Latest Fixed Deposit (FD) rates: SBI vs HDFC Bank vs Axis Bank vs ICICI Bank vs BoB; check what top banks offer

After largest lender State Bank of India (SBI) revised its fixed deposit interest rates last month, other private and state-owned lenders like HDFC Bank, ICICI Bank, Bank of Baroda and Axis Bank have followed the suit. Bank FDs have become very attractive, especially after TDS limit on interest income was raised to Rs 40,000 from previous Rs 10,000 in interim budget 2019. Banks in order to not only compete with government-owned savings schemes, but also among each other, have been hiking their FD rates. This scenario was been predicted by many experts, considering the bank credit growth continues to rise, while deposits being lackluster has widened the gap between loan-to-deposit ratio. But in case for customers, this is a good news, as competition intensifies, they will get to enjoy more interest on their savings in FDs. 

Thereby, let’s compare who offers best FD interest rates. SBI vs HDFC Bank vs ICICI Bank vs Axis Bank vs Bank of Baroda. 

SBI FD rates:

During February 2019 end, SBI hiked its FD rates. The highest interest rate for deposits below Rs 2 crore here is of 6.85% which is given on tenure 5 years and up to 10 years. A 6.80% interest rate each is enjoyed on deposits made for tenures like 1 year to less than 2 years, 2 year to less than 3 years and 3 years and upto 5 years. 

In case of short term deposits, a customer earns 6.40% interest rate on tenure 211 days to less than 1 year, while 6.35% rate is given on tenure 180 days to 210 days, 6.25% on tenure 46 days to 179 days and finally 5.75% rate is given on tenure 7 days to 45 days.

A senior citizen at SBI enjoys deposit interest rate between 6.25%  to maximum 7.35% annually. 

HDFC Bank FD rates:

Later on March 7, HDFC Bank followed the suit. Highest interest rate for deposits below Rs 2 crore at HDFC Bank, is 7.40%  given on tenures like 2 years 1day - 2 Years 15 days, 2 Years 16 days and 2 years 17 days - 3 Years. Meanwhile, 7.30% rate is enjoyed on tenures like 1 Year; 1 year 1 day - 1 year 3 days; 1 year 4 days; 1 year 5 days - 1 Year 15 Days ; 1 Year 16 days and 1 year 17 days - 2 Years

For longer tenure, customers enjoy deposit rate of 6.50% each on 5 Years 1 Day - 8 Years and 8 Years 1 Day - 10 Years period.  The least interest rate on deposits is between 3.50% to 5.75%, which is given on tenures ranging from 7 days to 45 days. Also, 7.10% rate is earned on deposits made for 9 months tenure to less than a year. 

Senior citizens as usual enjoy more benefit here, as their interest rates on deposits below Rs 2 crore ranges from 4% to 7.90% annually.

ICICI Bank FD rates:

On the same day like HDFC Bank, private lender ICICI Bank also revised their FD interest rate. At this bank, a customer enjoys 7.50% interest rate on tenure 2 years 1 day upto 3 years, while there is also interest rate of 7.25% each given on tenure like 3 years 1 day upto 5 years and 5 Years Tax saver FD(Max upto Rs. 1.50 lac).

Further, 7.10% and 7% interest rate is given on deposits made for tenure like 390 days to 2 years and 5 years 1 day upto 10 years.

For tenures like 185 days to 289 days, 290 days to less than 1 year and 1 year to 389 days has interest rate of 6.50%, 6.75% and 6.90% respectively. 

Here senior citizen enjoys interest rate on their deposits between 4.50% to massive 8%. 

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BoB FD rates:

On March 13, 2019, BoB revised its FD interest rate. Below Rs 2 crore FD, the bank offers 6.70% interest rate for 1 year tenure. Going forward, if deposits are made for above 1 year to 400 days tenure, then a customer will enjoy 6.85% interest rate. If kept the FD for above 400 days and up to 2 years, then he or she will earn 6.80% interest rate. 

Further, a 6.70% interest rate each is given on tenures between above 2 years and up to 10 years. Between 7 days to less than 1 year tenure, a customer will get interest rate ranging from 4.50% to 6.50% per annum. 

Axis Bank FD rates:

The latest one to revise their FD interest rate below Rs 2 crore would be Axis Bank. From March 20,2019, the bank started to give 7.30% interest rate each on tenures like 1 year < 1 year 5 days; 1 year 5 days < 1 year 11 days; 1 year 11 days < 13 months; 14 months < 15 months; 15 months < 16 months; 16 months < 17 months; 17 months < 18 months and 18 Months < 2 years. 

There is 7.35% interest rate given on tenure like 13 months < 14 months. The highest interest rate offered by Axis Bank is 7.50% each given on periods such as 2 years < 30 months and 30 months < 3 years. Apart from this, 7.30% rate is given for deposits made between 3 years to 10 years. 

In short-term period which from 7 days to less than 1 year, Axis Bank’s interest rate varies from 3.50% to 7.10%.

From the above it can be seen that, private banks are offering much attractive interest rates on deposits than compared to state-owned ones. Hence, if you are planning to opt for FDs, then make sure you compare interest rates offered by banks.