A fixed deposit (FDs) is a secure financial instrument offered by banks, which fetch guaranteed returns. In a fixed deposit account, money can be invested for a higher rate of interest than savings accounts. One can deposit a lump sum of money in fixed deposits for a specific period, ranging from seven days to 10 years. 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.
A fixed deposit (FDs) is a secure financial instrument offered by banks, which fetch guaranteed returns. In a fixed deposit account, money can be invested for a higher rate of interest than savings accounts. One can deposit a lump sum of money in fixed deposits for a specific period, ranging from seven days to 10 years. 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's a comparison of interest rates offered by SBI, Andhra 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 the bank's website - sbi.co.in:
Andhra Bank
The following FD interest rates are applicable on deposits below Rs. 1 crore applicable from September 10, 2018, according to the bank's website - andhrabank.in:
Senior citizens will get an additional 0.50 per cent interest over and above mentioned rates, said the bank.
HDFC Bank
The following FD interest rates are applicable on deposits below Rs. 1 crore from November 6, 2018, 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:
Lenders also pay slightly higher interest rates on fixed deposits to senior citizens, compared to the general public.
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