Fixed deposits are investment instruments offered by banks and companies, where you can deposit money for a higher interest rate than savings accounts. You can deposit a lump sum of money in fixed deposits for a specific period, ranging from seven days to 10 years. Once you deposit the money in a fixed deposit, you start earning an interest on your investment. Money can be deposited in a fixed deposit account only once. If you want to add more money, you need to create another fixed deposit account.
Fixed deposits are investment instruments offered by banks and companies, where you can deposit money for a higher interest rate than savings accounts. You can deposit a lump sum of money in fixed deposits for a specific period, ranging from seven days to 10 years. Once you deposit the money in a fixed deposit, you start earning an interest on your investment. Money can be deposited in a fixed deposit account only once. If you want to add more money, you need to create another fixed deposit account.
Advantages of bank fixed deposits
Bank fixed deposits assure returns on your investment. Bank FD interest rates do not change according to market volatilities. However, FD interest rates vary according to different tenures. However, corporate fixed deposits are riskier because their returns depend on the profits of the company.
So bank fixed deposits are suitable for people with low-risk appetite.
Key banks like SBI or State Bank of India, HDFC Bank, ICICI Bank and UCO Bank offer the facility of opening fixed deposit accounts. On a three-year fixed deposit, SBI pays interest of 6.8 per cent, HDFC Bank 7.10 per cent, ICICI Bank 7.25 per cent and UCO Bank 6.60 per cent.
Given below is a comparison of fixed deposit or FD interest rates of SBI, HDFC Bank, ICICI Bank and UCO Bank:
SBI fixed deposit interest rates 2018
SBI revised its interest rates on retail fixed deposits with effect from August 30, stated sbi.co.in. The following FD interest rates are for deposits below Rs 1 crore:
(All figures in % per annum)
HDFC fixed deposit rates 2018
The following HDFC Bank FD interest rates are applicable from August 6, 2018 for deposits below Rs 1 crore, according to hdfcbank.com:
ICICI Bank fixed deposit interest rates 2018
ICICI Bank fixed deposit or FD Interest rates on domestic, NRO & NRE deposits (less than Rs 1 crore) from icicibank.com:
UCO Bank fixed deposit interest rates 2018
Domestic fixed deposit interest rates for amounts less than Rs. 1 crore from ucobank.com
Banks' fixed deposit interest rates re subject to change from time to time.
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