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Wednesday, December 11, 2019

Check fixed deposit rates of SBI, HDFC Bank, ICICI Bank and Bank of Baroda

We take a look SBI, HDFC Bank, ICICI Bank and Bank of Baroda and compare the term deposit rates that are being offered by them.

By: Express Web Desk | New Delhi | Updated: November 12, 2019 2:28:01 pm
deposits, fixed deposits Here are the interest rates on term deposits that are being offered by SBI, HDFC Bank, ICICI Bank and Bank of Baroda. (Image source: Getty/Thinkstock)

On Friday, India’s largest bank State Bank of India (SBI) reduced its marginal cost of funds based lending rate (MCLR) by 5 basis points across all tenors and sharply slashed the deposit rates between 15 and 75 basis points. This was the seventh successive cut in the lending rates by the public sector bank in this ongoing financial year (April-March).

The reduction in the bank’s interest rate comes after the Reserve Bank of India (RBI) reduced its key interest rates to the banks for the fifth time in a row.

Today we take a look at the key deposit rates that are being offered by the top banks of the country.

State Bank of India

After the latest interest rates revision, SBI is offering interest rates from 4.5 per cent up to 6.25 per cent on deposits maturing in 7 days going up to 10 years to its regular customers. For senior citizens, however, the bank is providing deposit rates starting from 5 per cent to 6.75 per cent.

The reduction of 15 basis points has been done for the fixed deposits that are maturing between one year to less than two years. The latest interest rates are effective from Sunday, November 10, 2019.

Below are the new interest rates that SBI will be offering to its regular customers and senior citizens depositing below Rs 2 crore of amount:

Period – Interest rate (Interest rate for senior citizens)

7 days to 45 days – 4.50 per cent (senior citizens will get 5 per cent)

46 days to 179 days – 5.50 per cent (senior citizens will get 6 per cent)

180 days to 210 days – 5.80 per cent (senior citizens will get 6.30 per cent)

211 days to less than 1 year – 5.80 per cent (senior citizens will get 6.30 per cent)

1 year to less than 2 years – 6.25 per cent (senior citizens will get 6.75 per cent)

2 years to less than 3 years – 6.25 per cent (senior citizens will get 6.75 per cent)

3 years to less than 5 years – 6.25 per cent (senior citizens will get 6.75 per cent)

5 years and up to 10 years – 6.25 per cent (senior citizens will get 6.75 per cent)

Bank of Baroda

Bank of Baroda, another giant public sector bank, has revised the interest rates on fixed deposits with effect from November 1, 2019. The bank is offering interest rates starting from 4.50 per cent and going up to 6.25 per cent on deposits below Rs 2 crore having a maturity period from 7 days all the way up to 10 years.

7 days to 14 days – 4.50 per cent

15 days to 45 days – 4.50 per cent

46 days to 90 days – 4.75 per cent

91 days to 180 days – 5.50 per cent

181 days to 270 days – 5.95 per cent

271 days & above and less than 1 year – 5.95 per cent

1 year – 6.40 per cent

Above 1 year to 400 days – 6.40 per cent

Above 400 days and upto 2 Years – 6.40 per cent

Above 2 Years and upto 3 Years – 6.40 per cent

Above 3 Years and upto 5 Years – 6.25 per cent

Above 5 Years and upto 10 Years – 6.25 per cent

HDFC Bank

HDFC Bank, which is the largest private sector bank in terms of market capitalisation had revised its fixed deposit rates with effect from October 30, 2019. The bank is offering its customers interest rates on deposits below Rs 2 crore starting from 3.50 per cent going up to 6.85 per cent. The maturity periods range from seven days and go up to 10 years.

For its senior citizen customers, HDFC Bank is offering interest rates on deposits starting from 4 per cent up to 7.35 per cent.

Below are the interest rates on deposits up to Rs 2 crore being offered by HDFC Bank to its regular customers and senior citizens:

Period – Interest rate (Interest rate for senior citizens)

7-14 days – 3.50 per cent (senior citizens will get 4.00 per cent)

15-29 days – 4.00 per cent (senior citizens will get 4.50 per cent)

30-45 days – 4.90 per cent (senior citizens will get 5.40 per cent)

46-60 days – 5.40 per cent (senior citizens will get 5.90 per cent)

61-90 days – 5.40 per cent (senior citizens will get 5.90 per cent)

91 days-6 months – 5.40 per cent (senior citizens will get 5.90 per cent)

6 months 1 day-9 months – 6.00 per cent (senior citizens will get 6.50 per cent)

9 months 1 day-below 1 year – 6.25 per cent (senior citizens will get 6.75 per cent)

1 year – 6.45 per cent (senior citizens will get 6.95 per cent)

1 year 1 day-2 years – 6.45 per cent (senior citizens will get 6.95 per cent)

2 years 1 day-3 years – 6.85 per cent (senior citizens will get 7.35 per cent)

3 year 1 day-5 years – 6.75 per cent (senior citizens will get 7.25 per cent)

5 years 1 day-10 years – 6.75 per cent (senior citizens will get 7.25 per cent)

ICICI Bank

ICICI Bank, another top private sector bank in the country has modified its interest rates with effect from October 23, 2019. The private bank is offering its regular customers an interest rate starting from 4 per cent which goes all the way up to 6.85 per cent for deposits below Rs 2 crore. Senior citizens will get an additional 50 basis points or 0.50 per cent on their deposits.

Here are the interest rates on deposits up to Rs 2 crore being offered by HDFC Bank to its regular customers and senior citizens:

Period – Interest rate (Interest rate for senior citizens)

7 days to 14 days – 4.00 per cent (senior citizens will get 4.50 per cent)

15 days to 29 days – 4.25 per cent (senior citizens will get 4.75 per cent)

30 days to 45 days – 5.00 per cent (senior citizens will get 5.50 per cent)

46 days to 60 days – 5.50 per cent (senior citizens will get 6.00 per cent)

61 days to 90 days – 5.50 per cent (senior citizens will get 6.00 per cent)

91 days to 120 days – 5.50 per cent (senior citizens will get 6.00 per cent)

121 days to 184 days – 5.50 per cent (senior citizens will get 6.00 per cent)

185 days to 289 days – 6.00 per cent (senior citizens will get 6.50 per cent)

290 days to less than 1 year – 6.25 per cent (senior citizens will get 6.75 per cent)

1 year to 389 days – 6.45 per cent (senior citizens will get 6.95 per cent)

390 days to less than 18 months – 6.45 per cent (senior citizens will get 6.95 per cent)

18 months to 2 years – 6.85 per cent (senior citizens will get 7.35 per cent)

2 years 1 day upto 3 years – 6.75 per cent (senior citizens will get 7.25 per cent)

3 years 1 day upto 5 years – 6.75 per cent (senior citizens will get 7.25 per cent)

5 years 1 day upto 10 years – 6.75 per cent (senior citizens will get 7.25 per cent)

5 Years Tax saver FD(Max upto Rs. 1.50 lac) – 6.75 per cent (senior citizens will get 7.25 per cent)

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