One can deposit money in fixed deposits for a specific period, ranging from seven days to 10 years.Union Bank of India revised its fixed deposit interest rates with effect from February 27, 2019 according to the bank's website - unionbankofindia.co.in.
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.
Recently, PNB (Punjab National Bank) also revised its FD interest rates.Union BankThe following FD interest rates are applicable on deposits below Rs.
2 crore from February 27, 2019 according to the bank's website - unionbankofindia.co.in:Tenure< Rs.
2 Cr7 days 14 days5%15 days 30 days5%31 days 45 days5%46 days 90 days5.50%91 days - 120 days6.25%121 days to - 179 days6.25%180 days6.50%181 days to <10 Months6.50%10 Months to 14 Months6.75%>14 Months to 3 Years6.60%>3 years - 5 Years6.70%>5 years - 10 Years6.70%State Bank of IndiaGiven below are the latest SBI FD interest rates on deposits below Rs.
2 crore:TenorsRevised For Public w.e.f.
22.02.2019Revised for Senior Citizens w.e.f.
22.02.20197 days to 45 days5.75%6.25%46 days to 179 days6.25%6.75%180 days to 210 days6.35%6.85%211 days to less than 1 year6.4%6.9%1 year to less than 2 year6.8%7.3%2 years to less than 3 years6.8%7.3%3 years to less than 5 years6.8%7.3%5 years and up to 10 years6.85%7.35%(Source: sbi.co.in)Punjab National BankThe following FD interest rates are applicable on deposits below Rs.
2 crore with effect from March 1, 2019:PeriodGeneral public (% p.a.)Senior citizen(% p.a.)7 to 14 days5.756.2515 to 29 days5.756.2530 to 45 days5.756.2546 to 90 days6.356.8591 to 179 days6.356.85111 days6.57180 days to 270 Days6.356.85222 days6.67.1271 days to less than 1 year6.356.85333 days7.17.61 year6.757.25555 days6.857.35above 1 year up to 3 years6.757.25above 3 year up to 5 years6.256.75above 5 years up to 10 years6.256.75HDFC BankThe following FD interest rates are applicable on deposits below Rs.
1 crore from November 6, 2018:PeriodInterest rate onFD less thanRs.1 CroreGeneral publicSenior citizen7 - 14 days3.50%4.00%15 - 29 days4.25%4.75%30 - 45 days5.75%6.25%46 - 60 days6.25%6.75%61 - 90 days6.25%6.75%91 days - 6 months6.25%6.75%6 months 1 day- 6 months 3 days6.75%7.25%6 months 4 days6.75%7.25%6 months 5 days- 9 months6.75%7.25%9 months 1 day- 9 months 3 days7.10%7.60%9 months 4 days7.10%7.60%9 months 5 days - 9 months 15 days7.10%7.60%9 months 16 days7.10%7.60%9 months 17 days < 1 Year7.10%7.60%1 Year7.30%7.80%1 year 1 day - 1 year 3 days7.30%7.80%1 year 4 days7.30%7.80%1 year 5 days - 1 Year 15 days7.30%7.80%1 Year 16 days7.30%7.80%1 year 17 days - 2 Years7.30%7.80%2 years 1 day - 2 Years15 days7.40%7.90%2 Years16 days7.40%7.90%2 years17 days - 3 Years7.40%7.90%3 years 1 day - 5 years7.25%7.75%5 Years 1 day - 8 Years6.50%7.00%8 Years 1 day - 10 Years6.50%7.00%(Source: hdfcbank.com)ICICI BankThe following FD interest rates are applicable on deposits below Rs.
1 crore:Rate of Interest (% p.a.) w.e.f November 15, 2018Tenure PeriodGeneralSenior Citizen7 days to 14 days4%4.5%15 days to 29 days4.25%4.75%30 days to 45 days5.5%6%46 days to 60 days6%6.5%61 days to 90 days6.25%6.75%91 days to 120 days6.25%6.75%121 days to 184 days6.25%6.75%185 days to 289 days6.5%7%290 days to less than 1 year6.75%7.25%1 year to 389 days6.9%7.4%390 days to 2 years7.1%7.6%2 years 1 day up to 3 years7.5%8%3 years 1 day up to 5 years7.25%7.75%5 years 1 day up to 10 years7%7.5%5 years Tax saver FD (max up to Rs.
1.50 lakh)7.25%7.75%(Source: icicibank.com)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.