The returns on fixed deposits are calculated on a certain rate. This rate of return is known as the fixed deposits interest rate. The rate is determined by the bank at the time of booking the deposit and remain same throughout the term of deposit. Thus, the depositor receives the hike on the invested amount at the regular and fixed rates.
Table of Contents
- 2 What is the process of Interest Calculation on the Fixed Deposit of Different Banks?
- 2.2 Non-Cumulative Interest Calculation:
All Banks Fixed Deposit Interest Rates March 2021
Want to take your fixed deposit corpus to a high? Then, compare the fixed deposit interest rates offered by banks in India.
Check out the latest fixed deposit rates in SBI, ICICI Bank, HDFC Bank, PNB and Axis Bank. FD interest rates SBI (below Rs 2 crore) effective January 8, 2021: SBI FDs between seven to 45 days will. HDFC FD Interest Rates March 2021. With the HDFC Fixed deposit schemes, you will get high and competitive interest rates whether you’re a general individual or a senior citizen. The interest benefits can be enjoyed at the time of maturity. HDFC Bank Revises its Fixed Deposit Rates. HDFC Bank, one of the private banks operating in the country has revised its fixed deposit rates with effect from October 17. The lender which lets you open a fixed deposit account with them for a tenure that ranges between 7 days and 10 years offers interest up to 6.85% per annum. As per the Terms & Conditions of Fixed Deposit Accounts of the bank, the penalty on premature closure of Fixed Deposits, including sweep-in and partial closures, has been fixed by the Bank at the rate of 1% of the fixed deposit interest rate. This is applicable with effect from 24th January, 2011.
| Banks | FD Interest Rates |
|---|---|
| Allahabad Bank | 2.90% - 5.90% |
| Andhra Bank | 3.00% - 5.40% |
| Axis Bank | 2.50% - 6.05% |
| Bajaj Finance/Finserv | 7.40% - 7.85% |
| Bandhan Bank | 3.00% - 6.75% |
| Bank of Baroda | 2.90% - 6.30% |
| Bank of India | 3.00% - 6.25% |
| Bank of Maharashtra | 2.75% - 6.40% |
| Canara Bank | 3.00% - 5.85% |
| Central Bank of India | 2.75% - 5.00% |
| Citibank | 2.00% - 4.25% |
| Corporation Bank | 3.00% - 5.40% |
| Dena bank | 2.90% - 6.30% |
| Federal Bank | 2.50% - 6.00% |
| HDFC Bank | 2.50% - 6.25% |
| HSBC Bank | 2.25% - 4.50% |
| ICICI Bank | 2.50% - 6.30% |
| IDBI Bank | 2.90% - 5.90% |
| IDFC Bank | 2.75% - 6.50% |
| IndusInd Bank | 3.25% - 7.50% |
| Jammu & Kashmir Bank | 3.00% - 5.80% |
| Karnataka Bank | 3.50% - 6.20% |
| Karur Vysya Bank | 3.50% - 6.15% |
| kotak Mahindra Bank | 2.50% - 4.90% |
| Lakshmi Vilas Bank | 3.60% - 7.50% |
| Nainital Bank | 3.35% - 6.85% |
| Oriental Bank of Commerce | 3.00% - 6.00% |
| Punjab & Sind Bank | 3.50% - 6.55% |
| Punjab National Bank | 3.00% - 6.00% |
| RBL Bank | 3.25% - 7.45% |
| SBI | 2.90% - 6.20% |
| Standard Chartered Bank | 1.50% - 6.10% |
| Syndicate Bank | 3.00% - 5.85% |
| UCO Bank | 2.75% - 5.40% |
| United Bank Of India | 3.00% - 6.00% |
| Vijaya Bank | 2.90% - 6.30% |
| YES BANK | 3.50% - 7.75% |
What is the process of Interest Calculation on the Fixed Deposit of Different Banks?
Now you know the all banks fixed deposit interest rates, you must want to know about the process that banks use to calculate interest on the said product. There are two processes through which banks offer interest on fixed deposit schemes. These are Cumulative and Non-cumulative. The option to choose between these two depends solely on you. Don’t worry, as we will be telling you about both these processes in detail so that you can make a better decision.
Hdfc Fixed Deposit Rates 2020 For Senior Citizens
Cumulative Interest Calculation:
Fixed Deposit Rates In India
In this process of interest calculation, you deposit a fixed amount of money for a definite period. The interest will be calculated on a quarterly basis by default. And at the end of every quarter, your interest amount will be reinvested with the principal amount. The whole accumulated amount will be paid to you at the time of maturity which can be as short as 7 days to as long as 10 years.
This process is generally opted by those who want to save and earn a large amount at the end of the long investment period as you can only get principal and accumulated interest at the end of the maturity period.
For example, if you invest an amount of INR 4,00,000 for a period of 4 years at an interest rate of 8.1% per annum, then at the end of your maturity period you will get a total amount of INR 5,90,457 including interest of INR 1,90,457.
Non-Cumulative Interest Calculation:
In this process, the interest rate on your deposited amount is calculated on a monthly, quarterly, half-yearly, and yearly basis. The calculation process depends on your choice. The interest will be paid to you at the frequency of interest chosen by you and it will not be reinvested in the principal amount again. So, you need to remember this thing while choosing any of the non-cumulative interest calculation options.
Individuals who are looking for a fixed amount as a stable income at the end of a definite interval find this process beneficial for them. One of the examples is Senior Citizens who also enjoy higher interest rates as compared to the standard rate of interest and want a fixed source of income during their retirement years.
Hdfc Bank Interest Rates
For Example, if you invest an amount of INR 10,000 for a period of 1 year at an interest rate of 7.6% per annum, the amount you get at different frequencies can be seen in the table given below.
Hdfc Fixed Deposit Rates For 1 Year
| Frequency | Interest Rate | Interest Payout (In ₹) |
|---|---|---|
| Monthly | 7.35% | 612 |
| Quarterly | 7.39% | 1848 |
| Half-yearly | 7.46% | 3730 |
| Yearly | 7.60% | 7600 |