Fixed deposits (FDs) are secure financial instruments that offer guaranteed returns. In a fixed deposit account, money is deposited for a specific time. Most banks today offer a maturity period ranging from seven days to 10 years for fixed deposits. Money deposited in a savings account usually fetches an interest rate to the tune of 3-4 per cent. Fixed deposits, however, offer much higher interest rates compared to savings accounts. Lenders also pay slightly higher interest rates on fixed deposits to senior citizens, compared to those applicable to the general public. Banks keep on revising their FD interest rates from time to time.
Fixed deposits (FDs) are secure financial instruments that offer guaranteed returns. In a fixed deposit account, money is deposited for a specific time. Most banks today offer a maturity period ranging from seven days to 10 years for fixed deposits. Money deposited in a savings account usually fetches an interest rate to the tune of 3-4 per cent. Fixed deposits, however, offer much higher interest rates compared to savings accounts. Lenders also pay slightly higher interest rates on fixed deposits to senior citizens, compared to those applicable to the general public. Banks keep on revising their FD interest rates from time to time.
Fixed deposits (FDs) are secure financial instruments that offer guaranteed returns. In a fixed deposit account, money is deposited for a specific time. Most banks today offer a maturity period ranging from seven days to 10 years for fixed deposits. Money deposited in a savings account usually fetches an interest rate to the tune of 3-4 per cent. Fixed deposits, however, offer much higher interest rates compared to savings accounts. Lenders also pay slightly higher interest rates on fixed deposits to senior citizens, compared to those applicable to the general public. Banks keep on revising their FD interest rates from time to time.
Here is a comparison of interest rates offered by State Bank of India (SBI), Bandhan Bank, IndusInd Bank, HDFC Bank and ICICI Bank on fixed deposits up to Rs. 1 crore:
State Bank of India (SBI)
The following FD interest rates are applicable on deposits below Rs 1 crore, according to State Bank of India's website - sbi.co.in:
Bandhan Bank
The following FD interest rates are applicable on deposits below Rs 1 crore with effect from October 9 2018, according to the bank's website - bandhanbank.com
Senior citizens will get additional 0.75 per cent over and above the given slab rates, said Bandhan Bank.
IndusInd Bank
The following FD interest rates are applicable on deposits below Rs 1 crore with effect from October 5 2018, according to the bank's website - indusind.com:
An additional interest rate of 0.50 per cent over and above the card rates is applicable for term deposits of senior citizens for value below Rs. 1 crore, said IndusInd Bank.
HDFC Bank
The following FD interest rates are for deposits below Rs 1 crore with effect from October 6, 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:
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.
Sign Up with Google
RECOMMENDED FOR YOU
POPULAR