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 can vary from 7 days to ten years. 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.
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 can vary from 7 days to ten years. 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.
Here is a comparison of fixed deposit (FD) rates offered by State Bank of India (SBI), HDFC Bank, Punjab National Bank (PNB), and Yes Bank:
Fixed deposit (FD) rates offered by State Bank of India (Below Rs. 1 crore):
Revised from July 30, 2018:
.
FD interest rates offered by Yes Bank:
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
FD interest rates offered by HDFC Bank applicable from August 6, 2018 for deposits below Rs 1 crore:
Fixed deposit interest is tax-free until a certain threshold, after which it is chargeable. After the interest earned exceeds Rs. 10,000, tax is deducted at source.
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