Latest Fixed Deposit Interest Rates for Senior Citizens and General Public

The fixed deposit, a popular savings instrument offered by banks and financial companies, ensures a fixed interest rate on the investments of the clients. Bank FDs offer a higher interest rate than a savings bank account since investors make a lump sum deposit in fixed deposit accounts for a specific period of time.

The FD is of two types: regular and tax-saving. Partial withdrawal of regular FDs is allowed, but FDs that save taxes require customers to close their savings for a minimum of five years. Leading banks such as the State Bank of India (SBI), the HDFC Bank, the ICICI Bank, among others, offer the option of opening fixed deposit accounts. (Also read: Interest rates offered in the FD and RD accounts of the post office)

The interest rates of fixed deposits (FD) are regularly reviewed according to the interest rate cycle established by the Reserve Bank of India (RBI) and the interest varies for several tenors of a fixed deposit. The interest rates for the elderly are also slightly higher than those of others.

Below is a comparison of the fixed deposit (FD) interest rates paid by SBI, HDFC Bank, ICICI Bank, Bank of India and Kotak Mahindra Bank on deposits below Rs. 2 crores:

State Bank of India (SBI)

According to sbi.co.in, the following FD interest rates are applicable on deposits below Rs. 2 crores:

 HDFC Bank

According to the bank's website- hdfcbank.com, the following FD interest rates are applicable on deposits below Rs. 2 crores from March 7, 2019:

 ICICI Bank

According to the bank's website- icicibank.com, the following FD interest rates are applicable on deposits below Rs. 2 crores:

 Bank of India (BOI)

According to the bank's website- bankofindia.co.in, the following FD interest rates are applicable on deposits below Rs. 2 crores:

 Kotak Mahindra Bank

According to the bank's website - kotak.com, the following FD interest rates are applicable on deposits below Rs. 2 crores:

 On the other hand, small finance banks often pay hgher returns on term deposits (or fixed deposits (FD)) compared to commercial banks in the public and private sectors. Small financial banks, such as Ujjivan, Equitas, Utkarsh, Jana and Capital, offer interest at a rate of 5-9 per cent in fixed deposits of up to Rs. 2 crores, as per their websites.