INSUBCONTINENT EXCLUSIVE:
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
Besides, fixed deposit offer higher interest rates than savings accounts
Normal savings accounts offer interest rates between 3-4 per cent usually
Fixed deposits, however, offer much higher interest rates than savings accounts
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.Here is a comparison of interest rates offered by State Bank of India (SBI), IndusInd 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:TenorsRevised For Public w.e.f
30.07.2018Revised for Senior Citizens w.e.f
30.07.20187 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
according to the bank's website - hdfcbank.com:Period< 1 CroreInterest Rate (per annum)Senior Citizen Rates (per annum)7 - 14
days3.50%4.00%15 - 29 days4.25%4.75%30 - 45 days5.75%6.25%46 - 60 days6.25%6.75%61 - 90 days6.25%6.75%91 days - 6 months6.25%6.75%6 months 1
day- 6 months 3 days6.75%7.25%6 months 4 days6.75%7.25%6 months 5 days- 9 months6.75%7.25%9 months 1 day- 9 months 3 days7.00%7.50%9 months
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 days7.25%7.75%1 year 17 days -
2 Years7.25%7.75%2 years 1 day - 2 Years 15 days7.10%7.60%2 Years 16 days7.10%7.60%2 years 17 days - 3 Years7.10%7.60%3 years 1 day - 5
on deposits below Rs 1 crore, according to the bank's website - icicibank.com:Tenure PeriodRate of Interest (% p.a.) w.e.f August 14,
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
