INSUBCONTINENT EXCLUSIVE:
Recently, big banks such as State Bank of India (SBI), HDFC Bank have revised their fixed deposit rates.Fixed deposits (FDs) are secure
financial instruments, which offer guaranteed returns
In a fixed deposit account, money is deposited for a specific time, which varies from seven days to 10 years
Fixed deposits offer much higher interest rates than savings accounts
Recently, big banks such as State Bank of India (SBI), HDFC Bank have revised their fixed deposit rates
The revision in fixed deposit interest rates have come after the Reserve Bank of India hiked the repo rate - the rate at which its lends
funds to commercial banks - to 6.5 per cent.Here is a comparison of fixed deposit (FD) rates offered by State Bank of India (SBI), Union
Bank, HDFC Bank and ICICI Bank:Fixed deposit (FD) rates offered by State Bank of India (Below Rs
1 crore):Revised from July 30, 2018:TermInterest rate for general public (% per annum)Interest rate for senior citizens (% per annum)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 years6.857.35Fixed deposit (FD) rates offered by
Union Bank of India (Below Rs
1 crore):Interest rates effective from July 25, 2018:Tenure< Rs
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
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%Fixed deposit (FD) rates
offered by ICICI Bank:Interest rates on Domestic, NRO NRE deposits (Less than Rs
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
days6.256.75290 days to less than 1 year6.571 year to 389 days6.67.1390 days to 2 years6.757.252 years 1 day upto 5 years77.55 years 1 day
upto 10 years77.55 Years Tax saver FD(Max upto Rs
1.50 lac)77.5(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.
