The state-run Union Bank recently revised its fixed deposit interest rates. Fixed deposits (FDs) are secure financial instruments, which offer guaranteed returns. In a fixed deposit account, money is deposited for a specific time, which varies from seven days to 10 years. Besides, fixed deposit offer higher interest rates than savings accounts. Normal savings accounts offer interest rates between 3-4 per cent usually. Fixed deposits, however, 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.
The state-run Union Bank recently revised its fixed deposit interest rates. Fixed deposits (FDs) are secure financial instruments, which offer guaranteed returns. In a fixed deposit account, money is deposited for a specific time, which varies from seven days to 10 years. Besides, fixed deposit offer higher interest rates than savings accounts. Normal savings accounts offer interest rates between 3-4 per cent usually. Fixed deposits, however, 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.
The state-run Union Bank recently revised its fixed deposit interest rates. Fixed deposits (FDs) are secure financial instruments, which offer guaranteed returns. In a fixed deposit account, money is deposited for a specific time, which varies from seven days to 10 years. Besides, fixed deposit offer higher interest rates than savings accounts. Normal savings accounts offer interest rates between 3-4 per cent usually. Fixed deposits, however, 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.
Here is a comparison of fixed deposit (FD) rates offered by Union Bank, State Bank of India, (SBI), Punjab National Bank (PNB), Bank Of Baroda and Canara Bank:
Fixed deposit (FD) rates offered by Union Bank (Below Rs. 1 crore):
Interest rates effective from August 27, 2018 (percentage per annum)
Fixed deposit (FD) rates offered by State Bank of India (Below Rs. 1 crore):
Revised from July 30, 2018:
Fixed deposit (FD) rates offered by Punjab National Bank (Below Rs. 1 crore):
Domestic TD Less Than Rs.1 Cr. W.e.f August 1, 2018
Bank of Baroda's domestic & NRO Term Deposits (per annum) (ROI in %) Below 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:
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.
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