Bank FD Rate 2020: Major banks in the country today provide a range of maturity options for retail fixed deposits. State Bank of India (SBI), HDFC Bank, Punjab National Bank (PNB), ICICI Bank, Kotak Mahindra Bank and Axis Bank - India's largest banks by market value - provide interest rates to the tune of 3.50-7.35 per cent on retail fixed deposits - or fixed deposits up to Rs 2 crore, according to their websites. Most of these banks provide up to 50 basis point higher returns to senior citizens in comparison to other customers. For example, SBI - the country's largest lender by assets - provides eight maturity options for retail FDs, ranging from seven days to 10 years. (Also read: How Post Office Interest Rates Compare With Banks)
Bank FD Rate 2020: Major banks in the country today provide a range of maturity options for retail fixed deposits. State Bank of India (SBI), HDFC Bank, Punjab National Bank (PNB), ICICI Bank, Kotak Mahindra Bank and Axis Bank - India's largest banks by market value - provide interest rates to the tune of 3.50-7.35 per cent on retail fixed deposits - or fixed deposits up to Rs 2 crore, according to their websites. Most of these banks provide up to 50 basis point higher returns to senior citizens in comparison to other customers. For example, SBI - the country's largest lender by assets - provides eight maturity options for retail FDs, ranging from seven days to 10 years. (Also read: How Post Office Interest Rates Compare With Banks)
Bank FD Rate 2020: Major banks in the country today provide a range of maturity options for retail fixed deposits. State Bank of India (SBI), HDFC Bank, Punjab National Bank (PNB), ICICI Bank, Kotak Mahindra Bank and Axis Bank - India's largest banks by market value - provide interest rates to the tune of 3.50-7.35 per cent on retail fixed deposits - or fixed deposits up to Rs 2 crore, according to their websites. Most of these banks provide up to 50 basis point higher returns to senior citizens in comparison to other customers. For example, SBI - the country's largest lender by assets - provides eight maturity options for retail FDs, ranging from seven days to 10 years. (Also read: How Post Office Interest Rates Compare With Banks)
These banks today provide the following returns on domestic retail fixed deposits (FDs):
(SBI FD Interest Rate: On fixed deposits of two years, SBI pays a 6.75 per cent return to senior citizens and 6.25 per cent to other customers, according to its website)
(HDFC FD Interest Rates: On fixed deposits of two years, HDFC Bank gives a 6.80 per cent return to senior citizens and 6.30 per cent to other customers, according to its website)
(Punjab National Bank FD Interest Rates: On fixed deposits of two years, PNB gives a 6.8 per cent return to senior citizens and 6.3 per cent to other customers, according to its website)
Union Bank Of India Fixed Deposit Rates
Canara Bank Fixed Deposit Rates
Bank Of India Fixed Deposit Rates
Bank of India pays a 50-basis-point (0.5 percentage point) higher return to senior citizens depositing a minimum Rs 5,000 in comparison to the general public, according to the state-run lender's website.
IDFC First Bank Fixed Deposit Rates
To senior citizen customers, IDFC First Bank offers a 0.50 per cent additional return on domestic fixed deposits up to Rs 2 crore, according to the the private sector lender's website.
Federal Bank Fixed Deposit Rates
To senior citizen customers, Federal Bank offers a 0.50 per cent additional return on deposits of all maturity options up to Rs 2 crore, according to its website.
Income Tax Benefit For Five-Year Fixed Deposit
Investment in fixed deposits with a maturity period of five years offers income tax benefit up to Rs 1.5 lakh per financial year under Section 80C of the Income Tax Act. Interest income, however, is subject to income tax.
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