Bank fixed deposits (FDs) are fixed income instruments which offer fixed returns for a pre-determined specific period of time. Bank FDs are meant for people who are looking for guaranteed returns, unaffected by market uncertainties. Offered by banks and post offices, FDs require customers to deposit a lump sum amount for a rate of interest that is higher than savings accounts. The tenure of an FD ranges from seven days to 10 years. FDs with lock-in periods of five or 10 years offer income tax benefits under Section 80 C of Income Tax Act, 1961.
Leading banks like State Bank of India (SBI), HDFC Bank, ICICI Bank and Bank of Baroda (BoB) offer the option of opening a fixed deposit.
Given below are FD interest rates of SBI, HDFC Bank, ICICI Bank and Bank of Baroda:
State Bank of India (SBI) FD interest rates:
The following FD interest rates are applicable on deposits below Rs. 1 crore:
ICICI Bank
The following FD interest rates are applicable on deposits below Rs 1 crore, according to the bank's website - icicibank.com:
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:
(Also Read: Bank FD Interest Rates For Senior Citizens Compared)
Bank of Baroda
The following FD interest rates are applicable on deposits below Rs 1 crore, according to bankofbaroda.com:
However, small finance banks offer rates of interest that are higher than the mainstream banks.
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