One can deposit a lump sum of money in FDs for a specific period, ranging from seven days to 10 years.Last week, Union Bank of India revised its fixed deposit interest rates, according to the bank's website - unionbankofindia.co.in.
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.
Recently, State Bank of India (SBI), the largest lender of the country, also revised its FD interest rates.Here's a comparison of interest rates offered by Union Bank Of India, SBI, HDFC Bank and ICICI Bank on fixed deposits up to Rs.
1 crore:Union BankThe following FD interest rates are applicable on deposits below Rs.
1 crore from November 28, 2018 according to the bank's website - unionbankofindia.co.in:Tenure< Rs.
1 Cr7 day 14 day515 day 30 day531 day 45 day546 day 90 day5.591 day- 120 day6.25121 day to - 179 days6.25180 days6.5181 day to <10 Month6.510 Month to 14 Month6.75>14 Month to 3 Year6.7>3 year - 5 Year6.85>5 year - 10 Year6.85State 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:TenorsRevised For Public w.e.f.
28.11.2018Revised for Senior Citizens w.e.f.
28.11.20187 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 year6.87.32 years to less than 3 years6.87.33 years to less than 5 years6.87.35 years and up to 10 years6.857.35HDFC 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 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, 2018GeneralSenior 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)7.257.75The 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.