Fixed Deposits of Banks gives a guaranteed rate of Interests and that is why they are in huge demands. The rate of Interest in FD are assured and these are invested for a fixed time period. The maturity date of FD is also pre-decided. You can open an FD from 7 days to 45 days, 46 days to 179 days, 180 days to 210 days and so on. Different Tenure gives a different rate of Interest for General Public and Senior Citizens.

Fixed Deposits are of two type, Regular FD (Comes with Premature Facility) and FDs Act as tax saving (Can’t withdraw prematurely). The second type i.e the Tax Saving FD have a period of 5 years. This is often called as Lock-in period. The biggest difference between the tax saving FD and normal FD is that the normal FD can be redeemed before maturity and the second one can’t be redeemed before the tenure period.

**Comparison of SBI Interest Rates with ICICI and HDFC Bank FD Interest Rates**

**SBI Fixed Deposit Interest Rates –** For the Tenors of 7 days to 45 days SBI is giving an interest rate of 5.25% for general public and 5.75% for Senior Citizens. For 46 days to 179 days tenor an interest rate of 6.25% for General Public and 6.75% for Senior Citizens. For 180 days to 210 days, 211 days to less than one year, For 1 year, For 1 year to 455 days and for 456 days to 2 years the interest rate for FD in SBI is 6.25% for general Public and 6.75% for Senior Citizens. For 2 years to less than 3 years, For 3 years to less than 5 years and for 5 years to 10 years, the interest rate is 6% for general Public and 6.5% for Senior Citizens.

**ICICI Bank Fixed Deposit Interest Rates – **The tenure period of 7 days to 14 days in ICICI FD gives an interest rate of 4% for General Public and 4.5% for Senior Citizens. The tenure period of 15 days to 29 days gives an interest rate of 4.25% for General Public and 4.75% for Senior Citizens. The tenure period of FD from 30 days to 45 days in ICICI gives interest rate if 5.5% for General Public and 6% for the Senior Citizens. The 46 days to 60 days tenure period of FD gives an interest rate of 5.75% for general public and 6.25% for senior citizens. Tenure period for 61 days to 90 days, 91 days to 120 days and 121 days to 184 days gives an interest rate of 6% for general public and 6.5% for Senior Citizens. The 185 days to 289 days tenure period gives an interest rate of 6.25% for general public and 6.75% for senior citizens. Tenure period of 290 days to less than 1 year gives an interest rate of 6.5% for general public and 7% for senior citizens. Tenure period of 1 year to 389 days gives an interest rate of 6.6% and 7.1% for senior citizens. The tenure period of 390 days to 2 years gives an interest rate of 6.75% and 7.25% to senior citizens. The tenure period of 2 years 1 day up to 5 years, 5 years 1 day up to 10 years and 5 Years Tax saver FD(Max up to Rs. 1.50 lac) gives an interest rate if 6.5% for general public and 7% for senior citizens.

**HDFC Bank Fixed Deposit Interest Rates –** HDFC Fixed Deposits Interest rates are as follows. For a period of 7 to 14 days, the interest rate is 3.50% for general public and 4% for senior citizens. For 15-29 days the interest rate is 4.25% for general public and 4.75% for senior citizens. For 30 days to 45 days, the interest rate is 5.50% for general public and 6% for the senior citizens. For the tenure period of 45 to 60 days, 61 to 90 days and 91 days to 6 months the fixed deposit interest rate is 5.75% and 6.25% for senior citizens. For 6 months 1 day to 6 months 3 days, 6 months 4 days, 6 months 5 days to 9 months, 9 months 1 day to 9 months 3 days, 9 months 4 days and 9 months 5 days to 9 months 15 days interest rate of 6% for general public and 6.50% for senior citizens. For 9 months 16 days, 9 months 17 days to less than 1 Year, 1 Year, 1 year 1 day to 1 year 3 days, 1 year 4 days, 1 year 5 days to 1 Year 15 Days, 1 Year 16 days and 1 year 17 days to 2 Years there is a interest rate of 6.25% and for senior citizens the interest rate is 6.75%. For tenure period of 2 years 1 day to 2 Years 15 days, 2 Years 16 days, 2 years 17 days to 3 Years, 3 years 1 day to 5 years, 5 Years 1 Day to 8 Years and 8 Years 1 Day to 10 Years the interest rate is 6% and 6.50% for senior citizens.

Source – NDTV