Fixed Deposit (FD) Interest Rates Of Key Lenders To General, Senior Citizens Compared

Bank fixed deposits or FDs are safe instruments of fixed income. When you invest money in a fixed deposit, banks guarantee the rate of annual return on your investment. This is why fixed deposits are considered a secure form of investment. Fixed deposit returns are not linked to market volatility. So, even if markets fluctuate, returns on fixed deposits stay unchanged. Banks, however, change fixed deposit or FD interest rates from time to time.

HDFC Bank released its latest fixed deposit or FD interest rates on Saturday. However, state-run lender State Bank of India (SBI) and private sector peer ICICI Bank last revised their FD interest rates in July and August respectively. Bank of Maharashtra last revised its FD interest rates in August.

On a fixed deposit of one-year tenure, SBI offers an interest of 6.7 per cent, HDFC Bank of 7.25 per cent, ICICI Bank of 6.75 per cent and Bank of Maharashtra of 6.5 per cent.

Given below is a comparison of fixed deposit interest rates of SBI, HDFC Bank, ICICI Bank and Bank of Maharashtra:

State Bank of India

The following FD interest rates are applicable on deposits below Rs 1 crore as stated on sbi.co.in:

HDFC Bank

The following FD interest rates are for deposits below Rs 1 crore as stated on hdfcbank.com:

ICICI Bank

The following FD interest rates are for deposits below Rs 1 crore as stated on icicibank.com:

Bank of Maharashtra

The following FD interest rates are from bankofmaharashtra.in:

Bank of Maharashtra offers an additional FD interest rate of 0.50 per cent per annum to senior citizens on all maturity slabs of 91 days and above for deposits up to Rs 1 crore.

Fixed deposits which have a lock-in period of five or 10 years offer income tax benefits under Section 80 C of the Income-Tax Act, 1961.