Fixed deposits or FDs are secure financial instruments offered by banks and non-banking financial companies (NBFCs), which fetch guaranteed returns. The interest rates offered on company fixed deposits are higher than those on bank fixed deposits. However, the risks involved in corporate fixed deposits are much higher than in bank FDs, financial analysts say. While returns on bank FDs are assured, the interest rates on corporate fixed deposits depend on the profits posted by the companies. Leading banks like State Bank of India (SBI), HDFC Bank, ICICI Bank and non-banking finance companies such as Bajaj Finserv and Mahindra Finance, among others offer the facility of opening a fixed deposit (FD).
Given below are the latest interest rates offered by key banks and non-banking finance companies on fixed deposits:
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:
Bajaj Finserv
The FD interest rates according to Bajaj Finserv's website - bajajfinserv.in:
Mahindra Finance
The following FD interest rates are applicable for online investors, according to Mahindra Finance's website - mahindrafinance.com
Fixed deposits or FDs are also offered by post offices. Post office time deposit (TD) or Fixed Deposit (FD) account offers interest rates across four maturities: one year, two years, three years, and five years, according to India Post's official website- indiapost.gov.in.
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