Investment in a fixed deposit account earns a range of interest rates.
The interest rate on deposit in a fixed deposit or FD account today depends on factors such as the bank, the amount of investment and the maturity period.
While most banks today offer higher interest rates to senior citizens than the general public, the investor can choose from a number of maturity periods available as per his or her investment goal.Top banks today, from state-run State Bank of India to its private sector peers ICICI Bank, HDFC Bank and Axis Bank, pay an interest rate of 3.5-7.75 per cent on deposits of below Rs 1 crore in a fixed deposit of maturity period up to one year.Here's a comparison of interest rates paid by SBI, HDFC Bank, ICICI Bank and Axis Bank on fixed deposits up to Rs 1 crore:State Bank of India (SBI)Interest rate in per cent with effect from July 30, 2018Maturity periodGeneral publicSenior citizens7 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 years6.857.35(Source: sbi.co.in)HDFC BankInterest rate in per cent with effect from August 6, 2018Maturity periodGeneral publicSenior citizens7 - 14 days3.504.0015 - 29 days4.254.7530 - 45 days5.756.2546 - 60 days6.256.7561 - 90 days6.256.7591 days - 6 months6.256.756 mnths 1 day- 6 mnths 3 days6.757.256 mnths 4 days6.757.256 mnths 5 days- 9 mnths6.757.259 mnths 1 day- 9 mnths 3 days7.007.509 mnths 4 days7.007.509 months 5 days - 9 months 15 days7.007.509 months 16 days7.007.509 months 17 days < 1 Year7.007.501 Year7.257.751 year 1 day - 1 year 3 days7.257.751 year 4 days7.257.751 year 5 days - 1 Year 15 Days7.257.751 Year 16 days7.257.751 year 17 days - 2 Years7.257.752 years 1day - 2 Years15 days7.107.602 Years16 days7.107.602 years17 days - 3 Years7.107.603 years 1day - 5 years7.107.605 Years 1 Day - 8 Years6.006.508 Years 1 Day - 10 Years6.006.50(Source: hdfcbank.com)ICICI BankInterest rate in per cent with effect from August 14, 2018Maturity periodGeneral publicSenior citizens7 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 years77.5(Source: icicibank.com)Axis BankMaturity periodInterest rate in per cent with effect from September 10, 20187 days to 14 days3.5015 days to 29 days3.5030 days to 45 days5.5046 days to 60 days6.2561 days < 3 months6.253 months < 4 months6.254 months < 5 months6.255 months < 6 months6.256 months < 7 months6.757 months < 8 months6.758 months < 9 months6.759 months < 10 months7.0010 months < 11 months7.0011 months < 1 year7.001 year < 1 year 5 days7.251 year 5 days < 1 year11 days7.251 year 11 days < 13 months7.2513 months < 14 months7.3014 months < 15 months7.2515 months < 16 months7.2516 months < 17 months7.2517 months < 18 months7.2518 Months < 2 years7.252 years < 30 months7.2530 months < 3 years7.253 years < 5 years7.255 years to 10 years7(Source: axisbank.com)Wealth planners say that fixed deposits aresuitable for conservative investors, or those who are not willing to risk their money for an opportunity to earn higher returns.