Compare in Fix Deposit rates offers by SBI, PNB, HDFC, ICICI, Axis Bank. Fixed Deposit Interest Rates Offered By Key Public, Private Sector Banks. Interest rate on on Fix Deposit – which is a fixed income instrument – varies depending upon factors such as amount and maturity period.
Compare in Fix Deposit rates offers by SBI, PNB, HDFC, ICICI Bank
Interest rate on an FD or fixed deposit varies from one bank to another Bank. Interest rates on fixed deposits or term deposits are revised by commercial banks from time to time. Interest rate on an FD – which is a fixed income instrument – varies from one bank to Bank, depending upon factors such as MCLR (marginal cost of funds-based lending rate), maturity period or term and the deposit amount. You can open a fixed deposit for a period of 7 days to 10 years. A fixed deposit can help you save if you have a lump sum amount. An FD is beneficial for tax purposes as well when you invest in a tax saver fixed deposit.
Major public sector banks such as State Bank of India and Punjab National Bank pay interest rates to the tune of 5.7-6.85 per cent per annum on domestic fixed deposits up to Rs. 1 crore, while their private sector peers like HDFC Bank and ICICI Bank pay anywhere between 3.5 per cent and 7.3 per cent.
Here’s a comparison of interest rates on domestic fixed deposits below Rs. 1 crore paid by some of the top commercial banks in the country:
State Bank of India (SBI) FD Rates 2024
1. For Domestic & NRE*/NRO Retail Fixed Deposits (for amounts less than INR 2 Crore)
| Banks | Interest on Fixed Deposit | Tenure |
| SBI | 3.50% – 6.50% | 7 days to 10 years |
| Canara Bank | 4.00% – 6.70% | 7 days to 10 years |
| HDFC | 3.00% – 7.00% | 7 days to 10 years |
| Post office | 6.90% – 7.50% | 12 months to 120 months |
| ICICI Bank | 3.00% – 6.90% | 7 days to 10 years |
| Axis Bank | 3.00% – 7.00% | 7 days to 10 years |
| IDFC First Bank | 3.00% – 7.00% | 7 days to 10 years |
The interest rate payable to SBI Staff and SBI pensioners will be 1.00% above the applicable rate. The rate applicable to all Senior Citizens and SBI Pensioners of age 60 years and above will be 0.50% above the rate payable for all tenors to resident Indian senior citizens i.e. SBI resident Indian Senior Citizen Pensioners will get both the benefits of Staff (1%) and resident Indian Senior Citizens (0.50%).
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