Fixed Deposit Interest Rates by Indian Public Sector Banks

Fixed Deposit Interest Rates by Indian Public Sector Banks
Highlights

Key features of Fixed Deposits 1. Tenure: The maturity period for an FD usually lies within the range of 7...

Key features of Fixed Deposits

1. Tenure: The maturity period for an FD usually lies within the range of 7 days and 10 years.

2. Based on the tenure Term Deposits are categorized into:

a. Short term FD: 7 days to 1-year

b. Medium-term Fixed Deposit: 1 year to 5 years

c. Long term Time Deposit: Above 5 years (Offer income tax benefit under Section 80C of the Income Tax Act.)

3. TDS: The interest income is taxed under Tax Deducted at Source (TDS) of the Income Tax Act, 1961.

4. Form 15G or 15H: In case your net income does not fall within the taxable limit, you can apply for tax exemption by submitting Form 15G or 15H.

5. Interest payment: You can choose the frequency of interest payment

6. Cumulative FD: Interest paid on maturity

7. Non-Cumulative FD: Monthly/Quarterly/Half-yearly/Yearly payment

8. Loans and overdraft facility: Many banks offer facilities such as loans and overdraft which can be availed against the deposit.

9. Nomination: You can also avail the nomination facility for certain Term Deposit schemes.

10. Premature withdrawal: Most banks charge a penalty for prematurely withdrawing or closing an FD.

11. Auto-renewal of FD: Some Term Deposit schemes come with the option of automatic renewal at the time of maturity.

Branches may continue to pay an additional interest of 0.50 per cent on domestic term deposits of less than Rs. 2 crore to senior citizens for all tenors in terms of extant guidelines, said the bank on its portal.

State Bank of India

The following FD interest rates are applicable on Short Term deposits below Rs. 2 crore, according to sbi.co.in:

Tenors Revised For Public w.e.f. 22.02.2019 Revised for Senior Citizens w.e.f. 22.02.2019
7 days to 45 days 5.75% 6.25%
46 days to 179 days 6.25% 6.75%
180 days to 210 days 6.35% 6.85%
211 days to less than 1 year 6.40% 6.90%
1 year to less than 2 year 6.80% 7.30%
2 years to less than 3 years 6.80% 7.30%
3 years to less than 5 years 6.80% 7.30%
5 years and up to 10 years 6.85% 7.35%
(Source: sbi.co.in)

Bank of India

The following FD interest rates are applicable on deposits below Rs. 2 crore according to bankofindia.co.in

Maturity Buckets Deposits less than Rs.2 Cr w.e.f. 25.03.19
7 days to 14 days 5.25%
15 days to 30 days 5.25%
31 days to 45 days 5.25%
46 days to 90 days 5.75%
91 days to 179 days 6%
180 days to 269 days 6.25%
270 days to less than 1 year 6.25%
1 Year & above to less than 2 Yrs 6.65%
2 years & above to less than 3 years 6.70%
3 years & above to less than 5 years 6.50%
5 years & above to less than 8 years 6.50%
8 years & above to 10 years 6.35%


The bank offers 0.50 per cent p.a. additional rate of interest over and above card rates to senior citizens for minimum deposits of Rs. 5,000 up to Rs.1 crore, according to the bank's website.

Bank of Baroda

The following FD interest rates are applicable on deposits below Rs. 2 crore, according to bankofbaroda.com:

Tenors Interest rates effective from March 13, 2019
7 days to 14 days 4.50%
15 days to 45 days 4.75%
46 days to 90 days 5%
91 days to 180 days 5.75%
181 days to 270 days 6.50%
271 days & above and less than 1 year 6.50%
1 year 6.70%
Above 1 year to 400 days 6.85%
Above 400 days and upto 2 Years 6.80%
Above 2 Years and upto 3 Years 6.70%
Above 3 Years and upto 5 Years 6.70%
Above 5 Years and upto 10 Years 6.70%
444 days (Only for Baroda Samriddhi Deposit Scheme) 7%


Andhra Bank

The following FD interest rates are applicable on Short Term deposits below Rs. 2 crore, w.e.f. 02.03.2019

Tenors Less than Rs.2.00 crore
7 days to 14 days * 4.00%
15 days to 45 days 5.25%
46 days to 90 days 6.00%
91 days to 179 days 6.26%
6 months to less than 9 months 6.26%
9 months to less than 1 year 6.60%
ONE year to 18 months 6.80%
Above 18 months to 2 years 6.80%
Above 2 years to 3 years 6.75%
Above 3 years to 5 years 6.75%
Above 5 years to 10 years 6.50%
# For deposits of Rs.1.00 Lac and above. The additional rate of interest of 0.50% p.a. being offered to Senior Citizens is extended to all the Domestic Term Deposits.
(Source: andhrabank.in)
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