One can deposit a lump sum amount of money in fixed deposits from seven days to 10 years.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, IDBI Bank, HDFC Bank and ICICI Bank on fixed deposits up to Rs.
1 crore:State Bank of India (SBI):Given below are the latest SBI FD interest rates on deposits below Rs1 crore:TenorsRevised For Public w.e.f.
28.11.2018Revised for Senior Citizens w.e.f.
28.11.20187 days to 45 days5.756.2546 days to 179 days6.256.75180 days to 210 days6.356.85211 days to less than 1 year6.46.91 year to less than 2 year6.87.32 years to less than 3 years6.87.33 years to less than 5 years6.87.35 years and up to 10 years6.857.35Source: sbi.co.inHDFC Bank:The following FD interest rates are applicable on deposits below Rs 1 crore from November 6, 2018:(: Transaction Charges On ATM-Cum-Debit Cards Levied By Top Banks)ICICI Bank:The following FD interest rates are applicable on deposits below Rs 1 crore:Tenure PeriodRate of Interest (% p.a.) w.e.f November 15, 2018GeneralSenior Citizen7 days to 14 days44.515 days to 29 days4.254.7530 days to 45 days5.5646 days to 60 days66.561 days to 90 days6.256.7591 days to 120 days6.256.75121 days to 184 days6.256.75185 days to 289 days6.57290 days to less than 1 year6.757.251 year to 389 days6.97.4390 days to 2 years7.17.62 years 1 day upto 3 years7.583 years 1 day upto 5 years7.257.755 years 1 day upto 10 years77.55 Years Tax saver FD(Max upto Rs.
1.50 lac)7.257.75Source: icicibank.comIDBI BankInterest Rate on Term Deposits (w.e.f.
.
November 21, 2018)Resident Term Deposit / NRO for deposit upto less than Rs.
1 Crore 15-30 days5.756.2531-45 days5.756.2546-60 days6.256.7561-90 days6.256.7591-6 months6.256.756 months 1 day to 270 days6.57271 days to < 1year6.571 year77.5>1yrs to 2yrs7.057.55>2 yrs to < 3 yrs7.057.553 yrs to < 1100 days6.857.351100 Days7.27.7> 1100 days to < 5 yrs6.857.355 years6.857.35> 5yrs - 7yrs6.256.75>7 yrs - 10 yrs6.256.75>10 yrs - 20 yrs66.5