Private sector lender ICICI Bank is the latest bank to hike fixed deposit or FD interest rates. Before ICICI Bank, HDFC Bank, Punjab National Bank (PNB), Canara Bank and the largest lender of the country, State Bank of India or SBI had hiked FD interest rates. Fixed deposits offer much higher interest rates than savings accounts. 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. Most revisions in FD interest rates by key lenders came around the time the Reserve Bank of India hiked its repo rate to 6.5 per cent for the second time in a row in its August policy review.
Private sector lender ICICI Bank is the latest bank to hike fixed deposit or FD interest rates. Before ICICI Bank, HDFC Bank, Punjab National Bank (PNB), Canara Bank and the largest lender of the country, State Bank of India or SBI had hiked FD interest rates. Fixed deposits offer much higher interest rates than savings accounts. 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. Most revisions in FD interest rates by key lenders came around the time the Reserve Bank of India hiked its repo rate to 6.5 per cent for the second time in a row in its August policy review.
Private sector lender ICICI Bank is the latest bank to hike fixed deposit or FD interest rates. Before ICICI Bank, HDFC Bank, Punjab National Bank (PNB), Canara Bank and the largest lender of the country, State Bank of India or SBI had hiked FD interest rates. Fixed deposits offer much higher interest rates than savings accounts. 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. Most revisions in FD interest rates by key lenders came around the time the Reserve Bank of India hiked its repo rate to 6.5 per cent for the second time in a row in its August policy review.
Given below are FD interest rates offered by ICICI Bank, HDFC Bank, PNB, Canara Bank and SBI:
FD interest rates offered by ICICI Bank
ICICI Bank fixed deposit or FD Interest rates on domestic, NRO & NRE deposits (less than Rs 1 crore) from icicibank.com:
FD interest rates offered by HDFC Bank
The following HDFC Bank FD interest rates are applicable from August 6, 2018 for deposits below Rs 1 crore:
FD interest rates offered by PNB
FD interest rates on single domestic fixed deposits or term deposits and NRE fixed deposits less than Rs.1 crore:
FD interest rates offered by Canara Bank
Canara Bank pays the following interest rates on term deposits up to Rs 1 crore, stated canarabank.com:
FD interest rates offered by SBI
SBI revised its interest rates on retail fixed deposits with effect from August 30, stated sbi.co.in. The following FD interest rates are for deposits below Rs 1 crore:
(All figures in % per annum)
Small finance banks like Jana Small Finance Bank, Fincare Small Finance Bank, and ESAF Small Finance Bank offer FD interest rates up to 9.5 per cent for senior citizens and 9 per cent for general public.
Among other small savings schemes, you can consider investing in recurring deposits, sukanya samriddhi yojana, and senior citizen savings scheme.
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