Want To Open A Bank Fixed Deposit (FD)? Compare Interest Rates Paid By Key Lenders

Bank fixed deposits or bank FDs are considered a secure form of investment. When you invest money in a fixed deposit, banks guarantee the rate of annual return on the investment. FD returns are not linked to market volatility. So, even if markets fluctuate, returns on fixed deposits stay unchanged. Banks, however, change fixed deposit or FD interest rates from time to time. From 7 days to 10 years, bank fixed deposits come with different maturity periods. Investors can opt for a monthly, quarterly and annual interest payout.

Bank FD accounts with a lock-in period of five or 10 years are eligible for deduction in income tax under Section 80C of the Income Tax Act. Interim Budget 2019-20 proposed to increase the limit for tax deduction at source (TDS) on interest income earned on bank and post office deposits from Rs 10,000 to Rs 40,000 per annum. The proposed TDS hike will come into effect from April 1, 2019.

Given below are the latest interest rates offered by SBI, HDFC Bank, ICICI Bank, Bank of India and Bank of Baroda on fixed deposits:

State Bank of India

The following FD interest rates are applicable on deposits below Rs 1 crore, according to the bank's website - sbi.co.in:

HDFC Bank

The following FD interest rates are applicable on deposits below Rs. 1 crore with effect from November 6, 2018 according to the bank's website - hdfcbank.com:

ICICI Bank

The following FD interest rates are applicable on deposits below Rs. 1 crore, according to the bank's website - icicibank.com:

Bank of India

The following FD interest rates are applicable on deposits below Rs. 1 crore, according to the bank's website - bankofindia.co.in:

An additional interest rate of 0.50 per cent per annum is paid over and above general rates in case of senior citizens, said Bank of India on its official website.

Bank of Baroda

The following FD interest rates are applicable on deposits below Rs 1 crore, according to the bank's website - bankofbaroda.com

Branches pays an additional interest of 0.50 per cent on fixed deposits of less than Rs 1 crore from senior citizens for all tenors in terms of extant guidelines, stated Bank of Baroda on its official website.