Fixed deposits (FDs) are secure financial instruments, which offer guaranteed returns. FD interest rates vary according to the tenure of the fixed deposit and across banks. In a fixed deposit account, money is deposited for a specific time, which varies from 7 days to ten years. Fixed deposits also offer higher interest rates than savings accounts. Some fixed deposits come with a premature withdrawal facility while some require a compulsory lock-in period.
Fixed deposits (FDs) are secure financial instruments, which offer guaranteed returns. FD interest rates vary according to the tenure of the fixed deposit and across banks. In a fixed deposit account, money is deposited for a specific time, which varies from 7 days to ten years. Fixed deposits also offer higher interest rates than savings accounts. Some fixed deposits come with a premature withdrawal facility while some require a compulsory lock-in period.
Axis Bank is the latest lender to revise its fixed deposit or FD interest rates with effect from September 10.
Here is a comparison of fixed deposit (FD) interest rates offered by State Bank of India (SBI), HDFC Bank, ICICI Bank and Axis Bank:
Axis Bank fixed deposit interest rates
The following FD interest rates are with effect from 10.8.2018 according to axisbank.com:
Fixed deposit (FD) rates offered by State Bank of India (Below Rs. 1 crore)
Revised from July 30, 2018 according to sbi.co.in:
FD interest rates offered by ICICI Bank on domestic, NRO & NRE deposits (less than Rs 1 crore)
The following FD interest rates are from icicibank.com:
FD interest rates offered by HDFC Bank applicable from August 6, 2018 for deposits below Rs 1 crore
The following FD interest rates are from hdfcbank.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.
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