SBI vs ICICI Bank vs HDFC Bank vs Axis Bank vs Yes Bank: Which bank FD is beneficial for you?

SBI vs ICICI Bank vs HDFC Bank vs Axis Bank vs Yes Bank: Recently, the State Bank of India (SBI) has slashed its fixed deposit (FD) interest rates on long-term FDs by 15 bps. From 10th January 2020, for SBI Bank FDs for one year to up to 10 years, SBI FD interest rates have fallen to 6.10 per cent instead of 6.25 per cent. So, it becomes important for the long-term FD investors to find out which popular bank is giving the best interest rate on long-term fixed deposits to investors.

See SBI FD Interest rate below:

In long-term SBI fixed deposit, the largest commercial bank of India has slashed FD interest rate by 15 bps and now from 10th January 2020 onwards, rate has become 6.10 per cent while on various SBI FDs from 7 days to 45 days, FD interest rate would remain 4.5 per cent; on SBI FD from 46 to 179 days, SBI FD interest rate is 5.5 per cent while SBI FD from 180 days to 364 days, SBI FD interest rate is 5.8 per cent. For Senior Citizens, SBI FD will be 0.5 per cent higher than normal SBI FD interest rates.

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When it comes to HDFC Bank FDs for the long-term, from 9 months to up to 10 years HDFC Bank FD, the interest rates are higher than SBI. For HDFC Bank FD from 9 months 1 day to one year, HDFC Bank FD interest rate is 6.05 per cent while from one year to up to 10 year HDFC Bank FD, the interest rate is 6.30 per cent which is 0.2 per cent higher than the SBI FD interest rate.

See HDFC FD interest rate below:

In ICICI Bank Fixed Deposit for long-term, long-term ICICI Bank FD interest rate is higher than the SBI FD interest rate. For ICICI Bank FD from 290 days to 364 days, the ICICI Bank FD interest rate is 6 per cent while in SBI, the FD interest rate is 5.8 per cent only. ICICI Bank FD interest rate for 390 days to 17 months 29 days is 6.30 per cent, which is 0.2 per cent higher than the SBI FD interest rate. The ICICI Bank FD interest rate for 18 months to 2 years is again 6.3 per cent which is 0.2 per cent higher than SBI FD interest rate. The ICICI Bank FD interest rate for 2 years to up to 10 years is 6.4 per cent, which is 0.30 per cent higher than the SBI FD interest rate given for the same period.

See ICICI FD interest rate below:

In Axis Bank Fixed Deposit for the long-term, once again Axis Bank FD interest rate for the long-term is higher than the SBI FD interest rate. Axis Bank FD interest rate for 9 months to 11 months 25 days is 6.05 per cent which is 0.25 per cent higher than SBI FD interest rate. Axis Bank FD for 11 months 25 days to 1 year is 6.40 per cent which is 0.60 per cent higher than the SBI FD interest rate for the same period. Axis Bank FD interest rate for 13 months to 17 months 29 days is 6.40 per cent which is 0.3 per cent higher than SBI FD interest rate. Axis Bank FD interest rate for 18 months to 2 years is 6.50 per cent, which is 0.40 per cent higher than the higher SBI FD interest rate of 6.10 per cent. Axis Bank is giving same returns on the FD for 30 months to 3 years. Axis Bank FD interest rate for 1 year to 1 year 5 days is 6.55 per cent while Axis Bank FD returns for 1 year 5 days to 12 months 29 days is 6.40 per cent. For 2 years to 30 months, the Axis Bank FD interest rate is 6.65 per cent — 0.55 per cent higher than SBI FD interest rate. Axis Bank FD interest rate for 3 years to up to 10 years is 6.5 per cent.

See Axis Bank FD interest rate below:

Meanwhile, Yes Bank offers multiple fixed deposit options to their customers to park their surplus savings for a fixed tenure. Yes Bank FD interest rate for all tenors is higher than the SBI FD interest rate. Yes Bank FD interest rate for 7 days to 45 days, which is 0.50 per cent higher than the SBI FD interest rate. Yes Bank FD interest rate for 46 days to 90 days is 6.25 per cent, Yes Bank FD interest rate for 3 months to 5 months 29 days is also 6.25 per cent, Yes Bank FD interest rate for 6 months to 8 months 29 days is 6.85 per cent, Yes Bank FD interest rate for 9 months to 364 days is 7.15 per cent, Yes Bank FD interest rate for 12 months 10 days to 12 months 20 days is 7.40 per cent. Yes Bank is giving the same 7.4 per cent annual returns on the Yes Bank FD for 18 months 8 days to 18 months 18 days. For 1 year to 10 years, Yes Bank FD interest rate is 7.25 per cent while for 2 years to 3 years Yes Bank FD interest rate is 7.50 per cent.

See Yes Bank FD interest rate below:

Hence, in long-term bank fixed deposits, Yes Bank is a clear winner while in short-term band FD interest rate, there isn't much difference among all banks.