A fixed deposit (FDs) is a secure financial instrument offered by banks, post offices, small finance banks, non-banking financial companies which fetch 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. 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.
Here's a comparison of fixed deposit (FD) interest rates paid by Bank of Baroda, SBI, HDFC Bank, ICICI Bank and Bank of India:
Bank of Baroda
The following FD interest rates are applicable on deposits below Rs. 2 crore, according to bankofbaroda.com:
Branches may continue to pay an additional interest of 0.50 per cent on domestic term deposits of less than Rs 2 crore to senior citizens for all tenors in terms of extant guidelines, said the bank on its portal.
State Bank of India
The following FD interest rates are applicable on deposits below Rs. 2 crore, according to sbi.co.in:
HDFC Bank
The following FD interest rates are applicable on deposits below Rs. 2 crore from March 7, 2019 according to hdfcbank.com:
ICICI Bank
The following FD interest rates are applicable on deposits below Rs. 2 crore according to icicibank.com:
Bank of India
The following FD interest rates are applicable on deposits below Rs. 2 crore according to bankofindia.co.in:
The bank offers 0.50 per cent p.a. additional rate of interest over and above card rates to senior citizens for minimum deposits of Rs 5,000 up to Rs.1 crore, according to the bank's website.
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