Fixed deposit also offer higher interest rates than savings accounts.Fixed deposits (FDs) are secure financial instruments, which offer guaranteed returns.
FD interest rates vary according to the tenure of the fixed deposit and across banks.
In a fixed deposit account, money is deposited for a specific time, which varies from 7 days to ten years.
Fixed deposit also offer higher interest rates than savings accounts.
Some fixed deposits come with a premature withdrawal facility while some require a compulsory lock-in period.Here is a comparison of fixed deposit (FD) rates offered by State Bank of India (SBI), HDFC Bank and ICICI Bank:Fixed deposit (FD) rates offered by State Bank of India (Below Rs.
1 crore):Revised from July 30, 2018:TermInterest rate for general public w.e.f.
30.07.2018Interest rate for senior citizens w.e.f.
30.07.20187 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 year6.77.22 years to less than 3 years6.757.253 years to less than 5 years6.87.35 years and up to 10 years6.857.35FD interest rates offered by ICICI Bankon domestic, NRO NRE deposits (less than Rs 1 crore):Tenure PeriodRate of Interest (% p.a.) w.e.f August 14, 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 days6.57290 days to less than 1 year6.757.251 year to 389 days6.757.25390 days to 2 years77.52 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)7.257.75FD interest rates offered by HDFC Bank applicable from August 6, 2018 for deposits below Rs 1 crore:Period< 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 days6.75%7.25%6 mnths 4 days6.75%7.25%6 mnths 5 days- 9 mnths6.75%7.25%9 mnths 1 day- 9 mnths 3 days7.00%7.50%9 mnths 4 days7.00%7.50%9 months 5 days - 9 months 15 days7.00%7.50%9 months 16 days7.00%7.50%9 months 17 days < 1 Year7.00%7.50%1 Year7.25%7.75%1 year 1 day - 1 year 3 days7.25%7.75%1 year 4 days7.25%7.75%1 year 5 days - 1 Year 15 Days7.25%7.75%1 Year 16 days7.25%7.75%1 year 17 days - 2 Years7.25%7.75%2 years 1day - 2 Years15 days7.10%7.60%2 Years16 days7.10%7.60%2 years17 days - 3 Years7.10%7.60%3 years 1day - 5 years7.10%7.60%5 Years 1 Day - 8 Years6.00%6.50%8 Years 1 Day - 10 Years6.00%6.50%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.