Fixed deposit (FDs), also known as term deposits, are secure investment instruments offered by private and public sector banks, small finance banks (SFBs), non-banking financial companies (NBFCs) and post offices. The funds in these accounts are held for a fixed term, has a specified date of maturity and offer assured returns. From a fixed deposit, the money can be withdrawn only after the term has ended or by giving a predetermined number of days' notice. The interest rates on FDs vary according to the tenor of a fixed deposit.
Small finance banks (SFBs) offer higher interest rates on FDs as compared to the mainstream peers. For instance, on deposits below Rs 1 crore, the largest lender of the country, State Bank of India (SBI), offers 6.8 per cent interest for a tenure of one year to less than two years. Ujjivan Small Finance Bank pays 7.5 per cent on a tenor of 180 days to 364 days, Jana Small Finance Bank offers 8.5 per cent for 181-365 days and Equitas Small Finance Bank pays 7.50 per cent for a period of 271 - 364 days
Given below are interest rates offered by large commercial banks and small finance banks on fixed deposits of up to Rs 1 crore:
State Bank of India (SBI):
Given below are the latest SBI FD interest rates on deposits below Rs 1 crore as mentioned on bank's website-sbi.co.in:
HDFC Bank
The following FD interest rates are applicable on deposits below Rs 1 crore from November 6, 2018, according to the bank's website - hdfcbank.com:
Ujjivan Small Finance Bank
These are the FD interest rates paid by the bank on fixed deposits below Rs 1 crore, according to its website-ujjivansfb.in:
Jana Small Finance Bank
These are the FD interest rates paid by the bank on fixed deposits below Rs 1 crore, according to its website - janabank.com:
Equitas Small Finance Bank
These are the FD interest rates paid by the bank on fixed deposits below Rs 1 crore, according to its website- equitasbank.com:
Suryoday Bank
These are the FD interest rates paid by the bank on fixed deposits below Rs 1 crore, according to its website- suryodaybank.com
Post offices, meanwhile, offer FD interest rates between 6.9-7.8 per cent.
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