Lenders also pay slightly higher interest rates on fixed deposits to senior citizens.Private sector lender ICICI Bank's latest changes to its fixed deposit interest rates came into effect today.

Another private sector lender, Axis Bank also revised its interest rates yesterday.

A fixed deposit (FDs) is a secure financial instrument offered by banks, which fetch 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.Here's a comparison of interest rates offered by ICICI Bank, Axis Bank, SBI and HDFC Bank on fixed deposits up to Rs.

1 crore:ICICI BankThe following FD interest rates are applicable on deposits below Rs.

1 crore, according to the bank's website - icicibank.com:Tenure PeriodRate of Interest (% p.a.) w.e.f November 15, 2018 GeneralSenior Citizen7 days to 14 days44.515 days to 29 days4.254.7530 days to 45 days5.5646 days to 60 days66.561 days to 90 days6.256.7591 days to 120 days6.256.75121 days to 184 days6.256.75185 days to 289 days6.57290 days to less than 1 year6.757.251 year to 389 days6.97.4390 days to 2 years7.17.62 years 1 day upto 3 years7.583 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)7.257.75 Axis BankThe following FD interest rates are applicable on deposits below Rs.

1 crore, according to the bank's website - axisbank.com:TermInterest rates (with effect from November 14, 2018)General publicSenior citizens7 days to 14 days3.53.515 days to 29 days3.53.530 days to 45 days5.55.546 days to 60 days6.256.2561 days < 3 months6.256.253 months < 4 months6.256.254 months < 5 months6.256.255 months < 6 months6.256.256 months < 7 months6.7577 months < 8 months6.7578 months < 9 months6.7579 months < 10 months7.17.3510 months < 11 months7.17.3511 months < 1 year7.17.351 year < 1 year 5 days7.37.951 year 5 days < 1 year 11 days7.37.951 year 11 days < 13 months7.37.9513 months < 14 months7.35814 months < 15 months7.37.9515 months < 16 months7.37.9516 months < 17 months7.37.9517 months < 18 months7.37.9518 Months < 2 years7.37.952 years < 30 months7.257.930 months < 3 years7.257.753 years < 5 years7.257.755 years to 10 years77.5 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) HDFC 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: 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.