A fixed deposit (FD) is a secure financial instrument offered by banks, post offices, small finance banks, non-banking financial companies 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. Fixed deposit interest rates are subject to change from time to time. Last week, private sector lender HDFC Bank revised its interest rates on fixed deposits.
A fixed deposit (FD) is a secure financial instrument offered by banks, post offices, small finance banks, non-banking financial companies 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. Fixed deposit interest rates are subject to change from time to time. Last week, private sector lender HDFC Bank revised its interest rates on fixed deposits.
A fixed deposit (FD) is a secure financial instrument offered by banks, post offices, small finance banks, non-banking financial companies 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. Fixed deposit interest rates are subject to change from time to time. Last week, private sector lender HDFC Bank revised its interest rates on fixed deposits.
Here's a comparison of fixed deposit (FD) interest rates paid by SBI, PNB, HDFC Bank, Axis Bank and ICICI Bank:
State Bank of India
The following FD interest rates are applicable on deposits below Rs. 2 crore with effect from February 22, 2019:
Punjab National Bank (PNB)
The following FD interest rates are applicable on deposits below Rs. 2 crore with effect from March 1, 2019, according to the bank's website - pnbindia.in:
HDFC Bank
The following FD interest rates are applicable on deposits below Rs. 2 crore from April 11, 2019 according to hdfcbank.com:
Axis Bank
The following FD interest rates are applicable on deposits below Rs. 2 crore from April 9, 2019 according to axisbank.com:
ICICI Bank
The following FD interest rates are applicable on deposits below Rs. 2 crore from March 7, 2019 according to icicibank.com:
Small finance banks, often pay higher returns on fixed deposits compared to private and public sector banks.
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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