Fixed deposit (FD) interest rates help customers save money over a period of time.These days, fixed deposits or FDs can be created with just a click.
Leading banks offer the option of creating online fixed deposits.
Fixed deposit interest rates help customers save money over a period of time and also earn an interest income on the same.
However, you need to note that investments in fixed deposits are subject to income tax.
Any fixed deposit with a tenure of less than five years does not give you income tax benefit under Section 80 C of the Income Tax Act.
If you want to reduce your taxable income via fixed deposits, you need to invest in a fixed deposit of five or 10 years.Consider this: a fixed deposit for five years fetches an interest rate of 7 per cent with IndusInd Bank, HDFC Bank and ICICI Bank but the largest bank of the country, State Bank of India (SBI), actually offers a lower fixed deposit interest rate of 6.75 per cent on the same tenure.Given below is a comparison of fixed deposit interest rates paid by IndusInd Bank, HDFC Bank, State Bank of India (SBI), and ICICI Bank:Fixed deposit interest rates of IndusInd Bank The following fixed deposit interest rates are effective from June 1, 2018, according to indusind.com:Maturity PeriodDOMESTIC (RESIDENT)DEPOSITS / NRO DEPOSITS <1 croreRates p.a.(%)Annualised Yield*7 days to 14 days3.53.515 days to 30 days4431 days to 45 days5.55.546 days to 60 days5.755.7561 days to 90 days6691 days to 120 days6.256.25121 days to 180 days6.56.55181 days to 210 days6.756.81211 days to 269 days6.756.86270 days or below 1 years77.121 Years to below 1 Years 2 Months7.657.871 Years 2 Months to below 2 Years7.47.752 years to below 2 years 6 Months7.257.732 years 6 Months to below 2 years 9 Months7.257.942 years 9 Months to below 3 years7.258.023 years to below 61 month7861 month and above6.757.95Indus Tax Saver Scheme (5 years)78.65(: Bank Fixed Deposits Vs Corporate Fixed Deposits: Interest Rates, Taxation, Risks)Fixed Deposit interest rates of HDFC BankDomestic / NRO / NRE Fixed DepositsApplicable from July 6, 2018Period< 1 CroreInterest 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 mnths 1 day- 6 mnths 3 days6.35%6.85%6 mnths 4 days6.35%6.85%6 mnths 5 days- 9 mnths6.40%6.90%9 mnths 1 day- 9 mnths 3 days6.40%6.90%9 mnths 4 days6.40%6.90%9 months 5 days - 9 months 15 days6.40%6.90%9 months 16 days6.40%6.90%9 months 17 days < 1 Year6.40%6.90%1 Year6.85%7.35%1 year 1 day - 1 year 3 days6.65%7.15%1 year 4 days6.65%7.15%1 year 5 days - 1 Year 15 Days6.65%7.15%1 Year 16 days6.65%7.15%1 year 17 days - 2 Years7.00%7.50%2 years 1day - 2 Years15 days7.00%7.50%2 Years16 days7.00%7.50%2 years17 days - 3 Years7.00%7.50%3 years 1day - 5 years7.00%7.50%5 Years 1 Day - 8 Years6.00%6.50%8 Years 1 Day - 10 Years6.00%6.50%(: Recurring Deposit (RD) Interest Rates Of These Banks Are As High As 9%)Fixed deposit interest rates of State Bank of India (SBI) (Below Rs 1 crore) from sbi.co.inTenorsRevised For Public w.e.f.
28.05.2018Revised for Senior Citizens w.e.f.
28.05.20187 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 year6.657.152 years to less than 3 years6.657.153 years to less than 5 years6.77.25 years and up to 10 years6.757.25Fixed deposit interest rates of ICICI BankInterest rates on Domestic, NRO NRE deposits (Less than Rs 1 crore) from icicibank.comTenure PeriodRate of Interest (% p.a.) w.e.fJune07, 2018GeneralSenior Citizen*7 days to 14 days44.515 days to 29 days4.254.7530 days to 45 days5.5646 days to 60 days5.756.2561 days to 90 days66.591 days to 120 days66.5121 days to 184 days66.5185 days to 289 days6.256.75290 days to less than 1 year6.571 year to 389 days6.67.1390 days to 2 years6.757.252 years 1 day up to 5 years77.55 years 1 day up to 10 years77.55 Years Tax saver FD(Max upto Rs.
1.50 lac)77.5Small finance banks like Suryoday Small Finance Bank and ESAF Small Finance Bank, among others, offer higher interest rates than larger peers.