​​​
  1. Fixed deposit interest rates hiked by SBI, Axis bank: How they compare to Post Office

Fixed deposit interest rates hiked by SBI, Axis bank: How they compare to Post Office

The State Bank of India (SBI) recently hiked its term deposit rates on retail deposits below Rs 1 crore by 25bps with effect from May 28, 2018.

By: | New Delhi | Updated: June 3, 2018 6:34 PM
latest fixed deposit interest rates Check the latest fixed deposit interest rates hiked by SBI, Axis Bank and Post office.

The State Bank of India (SBI) recently hiked its term deposit rates on retail deposits below Rs 1 crore by 25bps with effect from May 28, 2018. The terms for which the rate of interest was hiked include – deposits for 1 year to less than 2 years and 2 years to less than 3 years. The rates of these two terms were raised for senior citizens as well. Following SBI, Axis Bank also hiked interest rates on deposits. Axis Bank, the country’s third-largest private lender, has introduced a newly fixed deposit tenure- ’12 months 5 days to under 12 months 11 days’.

Let us look at the rate of Interest rates on FDs offered by SBI, Axis Bank, Post Office

State Bank of India

The State Bank of India offers fixed deposit in two categories- for general public and for senior citizens.

For General public: The country’s largest lender provides an interest of 5.75 percent to those who want to fix a certain amount of money from a tenure of ‘7 days to 45 days’. For a tenure of ’46 days to 179 days’, it provides 6.25 per cent while for ‘180 days to 210 days’, it provides an interest of 6.35 per cent. For a tenure of ‘211 days to less than 1 year’ and for a tenure of ‘1 year to less than 2 years’, it offers an interest rate of 6.40 percent and 6.65 per cent respectively.

The SBI provides an interest of 6.65 percent for a term of ‘2 years to less than 3 years’. For a tenure of ‘3 years to less than 5 years’ and ‘5 years and up to 10 years’, the bank offers an interest rate of 6.7 and 6.75 percent respectively.

For Senior Citizens: The country’s largest lender provides an interest of 6.25 percent to those who want to fix a certain amount of money from a tenure of ‘7 days to 45 days’. For a tenure of ’46 days to 179 days’, it provides 6.75 percent while for ‘180 days to 210 days’, it provides an interest of 6.85 percent. For a tenure of ‘211 days to less than 1 year’ and for a tenure of ‘1 year to less than 2 years’, it offers an interest of 6.90 percent and 7.15 percent respectively. The SBI provides an interest of 7.15 percent for a term of ‘2 years to less than 3 years’. For a tenure of ‘3 years to less than 5 years’ and ‘5 years and up to 10 years’, the bank offers an interest of 7.2 and 7.25 percent respectively.

Axis Bank:

An individual can start a fixed deposit in THE Axis Bank with a minimum investment of Rs 5,000 online or of Rs 10,000 through branch offices. For fixed deposits with a period of six months and above, the rates of interest is calculated on a quarterly basis. Minimum tenure for Single Domestic term deposits is 7 days while maximum tenure is 10 years.

Interest Rates on “Fixed Deposit Plus” (Premature withdrawal not permitted)

 Deposits of less than 5 Crores

Source: Axis Bank)

Deposits of less than 5 crores for Senior Citizens

(Image: Axis Bank Website)

Deposits of 5 crores and above

(Image: Axis Bank Website)

Interest Rates on “Domestic deposits”

Deposits of less than 5 Crores

(Image: Axis Bank Website)

Deposits of less than 5 crores for Senior Citizens

(Image: Axis Bank Website)

Deposits of 5 crores and above

(Image: Axis Bank Website)

Post Offices:

Post Office offers fixed deposits requiring at least Rs 200 at the time of opening. Post Office doesn’t have a cap on the maximum amount of money a customer can put in the time deposit. Minimum tenure for term deposits is one year while maximum tenure is five years. Post offices provides an interest of 6.60 percent to those who want to fix a certain amount of money for a tenure of one year. For Two-year tenure, it provides an interest of 6.7 percent. For a tenure of three and five years, the post office provides an interest of 6.90 percent and 7.40 percent respectively.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Go to Top