Excel for Chartered Accountants
Compare Bank Interest Rates on Fixed/Term Deposits
By the end of October, 1997, Banks have been given full freedom to set their domestic term deposit interest rates.
Bank Term or Fixed Deposits have always been considered as safe and steady income yielding options equally popular among salaried employees or businessmen. Although after de-regularisation in 1997, the average rates of interest on term deposits of banks of more than one year of maturity had come down from 12.50% in March, 1996 (Source RBI) to average of 4.80% in March, 2004 but since then it is rising steadily and at present the average interest rate is around 9.00% approx. For Senior Citizens interest rates are generally half percent more than the normal interest rates.
However finding out the bank that gives the maximum return of deposits would consume a lot of time and effort.
With so many banks, comparing term deposits of each of them is not possible in this busy life unless you have a comparative and updated chart of major banks. The following table help you choose the best rate of major Banks for term deposits of more than 1 year maturity.
10-09-2013 | CA Ashutosh Lohani |
Deposit Rate of Major Banks for Term deposits of more than 1 year maturity
|
Bank |
Effective Date |
Term/Period |
Interest Rate % |
Bank Website |
|
Allahabad Bank |
04.03.2014 |
3 year to less than 5 years |
9.05 |
|
|
Andhra Bank |
24.02.2014 |
444 Days |
9.05 |
|
|
Bank of Baroda |
02.05.2014 |
1 year and above |
9.05 |
|
|
Bank of India |
15.05.2014 |
1 Year and above |
9.05 |
|
|
Bank of Maharastha |
14.10.2013 |
444 Days (Mahanidhi) |
9.10 |
|
|
Canara Bank |
01.01.2014 |
1 Year to 10 Year Only |
9.05 |
|
|
Central Bank of India |
03.02.2014 |
555 Days |
9.25 |
|
|
Corporation Bank |
31.03.2014 |
364 days and more |
9.00 |
|
|
Dena Bank |
01.05.2014 |
444 Days |
9.15 |
|
|
IDBI Bank |
12.05.2014 |
500 days |
9.30 |
|
|
Indian Bank |
21.06.2013 |
1 Year or more |
9.00 |
|
|
Indian Overseas Bank |
12.08.2013 |
1 Year or more |
9.00 |
|
|
Oriental Bank of Commerce |
01.04.2014 |
270 days to less than 3 Years |
9.00 |
|
|
Punjab & Sind Bank |
01.05.2014 |
1 Year to 5 Year |
9.00 |
|
|
Punjab National Bank |
01.10.2013 |
1 Year and more |
9.00 |
|
|
State Bank of Bikaner & Jaipur |
01.05.2014 |
1 Year (SBBJ DhanKuber Yojna) |
9.10 |
|
|
State Bank of Hyderabad |
01.12.2013 |
180 days to less than 3 Years |
9.00 |
|
|
State Bank of India |
18.02.2014 |
1 Year to up to less than 3 Years |
9.00 |
|
|
State Bank of Mysore |
15.04.2014 |
1 Year to 10 Years |
9.00 |
|
|
State Bank of Patiala |
17.02.2014 |
1 year to up to 555 Days r |
9.25 |
|
|
State Bank of Travancore |
08.01.2014 |
1 Year to 2 Years (Navavarsh Deposit) |
9.10 |
|
|
Syndicate Bank |
01.04.2014 |
1 Year Exact |
9.05 |
|
|
UCO Bank |
01.03.2014 |
1 Year |
9.10 |
|
|
Union Bank of India |
15.04.2014 |
1 Year to 5 Years |
9.00 |
|
|
United Bank of India |
01.05.2014 |
1 Year to 5 Years |
8.50 |
|
|
Vijaya Bank |
07.04.2014 |
1 Year |
9.10 |
Updated: 17-05-2014
|
Axis Bank |
20.05.2014 |
2 Years to less than 3 Years |
9.10 |
|
|
HDFC Bank |
Current |
1 Year 1 Day to 1 Year 16 Day |
9.00 |
|
|
ICICI Bank |
16.08.2013 |
390 Days to 2 Years |
9.00 |
|
|
Indusind Bank |
30.11.2012 |
1 year to below 1 years 2 months |
9.25 |
|
|
ING Vysya Bank |
22.03.2014 |
366 Days to 730 Days |
9.25 |
|
|
Karnataka Bank |
07.11.2013 |
1 Year to 2 Years |
9.50 |
|
|
Kotak Mahindra Bank |
22.05.2014 |
12 Months to Less than 15 Months |
9.00 |
|
|
The South Indian Bank |
01.03.2014 |
SIB-400 ( 400 Days) |
9.50 |
|
|
Dhanlaxmi Bank |
03.04.2014 |
375 Days |
9.25 |
|
|
Yes Bank |
10.05.2014 |
18 Months 8 days to 18Months 18 days |
9.10 |
|
|
The Federal Bank |
07.04.2014 |
15 Months |
9.10 |
|
|
City Union Bank |
01.10.2013 |
1 year & above and upto 2 years |
9.50 |
Updated: 22-05-2014
