Thinking about opening a fixed deposit account? Check out the interest rates offered by top banks like SBI, Axis Bank and PNB on such deposits.
Fixed deposit is a popular investment option among investors who have a low-risk appetite. The returns on FDs are assured, the interest earned is higher when compared to savings deposit and account-holders can choose from a wide range of tenure options available. Over the years, fixed deposits have evolved into a highly versatile and flexible financial product.
The primary factor behind the popularity of fixed deposits is the interest rates offered on them. The principal amount is invested at a fixed interest rate and the account-holder gains interest on his or her deposits, which accrues and grows over time. An essential point to be noted here is that the rate of interest on an FD varies from bank to bank. Also, any change in the RBI policy rate has a bearing on the movement of the interest rates. In this article, we will look into the FD interest rates (recently revised) offered by some of the top banks in the country like SBI, Axis Bank and PNB.
SBI - The interest rates on SBI retail domestic term deposits (below Rs. 2 crore) are as follows:
(All figures in % per annum)
| Tenors | Existing for Public w.e.f. 26.08.2019 | Revised for Public w.e.f. 10.09.2019 | Existing for Senior Citizens w.e.f. 26.08.2019 | Revised for Senior Citizens w.e.f. 10.09.2019 |
|---|---|---|---|---|
| 7 days to 45 days | 4.50 | 4.50 | 5.00 | 5.00 |
| 46 days to 179 days | 5.50 | 5.50 | 6.00 | 6.00 |
| 180 days to 210 days | 6.00 | 5.80 | 6.50 | 6.30 |
| 211 days to less than 1 year | 6.00 | 5.80 | 6.50 | 6.30 |
| 1 year to less than 2 year | 6.70 | 6.50 | 7.20 | 7.00 |
| 2 years to less than 3 years | 6.50 | 6.25 | 7.00 | 6.75 |
| 3 years to less than 5 years | 6.25 | 6.25 | 6.75 | 6.75 |
| 5 years and up to 10 years | 6.25 | 6.25 | 6.75 | 6.75 |
Source: SBI
Axis Bank - The interest rates on Axis Bank domestic deposits (below Rs. 2 crore) are as follows:
| Period | Deposits below Rs. 2 crores w.e.f. 09/09/2019 |
|---|---|
| 7 days to 14 days | 3.50 |
| 15 days to 29 days | 3.50 |
| 30 days to 45 days | 5.50 |
| 46 days to 60 days | 5.75 |
| 61 days < 3 months | 5.75 |
| 3 months < 4 months | 5.75 |
| 4 months < 5 months | 5.75 |
| 5 months < 6 months | 6.00 |
| 6 months < 7 months | 6.25 |
| 7 months < 8 months | 6.25 |
| 8 months < 9 months | 6.25 |
| 9 months < 10 months | 6.50 |
| 10 months < 11 months | 6.75 |
| 11 months < 1 year | 6.75 |
| 1 year < 1 year 5 days | 7.00 |
| 1 year 5 days < 1 year 11 days | 7.00 |
| 1 year 11 days < 1 year 25 days | 7.00 |
| 1 year 25 days < 13 months | 7.10 |
| 13 months < 14 months | 7.10 |
| 14 months < 15 months | 6.85 |
| 15 months < 16 months | 6.85 |
| 16 months < 17 months | 6.85 |
| 17 months < 18 months | 6.85 |
| 18 Months < 2 years | 6.85 |
| 2 years < 30 months | 6.85 |
| 30 months < 3 years | 6.85 |
| 3 years < 5 years | 6.85 |
| 5 years to 10 years | 6.75 |
Source: Axis Bank
PNB - The interest rates on PNB domestic term deposits (below Rs. 2 crore) are as follows:
| Tenors | Existing for Public w.e.f. 26.08.2019 | Revised for Public w.e.f. 10.09.2019 | Existing for Senior Citizens w.e.f. 26.08.2019 |
|---|---|---|---|
| 7 to 14 days | 4.50 | 4.50 | 5.00 |
| 15 to 29days | 4.50 | 4.50 | 5.00 |
| 30 to 45 days | 4.50 | 4.50 | 5.00 |
| 46 to 90 days | 5.50 | 5.50 | 6.00 |
| 91 to 179 days | 5.50 | 5.50 | 6.00 |
| 180 days to 270 Days | 6.00 | 6.04 | 6.50 |
| 271 days to less than 1 year | 6.25 | 6.35 | 6.75 |
| 333 days | 6.30 | 6.43 | 6.80 |
| 1 year | 6.60 | 6.77 | 7.10 |
| 444 days | 6.60 | 6.81 | 7.10 |
| 555 days | 6.60 | 6.95 | 7.10 |
| above 1 year & up to 3 years | 6.50 | 6.66 | 7.00 |
| above 3 year & up to 5 years | 6.50 | 7.11 | 7.00 |
| above 5 years & up to 10 years | 6.50 | 7.61 | 7.00 |
Annualized Yield in % terms at the beginning of the slab.
Source: Punjab National Bank
As seen above, the interest rates on fixed deposit are different from bank to bank. It is therefore necessary for individuals to compare them, so as to reap the maximum benefits of their hard-earned money. Fixed deposits are offered by nearly every bank in the country. One can easily open an FD account by visiting the nearest branch or through the net-banking account of the respective bank.
Recommended Read: Can FD Beat Inflation?
