A fixed deposit (FD) account, also called as term deposit account, is a secure financial instrument which offer guaranteed returns. FD interest rates vary from one bank to another, depending on factors such as the term of fixed deposit. In a fixed deposit account, money is deposited for a specific time, which varies from seven days to 10 years. The fixed deposits (FDs) usually offer higher interest rates to senior citizens as compared to those for the general public. Some fixed deposits come with a premature withdrawal facility while some require a compulsory lock-in period.
A fixed deposit (FD) account, also called as term deposit account, is a secure financial instrument which offer guaranteed returns. FD interest rates vary from one bank to another, depending on factors such as the term of fixed deposit. In a fixed deposit account, money is deposited for a specific time, which varies from seven days to 10 years. The fixed deposits (FDs) usually offer higher interest rates to senior citizens as compared to those for the general public. Some fixed deposits come with a premature withdrawal facility while some require a compulsory lock-in period.
A fixed deposit (FD) account, also called as term deposit account, is a secure financial instrument which offer guaranteed returns. FD interest rates vary from one bank to another, depending on factors such as the term of fixed deposit. In a fixed deposit account, money is deposited for a specific time, which varies from seven days to 10 years. The fixed deposits (FDs) usually offer higher interest rates to senior citizens as compared to those for the general public. Some fixed deposits come with a premature withdrawal facility while some require a compulsory lock-in period.
Here is a comparison of interest rates offered by State Bank of India (SBI), Kotak Mahindra Bank, HDFC Bank and ICICI Bank on fixed deposits up to Rs 1 crore:
State Bank of India
The following FD interest rates are applicable on deposits below Rs. 1 crore, according to the bank's website - sbi.co.in:
Kotak Mahindra Bank
The following FD interest rates are applicable on deposits below Rs. 1 crore, according to the bank's website - kotak.com:
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 for 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.
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