A fixed deposit (FDs) is a financial instrument which offers guaranteed return. Unlike stocks and mutual funds, fixed deposits offer assured returns as they are unaffected by market volatility, experts say. One can invest money in fixed deposits for a specific period, ranging from seven days to 10 years. Senior citizens usually get a higher rate of interest on fixed deposits compared to general public. Fixed deposit interest rates are subject to change from time to time. Last week, private sector lenders HDFC Bank and Kotak Mahindra Bank revised their fixed deposit interest rates.
A fixed deposit (FDs) is a financial instrument which offers guaranteed return. Unlike stocks and mutual funds, fixed deposits offer assured returns as they are unaffected by market volatility, experts say. One can invest money in fixed deposits for a specific period, ranging from seven days to 10 years. Senior citizens usually get a higher rate of interest on fixed deposits compared to general public. Fixed deposit interest rates are subject to change from time to time. Last week, private sector lenders HDFC Bank and Kotak Mahindra Bank revised their fixed deposit interest rates.
A fixed deposit (FDs) is a financial instrument which offers guaranteed return. Unlike stocks and mutual funds, fixed deposits offer assured returns as they are unaffected by market volatility, experts say. One can invest money in fixed deposits for a specific period, ranging from seven days to 10 years. Senior citizens usually get a higher rate of interest on fixed deposits compared to general public. Fixed deposit interest rates are subject to change from time to time. Last week, private sector lenders HDFC Bank and Kotak Mahindra Bank revised their fixed deposit interest rates.
Here's a comparison of fixed deposit (FD) interest rates paid by State Bank of India (SBI), Punjab National Bank (PNB), Kotak Mahindra Bank, HDFC Bank and ICICI Bank:
State Bank of India
The following FD interest rates are applicable on deposits below Rs. 2 crore with effect from May 9, 2019, according to sbi.co.in:
Punjab National Bank
The following FD interest rates are applicable on deposits up to Rs. 2 crore with effect from May 1, 2019, according to pnbindia.in:
Kotak Mahindra Bank
The following FD interest rates are applicable on deposits below Rs. 2 crore from June 6, 2019, according to kotak.com:
HDFC Bank
The following FD interest rates are applicable on deposits below Rs. 2 crore from June 6, 2019, according to hdfcbank.com:
ICICI Bank
The following FD interest rates are applicable on deposits below Rs. 2 crore from March 7, 2019, according to icicibank.com:
The fixed deposit accounts which have a lock-in period of five or 10 years also offer income tax benefit under Section 80C of the Income Tax Act.
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