It may be noted that banks offer a slightly higher interest rate on FDs to senior citizens.Public sector lender Canara Bank has revised its fixed deposit (FD) rates with effect from November 1, 2018.
Fixed deposits (FDs), also known as term deposits, are secure financial instruments, which offer guaranteed returns.
Canara Bank has increased fixed deposit interest rate to 7 per cent (for general public) and 7.50 per cent (for senior citizens) for deposits less than Rs 1 crore for a tenure of 1 year, as mentioned on it's official website- canarabank.com.
The lender has also introduced special fixed deposit schemes (Canara Shikhar Deposit) for 444 and 555 days.For the same tenure, other banks offer different rates.
It may be noted that banks offer a slightly higher interest rate on FDs to senior citizens.Here is a comparison of interest rates offered by Canara Bank, State Bank of India (SBI), HDFC Bank and ICICI Bank on fixed deposits up to Rs.
1 crore:Canara BankThe following FD interest rates are applicable on deposits below Rs 1 crore, according to Canara Bank's website - canarabank.com:DomesticRate of Interest (%) p.a.For Deposits less than Rs.1 Crore w.e.f.
01.11.2018Term Deposits (All Maturities)General PublicSenior CitizenRate of Interest (% p.a)Rate of Interest (% p.a)7 days to 14 days5.756.2515 days to 30 days5.756.2531 days to 45 days5.756.2546 days to 60 days6.256.7561 days to 90 days6.256.7591 days to 120 days6.256.75121 days to 179 days6.256.75180 days to 269 days6.356.85270 days to less than 1 year6.46.91 year only7.07.5Above 1 year to less than 2 years77.52 years above to less than 3 years6.77.23 years above to less than 5 years6.26.75 years above to less than 8 years6.26.78 years above to 10 years6.26.7444 Days (Canara Shikhar Deposit)7.057.55555 Days (Canara Shikhar Deposit)7.107.60State Bank of India (SBI)The following FD interest rates are applicable on deposits below Rs 1 crore, according to State Bank of India's website - sbi.co.in:TenorsRevised For Public w.e.f.
30.07.2018Revised for Senior Citizens w.e.f.
30.07.20187 days to 45 days5.756.2546 days to 179 days6.256.75180 days to 210 days6.356.85211 days to less than 1 year6.46.91 year to less than 2 year6.77.22 years to less than 3 years6.757.253 years to less than 5 years6.87.35 years and up to 10 years6.857.35HDFC BankThe following FD interest rates are for deposits below Rs 1 crore with effect from October 6, according to the bank's website - hdfcbank.com:Period< 1 CroreInterest Rate (per annum)Senior Citizen Rates (per annum)7 - 14 days3.50%4.00%15 - 29 days4.25%4.75%30 - 45 days5.75%6.25%46 - 60 days6.25%6.75%61 - 90 days6.25%6.75%91 days - 6 months6.25%6.75%6 months 1 day- 6 months 3 days6.75%7.25%6 months 4 days6.75%7.25%6 months 5 days- 9 months6.75%7.25%9 months 1 day- 9 months 3 days7.00%7.50%9 months 4 days7.00%7.50%9 months 5 days - 9 months 15 days7.00%7.50%9 months 16 days7.00%7.50%9 months 17 days < 1 Year7.00%7.50%1 Year7.25%7.75%1 year 1 day - 1 year 3 days7.25%7.75%1 year 4 days7.25%7.75%1 year 5 days - 1 Year 15 Days7.25%7.75%1 Year 16 days7.25%7.75%1 year 17 days - 2 Years7.25%7.75%2 years 1 day - 2 Years 15 days7.10%7.60%2 Years 16 days7.10%7.60%2 years 17 days - 3 Years7.10%7.60%3 years 1 day - 5 years7.10%7.60%5 Years 1 Day - 8 Years6.00%6.50%8 Years 1 Day - 10 Years6.00%6.50%ICICI BankThe following FD interest rates are applicable on deposits below Rs 1 crore, according to the bank's website - icicibank.com:Tenure PeriodRate of Interest (% p.a.) w.e.f August 14, 2018GeneralSenior Citizen7 days to 14 days44.515 days to 29 days4.254.7530 days to 45 days5.5646 days to 60 days5.756.2561 days to 90 days66.591 days to 120 days66.5121 days to 184 days66.5185 days to 289 days6.57290 days to less than 1 year6.757.251 year to 389 days6.757.25390 days to 2 years77.52 years 1 day up to 5 years7.257.755 years 1 day up to 10 years77.55 Years Tax saver FD (Max up to Rs.
1.50 lac)7.257.75However, small finance banks offer higher interest rates on fixed deposits as compared to other larger lenders.