Fixed deposits rule the mindset of all those wanting safe returns on their investments and away from the fluctuations of equities. Banks offer interest rates differently according to the deposit amount, tenure, etc. The rates indicate in many ways the corpus you’re going to generate with this sort of deposit. To make it interesting, banks offer interest rates compounding at different intervals - monthly, quarterly, half-yearly and annually. So, before you open a fixed deposit account, it’s important to know all banks FD interest rates. Let’s start reading on the individual fixed deposit offers.
SBI FD Interest Rates 2019
The public sector banking giant State Bank of India (SBI) offers interest rates of 4.50%-6.25% and 5.00%-6.75% to the general public and senior citizens, respectively, for deposits below ₹2 crores. Once the deposit volumes exceed ₹2 crores, the rate of interest remains 4.30%-5.75% for the general public and 4.80%-6.25% for senior citizens. The maximum deposit tenure allowed is 10 years.
HDFC Bank Fixed Interest Rates
The private banking leader HDFC Bank is a sheer force in fixed deposit space. For deposits less than ₹2 crores, you get an interest rate of 3.50%-6.85% if you are below 60 years of age. Senior citizens will get 4.00%-7.35% on such deposit volumes. Deposits of ₹2 crores to less than ₹5 crores come at an interest rate of 4.25%-6.50% (general public) and 4.75%-7.00% (senior citizens). Deposits of 5 crores and above earn you interest at 4.25%-6.50% per annum.
ICICI Bank Fixed Deposit Rates
ICICI Bank is also a frontrunner in the fixed deposit by keeping the rates attractive. Deposits less than ₹2 crores come at 4%-7% and 4.50%-7.50% for the general public and senior citizens, respectively. Whereas, deposits exceeding ₹2 crores give you an interest rate of 4.255-6.50%.
Axis Bank FD Rates
Axis Bank is a formidable player in India’s fixed deposit market by offering competitive rates of interest. Deposits less than ₹5 crores attract an interest rate of 3.50%-7.00% for the general public. For senior citizens, the rate of 3.50%-7.65% is applicable. Deposits of ₹5 crores and above attract an interest rate of 4.50%-6.75% per annum.
These were some banks where you would like to open a fixed deposit account. Check the rates thoroughly before choosing your option.
Fixed Deposit Calculator
It’s important to use the fixed deposit calculator to get an idea of the sum you’ll land up with. The calculator sums up using the deposit amount, tenure and interest rate. But you will achieve your objective only if you plan your fixed deposit better. The corpus you generate must be adequate to help you deal with the increasing inflation. Keeping inflation in mind, it is not only critical to select the right bank, but also choose the right deposit amount and interest rate. Experiment with the values in the calculator and see how you can reach the target corpus with this form of investment.