Bank fixed deposits are for people who are averse to taking risks on their investments.Just letting your savings stay idle in a bank account cannot grow your money.
Investing your money in the right savings schemes boosts your savings, say financial planners.
Bank fixed deposits (FDs) are one of the most popular fixed income instruments.
Investing in a fixed deposit is secure because the returns on FD are fixed across predetermined, specific periods of time.
Bank fixed deposits are for people who are averse to taking risks on their investments.
For example, if you invest your money in stock or debt market, the returns may fluctuate.
But since fixed deposit returns are immune to market volatility, investors are assured of returns on their investments.How to create a fixed depositFixed deposit accounts can be created by visiting a bank branch or even online.
These days, most banks offer the facility of opening fixed deposits online.Major banks like State Bank of India (SBI), HDFC Bank, ICICI Bank and Bank of India (BoI) offer the option of opening a fixed deposit account.SBI fixed deposit ratesThe following FD interest rates are applicable on deposits below Rs.
1 crore:Maturity period (term)Interest rate with effect from July 30, 2018General publicSenior citizen7 days to 45 days5.75%6.25%46 days to 179 days6.25%6.75%180 days to 210 days6.35%6.85%211 days to less than 1 year6.4%6.9%1 year to less than 2 year6.7%7.2%2 years to less than 3 years6.75%7.25%3 years to less than 5 years6.8%7.3%5 years and up to 10 years6.85%7.35%(Source: sbi.co.in)(: 5-Year Tax-Saving Fixed Deposit: Here Are Interest Rates Paid By Top Banks)HDFC Bank fixed deposit interest ratesThe following FD interest rates are applicable on deposits below Rs.
1 crore from November 6, 2018, according to the bank's website - hdfcbank.com:(: Here Are Top 10 Services Offered By State Bank Of India)Bank of India fixed deposit interest ratesThe following FD interest rates are from bankofindia.co.inPost office fixed deposits offer annual returns between 6.9 per cent and 7.8 per cent.