A fixed deposit (FDs) is a secure investment instrument offered by banks, non-banking financial companies and the post office. Investment in a fixed deposit account fetches guaranteed returns. 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. Earlier this week, private sector lender HDFC Bank revised its fixed deposit interest rates.
Here's a comparison of interest rates offered by SBI, Kotak Mahindra Bank, HDFC Bank and ICICI Bank on fixed deposits up to Rs 1 crore:
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:
Kotak Mahindra Bank
The following FD interest rates are applicable on deposits below Rs. 1 crore, according to the bank's website - kotak.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:
ICICI Bank
The fixed deposit 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.
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