Major commercial banks today offer a variety of maturity options and interest rates in fixed deposit accounts. In a fixed deposit account, the money is deposited for a specific period of time, known as maturity or lock-in. This term ranges from seven days to ten years. Some fixed deposits come with a premature withdrawal facility while others require a compulsory lock-in period. Banks often pay higher interest rates on fixed deposits to senior citizens compared with the general public.
Major commercial banks today offer a variety of maturity options and interest rates in fixed deposit accounts. In a fixed deposit account, the money is deposited for a specific period of time, known as maturity or lock-in. This term ranges from seven days to ten years. Some fixed deposits come with a premature withdrawal facility while others require a compulsory lock-in period. Banks often pay higher interest rates on fixed deposits to senior citizens compared with the general public.
Given below is a comparison of fixed deposit (FD) interest rates paid by SBI, HDFC Bank, ICICI Bank and Punjab National Bank (PNB) on 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 from March 7, 2019, according to bank's website- 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:
Punjab National Bank (PNB)
The following FD interest rates are applicable on deposits up to Rs 2 crore with effect from March 1, 2019, according to the bank's website - pnbindia.in:
Small finance banks, on the other hand, often pay higher returns on term deposits - or fixed deposits (FD) - compared to the private and public sector commercial banks.
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