Top banks like State Bank of India (SBI), HDFC Bank, ICICI Bank and IDFC First Bank have the option of short-term and long-term deposits. Post Office also gives you the time deposits, which sees a quarterly revision of rates just like banks. Amid the coronavirus pandemic, The interest rates on these deposits were last revised on April 1. Fixed deposits (FDs) are considered to be the preferred investment choice.
Here are SBI latest FD interest rates
The tenures may vary from 7 days to 10 years for SBI FD, depending upon the need for investment, whether it is for short-term or long-term. SBI FD interest rates are effective from January 8. SBI FD interest rates vary between 2.9 percent to 5.4 percent for general customers.
| Maturity Period | Interest Rates |
| 7 days to 45 days | 2.9% |
| 46 days to 179 days | 3.9% |
| 180 days to 210 days | 4.4% |
| 211 days to less than 1 year | 4.4% |
| 1 year to less than 2 years | 5% |
| 2 years to less than 3 years | 5.1% |
| 3 years to less than 5 years | 5.3% |
| 5 years and up to 10 years | 5.4% |
Post office term deposit schemes are effective from April 1, 2020. Post office term deposit schemes are the same as bank FDs. Post offices offer term deposits ranging from one year to five years. Investors earn a guaranteed return through the tenure of the post office term deposit like bank FDs. The interest on Post Office deposits was revised on April 1, 2020. Post office term deposit offers an interest rate of 5.5 percent for a one-year time deposit to three years. The Post Office offers an interest rate of 6.7 percent for a five-year time deposit account.
| Maturity Period | Interest Rates |
| 1 year | 5.5% |
| 2 year | 5.5% |
| 3 year | 5.5% |
| 5 year | 6.7% |
IDFC First Bank latest FD interest rates is effective from September 15, 2020. IDFC First Bank offers short-term FDs ranging from seven days to one year and long-term FDs ranging from one to ten years. IDFC First Bank range from 2.75 percent p.a. to 5.75 percent p.a. for deposits with a tenure of 7 days to ten years.
| Maturity Period | Interest Rates |
| 7 - 14 days | 2.75% |
| 15 - 29 days | 3.00% |
| 30 - 45 days | 3.50% |
| 46 - 90 days | 4.00% |
| 91 - 180 days | 4.50% |
| 181 days – less than 1 year | 5.25% |
| 1 year – 499 days | 5.75% |
| 500 days | 6.00% |
| 501 days – 2 years | 5.75% |
| 2 years 1 day – 5 years | 5.75% |
| 5 years 1 day - 10 years | 5.75% |
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