Looking To Invest In Fixed Deposits? Check Out FD Rates Of Top Lenders

Fixed deposit (FD), a secure investment instrument, offers higher interest rates than the deposits in savings accounts. Fixed deposits can be started for specific period, which can be as short as 7 days. FD interest rates of most banks are higher for senior citizens as compared to those for the general public. However, fixed deposit interest rates vary according to separate maturity baskets across different lenders. Investors can opt for a monthly, quarterly and annual interest payout.  Leading banks like State Bank of India (SBI), HDFC Bank, ICICI Bank, among others offer the facility of opening a fixed deposit.

(Also read: What Is SBI Multi-Option Deposit Scheme? All You Need To Know)

Given below are the latest fixed deposit (FD) interest rates offered by SBI, HDFC Bank, ICICI Bank and Kotak Mahindra Bank:

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:

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:

Kotak Mahindra Bank

The following FD interest rates are for deposits below Rs 1 crore with effect from December 20, 2018 according to the bank's website - kotak.com:

The FD 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. The government in Interim Budget 2019-20 has proposed to increase the limit for tax deduction at source (TDS) on interest income earned on bank deposits from Rs 10,000 to Rs 40,000 per annum. The proposed TDS hike will come into effect from April 1, 2019.