Besides banks, post offices and companies also offer fixed deposits.Fixed Deposits (FDs) are fixed-income instruments, the returns on which are determined at the time of initiating the deposit.
The annual returns on fixed deposit investments are fixed even if there are market fluctuations or geopolitical uncertainties, say financial experts.
FDs are of two types: with premature withdrawal facility and without premature without facility.
The fixed deposits which offer premature withdrawal facility do not offer income tax benefits.
On the other hand, FDs without a premature withdrawal facility offer income tax benefits butrequire a lock-in period of five or ten years.FD interest rates vary from one bank to another, depending on factors such as the term of the fixed deposit and amount invested.State Bank of India (SBI)The following FD interest rates are applicable on deposits up to Rs2 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 up toRs2 crore from March 7, 2019, according to bank's website- 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 up to Rs 2 crore, according to bank's website- 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)7.257.75IndusInd BankThe following FD interest rates are applicable on deposits below Rs.
2 crore:Maturity PeriodDomestic (resident) deposits/ NRO deposits <2 crore rates p.a.(%)7 days to 14 days3.7515 days to 30 days4.2531 days to 45 days5.7546 days to 60 days661 days to 90 days6.2591 days to 120 days6.5121 days to 180 days6.75181 days to 210 days7.25211 days to 269 days7.25270 days or below 1 years7.51 Years to 1 Years 2 Months8Above 1 Years 2 Months to below 2 Years82 years to below 2 years 6 Months7.52 years 6 Months to below 2 years 9 Months7.52 years 9 Months to below 3 years7.53 years to below 61 month7.561 month and above7.25Indus Tax Saver Scheme (5 years)7.5An additional interest rate of 0.50 per cent over and above the card rates is applicable for term deposits of senior citizens, according to bank's website, indusind.com.Get the latest election news, live updates and election schedule for Lok Sabha Elections 2019 on TheIndianSubcontinent.com/elections.
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