One can deposit a money in fixed deposits for a specific period, ranging from seven days to 10 years.A fixed deposit (FDs) 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.
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 fixed deposit (FD) interest rates paid by Bank of Baroda, SBI, HDFC Bank, ICICI Bank and Bank of India:Bank of BarodaThe following FD interest rates are applicable on deposits below Rs.
2 crore, according to bankofbaroda.com:TenorsInterest rates effective from March 13, 20197 days to 14 days4.515 days to 45 days4.7546 days to 90 days591 days to 180 days5.75181 days to 270 days6.5271 days above and less than 1 year6.51 year6.7Above 1 year to 400 days6.85Above 400 days and upto 2 Years6.8Above 2 Years and upto 3 Years6.7Above 3 Years and upto 5 Years6.7Above 5 Years and upto 10 Years6.7444 days (Only for Baroda Samriddhi Deposit Scheme)7Branches may continue to pay an additional interest of 0.50 per cent on domestic term deposits of less than Rs 2 crore to senior citizens for all tenors in terms of extant guidelines, said the bank on its portal.State Bank of IndiaThe following FD interest rates are applicable on deposits below Rs.
2 crore, according to sbi.co.in: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)HDFC BankThe following FD interest rates are applicable on deposits below Rs.
2 crore from March 7, 2019 according to hdfcbank.com:PeriodInterest Rate(per annum)Senior Citizen Rates(per annum)7 - 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 Years 15 days7.40%7.90%2 Years 16 days7.40%7.90%2 years 17 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%ICICI BankThe following FD interest rates are applicable on deposits below Rs.
2 crore according to icicibank.com:Rate of Interest applicable from March 7, 2019Tenure PeriodGeneralSenior 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 up to 3 years7.583 years 1 day up to 5 years7.257.755 years 1 day up to 10 years77.55 Years Tax saver FD(Max upto Rs.
1.50 lac)7.257.75Bank of IndiaThe following FD interest rates are applicable on deposits below Rs.
2 crore according to bankofindia.co.in:Maturity BucketsInterest rates effective from March25, 20197 days to 14 days5.2515 days to 30 days5.2531 days to 45 days5.2546 days to 90 days5.7591 days to 179 days6180 days to 269 days6.25270 days to less than 1 year6.251 Year above to less than 2 years6.652 years above to less than 3 years6.73 years above to less than 5 years6.55 years above to less than 8 years6.58 years above to 10 years6.35The bank offers 0.50 per cent p.a.
additional rate of interest over and above card rates to senior citizens for minimum deposits of Rs 5,000 up to Rs.1 crore, according to the bank's website.Get the latest election news, live updates and election schedule for Lok Sabha Elections 2019 on TheIndianSubcontinent.com/elections.
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