Fixed Deposits (FD), also known as term deposit (TD), is an interest-bearing account that has a specified date of maturity. The funds in these accounts are held for a fixed term, and guarantee a return of principal. Customers can avail fixed deposits from a minimum of seven days to 10 years. Interest payout frequencies that a customer can choose with fixed deposits are monthly, quarterly or at maturity. Most leading banks today, from public sector State Bank of India (SBI) to private sector peers HDFC Bank and ICICI Bank, offer an interest rate ranging from 3.50 per cent to 7.90 per cent for deposits up to Rs 2 crore for different tenure, according to the information displayed on their respective websites.
Fixed Deposits (FD), also known as term deposit (TD), is an interest-bearing account that has a specified date of maturity. The funds in these accounts are held for a fixed term, and guarantee a return of principal. Customers can avail fixed deposits from a minimum of seven days to 10 years. Interest payout frequencies that a customer can choose with fixed deposits are monthly, quarterly or at maturity. Most leading banks today, from public sector State Bank of India (SBI) to private sector peers HDFC Bank and ICICI Bank, offer an interest rate ranging from 3.50 per cent to 7.90 per cent for deposits up to Rs 2 crore for different tenure, according to the information displayed on their respective websites.
Fixed Deposits (FD), also known as term deposit (TD), is an interest-bearing account that has a specified date of maturity. The funds in these accounts are held for a fixed term, and guarantee a return of principal. Customers can avail fixed deposits from a minimum of seven days to 10 years. Interest payout frequencies that a customer can choose with fixed deposits are monthly, quarterly or at maturity. Most leading banks today, from public sector State Bank of India (SBI) to private sector peers HDFC Bank and ICICI Bank, offer an interest rate ranging from 3.50 per cent to 7.90 per cent for deposits up to Rs 2 crore for different tenure, according to the information displayed on their respective websites.
Given below is a comparison of interest rates offered by State Bank of India (SBI), HDFC Bank, ICICI Bank and Kotak Mahindra Bank on fixed deposits up to Rs 2 crore:
State Bank of India (SBI)
The following FD interest rates are applicable on deposits up to Rs 2 crore, according to sbi.co.in:
HDFC Bank
The following FD interest rates are applicable on deposits up to Rs 2 crore, with effect from April 11, 2019, according to hdfcbank.com:
ICICI Bank
The following FD interest rates are applicable on deposits up to Rs 2 crore, according to bank's website- icicibank.com:
Kotak Mahindra Bank
The following FD interest rates are applicable on deposits up to Rs 2 crore, with effect from April 11, 2019, according to bank's website- kotak.com:
Small finance banks, on the other hand, pay higher interest rates on fixed deposits compared to commercial banks.
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