Fixed deposits (FDs), also known as term deposits, offer guaranteed returns on investments. In a fixed deposit account, money can be invested for a higher rate of interest than savings accounts. One can deposit a lump sum of money in fixed deposits for a specific period, ranging from seven days to 10 years. Lenders also pay slightly higher interest rates on fixed deposits to senior citizens, compared to the general public. Fixed deposits are of two types: with premature withdrawal facility and without premature withdrawal facility. The fixed deposits which offer premature withdrawal facility do not offer income tax benefits. However, FDs without a premature withdrawal facility require a lock-in period of five or 10 years and offer income tax benefits.
Given below are the latest interest rates offered by SBI, HDFC Bank, ICICI Bank, IDBI Bank and Federal Bank on fixed deposits (FDs) below 2 crore:
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 2 crore with effect from March 7, 2019 according to the bank's website - hdfcbank.com:
ICICI Bank
The following FD interest rates are applicable on deposits below Rs 2 crore, with effect from March 7, 2019, according to the bank's website - icicibank.com:
IDBI Bank
The following FD interest rates are applicable on deposits below Rs 2 crore, with effect from March 4, 2019, according to the bank's website - idbi.com:
Federal Bank
The following FD interest rates are applicable on deposits below Rs 2 crore, with effect from February 23, 2019, according to the bank's website - federalbank.co.in:
An additional interest rate of 0.50 per cent is available for deposits of senior citizens for all tenors, according to bank's website.
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