to 10 years. Utkarsh Small Finance Bank offers 9% interest for FDs maturing in 456 days to less than 2 years.
7 Days to 15 Days 5.25%
16 Days to 28 days 5.25%
29 Days to 45 Days 5.25%
46 Days to 90 Days 6.00%
91 Days to 120 Days 7.25%
121 Days to 180 days 7.25%
181 Days to 210 Days 7.50%
211 Days to 270 Days 7.50%
1 Year to 455 Days 8.70%
456 Days to less than 2 Years 9.00%
2 Years to less than 3 Years 8.50%
3 Years to less than 5 Years 8.50%
5 Years 8.85%
More than 5 Years to 10 Years 8.25%
Suryoday Small Finance Bank FD interest rates
Suryoday Small Finance Bank offers FDs ranging from 7 days to 10 years with interest varying from 4.50% to 9.25%. For FDs maturing in 1 year 6 months to 2 years and 2 years to 3 years, Suryoday Small Finance Bank gives 9% and 9.25%, respectively.
7 days to 14 days 4.50%
15 days to 45 days 4.50%
46 days to 90 days 5.50%
91 days to 6 months 6.00%
Above 6 months to 9 months 8.00%
Above 9 months to less than 1 Year 8.25%
1 Year to 1 Year 6 months 8.85%
Above 1 year 6 months to 2 years 9.00%
Above 2 Years to 3 Years 9.25%
Above 3 Years to less than 5 Years 8.50%
5 Years 8.75%
Above 5 years to 10 years 7.75%
