On a fixed deposit of one-year tenure, SBI offers an interest of 6.7%.Bank fixed deposits or FDs are safe instruments of fixed income.
When you invest money in a fixed deposit, banks guarantee the rate of annual return on your investment.
This is why fixed deposits are considered a secure form of investment.
Fixed deposit returns are not linked to market volatility.
So, even if markets fluctuate, returns on fixed deposits stay unchanged.
Banks, however, change fixed deposit or FD interest rates from time to time.HDFC Bank released its latest fixed deposit or FD interest rates on Saturday.
However, state-run lender State Bank of India (SBI) and private sector peer ICICI Bank last revised their FD interest rates in July and August respectively.
Bank of Maharashtra last revised its FD interest rates in August.On a fixed deposit of one-year tenure, SBI offers an interest of 6.7 per cent, HDFC Bank of 7.25 per cent, ICICI Bank of 6.75 per cent and Bank of Maharashtra of 6.5 per cent.Given below is a comparison of fixed deposit interest rates of SBI, HDFC Bank, ICICI Bank and Bank of Maharashtra:State Bank of IndiaThe following FD interest rates are applicable on deposits below Rs 1 crore as stated on sbi.co.in:TermInterest rate for general public (with effect from July 30, 2018)Interest rate for senior citizens (with effect from July 30, 2018)7 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 years6.857.35HDFC BankThe following FD interest rates are for deposits below Rs 1 crore as stated on hdfcbank.com: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%ICICI BankThe following FD interest rates are for deposits below Rs 1 crore as stated on icicibank.com:Tenure PeriodInterest rate (with effect from August 14, 2018)GeneralSenior Citizen7 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)7.257.75Bank of MaharashtraThe following FD interest rates are from bankofmaharashtra.in:DurationFor amount less than Rs.
1.00 crore (% per annum w.e.f.
13.08.2018)7-45 days4.2546-90 days5.2591-364 days6365 Days/ 1 year6.5Over 1 year to 2 years6.5Over 2 years to 3 years6.6Above 3 years6.5Bank of Maharashtra offers an additional FD interest rate of 0.50 per cent per annum to senior citizens on all maturity slabs of 91 days and above for deposits up to Rs 1 crore.Fixed deposits which have a lock-in period of five or 10 years offer income tax benefits under Section 80 C of the Income-Tax Act, 1961.