SBI (State Bank Of India) ICICI Bank HDFC Bank Bank Of Baroda (BoB)

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You can calculate the returns of a fixed deposit on the basis of an FD calculator.

Bank fixed deposits, the fixed income instruments that offer guaranteed returns, allow customers to make a lump sum investment and earn a fixed interest rate. Fixed deposits have a wide-ranging tenors ranging from seven days to 10 years, which means that you can choose the time period for which you want to lock your investments. Fixed deposits offer assured returns because FD interest rates do not change with market fluctuations. In fact, a fixed deposit can be chosen as per your financial goals, say experts.

So say, you want to buy car in three years and want to arrange for its down payment, you can lock a sum of money in a fixed deposit and calculate its returns on the basis of an FD calculator, offered by most banks. You will then get to know the exact amount that you will get once the fixed deposit investment matures.

However, you need to note that income above Rs 10,000 earned as interest on fixed deposits of all banks or branches put together is taxable. If your total interest income on fixed deposits is below the taxable limit, you can avoid deduction of tax by submitting Form 15G and Form 15H to the bank requesting them not to deduct any TDS or tax deducted at source.

Leading banks like State Bank of India (SBI), ICICI Bank, HDFC Bank and Bank of Baroda (BoB) offer the facility of opening a fixed deposit.

Given below is a comparison of FD interest rates offered by SBI, ICICI Bank, HDFC Bank and BoB on deposits below Rs 1 crore

State Bank of India (SBI)

 

HDFC Bank

	Interest rate in per cent with effect from July 30, 2018
Maturity period	General public	Senior citizens
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	6.4	6.9
1 year to less than 2 year	6.7	7.2
2 years to less than 3 years	6.75	7.25
3 years to less than 5 years	6.8	7.3
5 years and up to 10 years	6.85	7.35
(Source: sbi.co.in)

 

(Also Read: Small Finance Banks Pay Up To 9.5% Interest On Fixed Deposits Below 1 Crore Rupees)

ICICI Bank

	Interest rate in per cent with effect from August 6, 2018
Maturity period	General public	Senior citizens
7 - 14 days	3.50	4.00
15 - 29 days	4.25	4.75
30 - 45 days	5.75	6.25
46 - 60 days	6.25	6.75
61 - 90 days	6.25	6.75
91 days - 6 months	6.25	6.75
6 mnths 1 day- 6 mnths 3 days	6.75	7.25
6 mnths 4 days	6.75	7.25
6 mnths 5 days- 9 mnths	6.75	7.25
9 mnths 1 day- 9 mnths 3 days	7.00	7.50
9 mnths 4 days	7.00	7.50
9 months 5 days - 9 months 15 days	7.00	7.50
9 months 16 days	7.00	7.50
9 months 17 days < 1 Year	7.00	7.50
1 Year	7.25	7.75
1 year 1 day - 1 year 3 days	7.25	7.75
1 year 4 days	7.25	7.75
1 year 5 days - 1 Year 15 Days	7.25	7.75
1 Year 16 days	7.25	7.75
1 year 17 days - 2 Years	7.25	7.75
2 years 1day - 2 Years 15 days	7.10	7.60
2 Years 16 days	7.10	7.60
2 years 17 days - 3 Years	7.10	7.60
3 years 1day - 5 years	7.10	7.60
5 Years 1 Day - 8 Years	6.00	6.50
8 Years 1 Day - 10 Years	6.00	6.50
(Source: hdfcbank.com)

 

Bank of Baroda:

	Interest rate in per cent with effect from August 14, 2018
Maturity period	General public	Senior citizens
7 days to 14 days	4	4.5
15 days to 29 days	4.25	4.75
30 days to 45 days	5.5	6
46 days to 60 days	5.75	6.25
61 days to 90 days	6	6.5
91 days to 120 days	6	6.5
121 days to 184 days	6	6.5
185 days to 289 days	6.5	7
290 days to less than 1 year	6.75	7.25
1 year to 389 days	6.75	7.25
390 days to 2 years	7	7.5
2 years 1 day upto 5 years	7.25	7.75
5 years 1 day upto 10 years	7	7.5
(Source: icicibank.com)

Tenors	Below Rs 1 Cr. (w.e.f. 22.08.18)
7 days to 14 days	4.25
15 days to 45 days	4.75
46 days to 90 days	5
91 days to 180 days	5.5
181 days to 270 days	6.25
271 days & above and less than 1 year	6.5
1 year	6.65
Above 1 year to 400 days	6.75
Above 400 days and upto 2 Years	6.7
Above 2 Years and upto 3 Years	6.6
Above 3 Years and upto 5 Years	6.7
Above 5 Years and upto 10 Years	6.6

(Source: bankofbaroda.com.)

Some banks also offer partial withdrawal and loan facilities on fixed deposits.

Recently, the government hiked interest rates on small savings schemes, which also include fixed deposits.

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