The government has revised the interest rate on select fixed deposits, the government has increased the interest rate on 2-year fixed deposits and 3-year fixed deposits by 1%. Large banks have also increased fixed deposit rates in the last few months. Almost all banks offer higher interest rates for senior citizens (as compared to general public), while post office fixed deposits offer similar rates for all citizens. Here is a quick comparison of interest rates offered by Post Office Fixed Deposits and Bank FDs with tenures of 1-3 years.
National Savings Fixed Deposit Account (TD)
The government has increased the interest rates on select fixed deposits from earlier 5.5% to 5.7% on 2-year fixed deposits and on 3-year fixed deposits will now be offered to 5.8% from the earlier 5.5%. Whereas, 5.5% will continue to be offered on 1 year fixed deposit and 5.8% on 5 year deposit.
SBI FD Interest Rates
SBI FD interest rates for tenures ranging from 1 year to less than 2 years will fetch an interest rate of 5.95% and for senior citizens with tenures from 2 years to less than 3 years will yield an interest rate of 6%. Whereas for tenures ranging from 3 years to less than 5 years, an interest rate of 6.10% will be earned.
hdfc bank fd interest rates
For senior citizens, the bank offers an interest rate of 6% on tenures between 1 year 1 day – 3 years and 6.60% for tenures between 3 years 1 day – 5 years.
ICICI Bank FD Interest Rates
For senior citizens, ICICI Bank offers an interest rate of 6.20% on a tenure of 1 year to 2 years. For tenures of 2 years 1 day to 3 years, the bank offers 6.30% and 6.60% for 3 years 1 day to 5 years.
interest rate comparison
| 1 year | 2 years | 3 years – 5 years | |
| State Bank Of India | 5.95% | 6% | 6.10% |
| HDFC bank | 6.00% | 6% | 6.60% |
| ICICI Bank | 6.20% | 6.30% | 6.60% |
| post office fixed deposit | 5.50% | 5.70% | 3 years is 5.8%, |
| 5-year is 6.7% |
Source: Websites