A recent comparison reveals that ICICI Bank’s higher 10-year fixed deposit rates outperform SBI’s offerings, providing potentially better maturity values for savers investing Rs 7 lakh to Rs 21 lakh, depending on tenure and customer category.
For savers looking for predictable returns, a long-term fixed deposit can still be a straightforward option, but the final payout depends heavily on both the bank and the tenure. Zee Business compared 10-year deposits at State Bank of India and ICICI Bank for investments of Rs 7 lakh, Rs 14 lakh and Rs 21 lakh, and found that the private lender’s higher quoted rate on general-citizen deposits gives it an edge on maturity value in each case.
At SBI, the current 10-year rate is 6.05% for general customers and 7.05% for senior citizens, according to the report. On a Rs 7 lakh deposit, the maturity value works out at Rs 12,76,083.2 for general customers and Rs 14,08,019.8 for senior citizens. For Rs 14 lakh, the figures rise to Rs 25,52,166.3 and Rs 28,16,039.5, while a Rs 21 lakh deposit grows to Rs 38,28,249.5 for general customers and Rs 42,24,059.2 for senior citizens.
ICICI Bank is currently offering 6.50% on 10-year deposits for general customers and 7% for senior citizens, according to its published interest-rate pages. That translates into Rs 13,33,891.1 on Rs 7 lakh for general customers and Rs 14,01,118 for senior citizens. On Rs 14 lakh, the maturity amount is Rs 26,67,782.3 and Rs 28,02,236 respectively, while a Rs 21 lakh investment would become Rs 40,01,673.4 for general customers and Rs 42,03,354 for senior citizens.
ICICI Bank says its fixed-deposit rates can change without notice and that revised rates apply to both fresh and renewed deposits. The bank also offers a premature-withdrawal option, though that can affect interest payments and attract penalties. Its deposit pages also highlight tax-saving fixed deposits and a return calculator, underlining how much the eventual outcome can vary with product type, tenure and whether the depositor is a general customer or senior citizen.
Disclaimer: This article is intended to inform and educate, not to recommend or endorse any financial product, investment or strategy. Please consider your own financial circumstances and seek professional advice where appropriate before making financial decisions.
