State-run Bank of Baroda revised its fixed deposit interest rates with effect from Monday. Fixed deposits or FDs are secure financial instruments offered by public, private sector banks, small finance banks, non-banking financial companies (NBFCs) and post offices, which fetch guaranteed returns. In a fixed deposit account, money can be invested for a higher rate of interest than savings accounts. Fixed deposit interest rates are subject to change from time to time. One can deposit a money in fixed deposits for a specific period, ranging from seven days to 10 years.
Here's a comparison of interest rates offered by Bank Of Baroda, SBI, HDFC Bank and ICICI Bank on fixed deposits up to Rs. 1 crore:
Bank of Baroda
Given below are the latest SBI FD interest rates on deposits below Rs. 1 crore:
Branches may continue to pay an additional interest of 0.50 per cent on domestic term deposits of less than Rs. 1.00 crore for senior citizens for all tenors in terms of extant guidelines, said the bank on its website - bankofbaroda.com.
State Bank of India
Given below are the latest SBI FD interest rates on deposits below Rs. 1 crore:
HDFC Bank
The following FD interest rates are applicable on deposits below Rs. 1 crore from November 6, 2018:
ICICI Bank
The following FD interest rates are applicable on deposits below Rs. 1 crore:
Fixed deposit accounts with a lock-in period of five or 10 years are eligible for deduction in income tax under Section 80C of the Income Tax Act.
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