Consider these 9 things before investing in mutual funds!

Despite crashing interest rates, fixed deposits are still one of the most popular debt investment options. Many consider it the safest instrument that offers guaranteed returns. FD interest rates of different banks vary by deposit amount, deposit tenure and type of depositor. All the three major lenders HDFC Bank, ICICI Bank and Axis Bank offer fixed deposits for tenures ranging from 7 days to 10 years. Take a look at interest rates on fixed deposits offered by these banks.

HDFC Bank FD rates (below Rs 2 crore)

HDFC Bank, largest private bank of the country, offers interest ranging from 2.50% to 5.50% maturing between 7 days and 10 years to general customers. These rates are effective from May 21, 2021. Take a look on tenure-wise interest rates for general public:

07 to 14 days; 15 to 29 days: 2.50%

30 to 45 days; 46 to 60 days; 61 to 90 days: 3.00%

91 days to 6 months: 3.50%

6 months 1 days to 9 months; 9 months 1 day to < 1 Year: 4.40%

1 Year: 4.90%

1 year 1 day to 2 years: 4.90%

2 years 1 day to 3 years 5.15%

3 years 1 day to 5 years: 5.30%

5 years 1 day to 10 years: 5.50%

HDFC Bank offers up to 75 bps extra interest rates ranging from 3% to 6.25% on FDs maturing in 7 days to 10 years to senior citizens.

ICICI Bank FD rates (below Rs 2 crore)

ICICI Bank offers interest rates ranging from 2.5% to 5.50% on deposits maturing in 7 days to 10 years. These rates are applicable from October 21, 2020.

7 days to 14 days; 15 days to 29 days: 2.50%

30 days to 45 days; 46 days to 60 days; 61 days to 90 days: 3.00%

91 days to 120 days; 121 days to 150 days; 151 days to 184 days: 3.50%

185 days to 210 days; 211 days to 270 days; 271 days to 289 days; 90 days to less than 1 year: 4.40%

1 year to 389 days; 390 days to < 18 months 4.90%

18 months to 2 years 5.00%

2 years 1 day to 3 years 5.15%

3 years 1 day to 5 years 5.35%

5 years 1 day to 10 years 5.50%

Senior citizens will continue to get a maximum 80 basis points (bps) or 0.80 percentage point or higher interest rate than others in different tenure. Now they are offering minimum 3% to maximum 6.30% interest rates on FDs in different tenure to its elder customers.

Axis Bank FD rates (below Rs 2 crore)

Axis Bank recently revised interest rates on fixed deposits (FDs) across different tenures, ranging from 7 days to 10 years. After the latest revision on deposits less than Rs 2 crores, this private sector lender is offering minimum 2.50% to maximum 5.75% interest rate to the general public. The new rates on term deposits were applicable from August 14, 2021.

Axis Bank has as many as 29 tenure slabs. Some are given here. These rates are applicable for the general public.

07 days to 14 days; 15 days to 29 days: 2.50%

30 days to 45 days; 46 days to 60 days; 61 days to < 3 months: 3.00%

03 months to < 04 months; 04 months to < 05 months; 05 months to < 06 months: 3.50%

06 months to < 07 months; 07 months to < 08 months; 08 months to < 09 months; 09 months to < 10 months; 10 months to < 11 months; 11 months to < 11 months 25 days; 11 months 25 days to < 1 year: 4.40%

1 year to < 1 year 5 days: 5.10%

1 year 5 days to < 1 year 11 days: 5.15%

1 year 11 days to < 1 year 25 days; 1 year 25 days to < 13 months; 13 months to < 14 months; 4 months to < 15 months; 15 months to < 16 months; 16 months to < 17 months; 17 months to < 18 months: 5.10%

18 months to < 2 years: 5.25%

2 years to < 30 months; 30 months to < 3 years; 3 years to < 5 years: 5.40%

5 years to 10 years: 5.75%

The rates of interest applicable to senior citizens are, however, a bit higher. It ranges from a low of 2.5% to 6.50% on deposits maturing in 7 days to 10 years.