Earlier this week, private sector lender HDFC Bank revised its fixed deposit interest rates.A fixed deposit (FDs) is a secure investment instrument offered by banks, non-banking financial companies and the post office.

Investment in a fixed deposit account fetches guaranteed returns.

In a fixed deposit account, money can be invested for a higher rate of interest than savings accounts.

One can deposit a lump sum of money in fixed deposits for a specific period, ranging from seven days to 10 years.

Lenders also pay slightly higher interest rates on fixed deposits to senior citizens, compared to the general public.

Earlier this week, private sector lender HDFC Bank revised its fixed deposit interest rates.Here's a comparison of interest rates offered by SBI, Kotak Mahindra Bank, HDFC Bank and ICICI Bank on fixed deposits up to Rs 1 crore:State Bank of India (SBI)The following FD interest rates are applicable on deposits below Rs.

1 crore, according to the bank's website - sbi.co.in:Maturity period (term)Interest rate with effect from July 30, 2018General publicSenior citizen7 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) Kotak Mahindra BankThe following FD interest rates are applicable on deposits below Rs.

1 crore, according to the bank's website - kotak.com:Regular Interest Rates for Domestic / NRO / NRE Fixed Deposits effective from 30th October 2018 (subject to change from time to time)Maturity Periods - Premature Withdrawal AllowedLess than Rs.1 Crore7 - 14 Days3.50%15 - 30 Days4.00%31 - 45 Days5.00%46 - 90 Days5.50%91 - 120 Days6.50%121 - 179 days6.50%180 Days7.10%181 Days to 269 Days7.00%270 Days7.00%271 Days to 363 Days7.00%364 Days7.00%365 Days to 389 Days7.25%390 Days (12 months 25 days)7.30%391 Days - Less than 23 Months7.25%23 Months7.25%23 months 1 Day- less than 2 years7.25%2 years- less than 3 years7.25%3 years and above but less than 4 years7.10%4 years and above but less than 5 years7.00%5 years and above upto and inclusive of 10 years6.50%Source: kotak.comHDFC BankThe following FD interest rates are applicable on deposits below Rs.

1 crore from November 6, 2018, according to the bank's website - hdfcbank.com: ICICI BankMaturity period (term)Interest rate with effect from August 14, 2018General publicSenior 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 up to 5 years7.257.755 years 1 day up to 10 years77.55 Years Tax saver FD (Max up to Rs.

1.50 lac)7.257.75(Source: icicibank.com) 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.