Fixed deposits (FDs), also known as term deposits, are secure investment instruments offered by private and public sector banks, small finance banks, non-banking financial companies (NBFCs) and post offices. FD is an interest-bearing bank deposit account that has a specified date of maturity. The funds in these accounts are held for a fixed term and offer assured returns. When a term deposit is purchased, the client understands that the money can only be withdrawn after the term has ended or by giving a predetermined number of days notice.
Fixed deposits (FDs), also known as term deposits, are secure investment instruments offered by private and public sector banks, small finance banks, non-banking financial companies (NBFCs) and post offices. FD is an interest-bearing bank deposit account that has a specified date of maturity. The funds in these accounts are held for a fixed term and offer assured returns. When a term deposit is purchased, the client understands that the money can only be withdrawn after the term has ended or by giving a predetermined number of days notice.
Fixed deposit interest rates vary according to the tenor of a fixed deposit. FDs of small finance banks such as Equitas Small Finance Bank and AU Small Finance Bank offer higher interest rates than larger peers like State Bank of India (SBI), HDFC Bank and ICICI Bank.
Given below are interest rates offered by large commercial banks and some small finance banks on fixed deposits of up to Rs 1 crore:
State Bank of India (SBI)
The following FD interest rates are applicable on deposits below Rs 1 crore as mentioned on bank's website- sbi.co.in:
HDFC Bank
The following FD interest rates are applicable on deposits below Rs 1 crore from November 6, 2018, according to the bank's website - hdfcbank.com:
ICICI Bank
The following FD interest rates are applicable on deposits below Rs 1 crore, according to the bank's website - icicibank.com:
Equitas Small Finance Bank
The following FD interest rates are applicable on deposits below Rs 1 crore from November 1, 2018 according to the bank's website - equitasbank.com:
Senior citizens get 0.75 per cent extra on the above mentioned rates, said the bank.
AU Small Finance Bank
The following FD interest rates are applicable on deposits below Rs 1 crore from October 10, 2018 according to the bank's website - aubank.in:
Suryoday Bank
The following FD interest rates are applicable on deposits below Rs 1 crore from September 29, 2018 according to the bank's website - suryodaybank.com:
In a fixed deposit account, money can be invested for a higher rate of interest than savings accounts.
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