Fixed deposit (FD) accounts offer higher returns as compared to savings accounts. FDs require investors to make a lump-sum investment for a pre-specified tenure and enable them to earn a fixed interest rate until that given period. Customers can avail fixed deposits from a minimum of seven days to 10 years. Interest payout frequencies that a customer can choose with fixed deposits are monthly, quarterly or at maturity. Most leading banks today, from public sector State Bank of India (SBI) to private sector peers HDFC Bank and ICICI Bank, offer an interest rate ranging from 3.50 per cent to 7.90 per cent for a tenure of one year, according to an analysis of interest rates displayed on their websites.
Given below are the latest interest rates offered by SBI, HDFC Bank, ICICI Bank and IndusInd Bank on fixed deposits (FDs):
State Bank of India (SBI)
The following FD interest rates are applicable on deposits below Rs 2 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:
IndusInd Bank
The following FD interest rates are applicable on deposits below Rs 1 crore, according to the bank's website - indusind.com:
An additional interest rate of 0.50 per cent over and above the rates is applicable for fixed deposits of senior citizens for value below Rs 1 crore, noted the bank on its website.
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