India’s largest lender State Bank of India offers eight maturity options for retail fixed deposits, or fixed deposits up to Rs 2 crore. The maturity period starts at seven days and extends to as long as 10 years.
SBI offers interest rates of 2.9 percent to 5.4 percent to its general depositors and 3.4 percent to 6.2 percent to its senior citizens’ customers on retail FDs.
SBI changes interest rates from time to time on the basis to align them with benchmark rates. These interest rates are effective from September 10.
Check out SBI fixed deposit rates:
Maturity Period
General
Senior Citizen
7 days to 45 days
2.9%
3.4%
46 days to 179 days
3.9%
4,4%
180 days to 210 days
4.4%
4.9%
211 days to 365 days
4.4%
4.9%
1 year to 2 years
4.9%
5.4%
2 years to 3 years
5.1%
5.6%
3 years to 5 years
5.3%
5.8%
5 years to 10 years
5.4%
6.2%
Source: sbi.co.on
India’s largest private sector lender HDFC Bank on fixed up Rs 2 crore, 12 maturity options are offered with varied interest rates by HDFC Bank. Maturity period starts from 7 days up to 10 years. Bank provides 2.5 percent for 7 to 14 days to general customers and an additional 0.5 percent to senior citizens on fixed deposits. HDFC Bank revised its interest rates on fixed deposits with effect from November 13, 2020.
Maturity Period
General
Senior Citizens
7-14 days
2.5%
3%
15-29 days
2.5%
3%
30-45 days
3%
3.5%
46-60 days
3%
3.5%
61-90 days
3%
3.5%
91 days – 6 months
3.5%
4%
6 months – 9 months
4.40%
4.90%
1 year 1 day – 2 years
4.90%
5.40%
2 years 1 day – 3 years
5.15%
5.65%
3 years 1 day – 5 years
5.30%
5.80%
5 years 1 day – 10 years
5.50%
6.25%
Source: HDFC Bank website
