A fixed deposit (FDs) is a secure financial instrument offered by banks, post offices 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. Fixed deposit interest rates are subject to change from time to time. Private sector lenders HDFC Bank, ICICI Bank revised their fixed deposit interest rates with effect from March 7, 2019.
Here's a comparison of fixed deposit (FD) interest rates paid by SBI, PNB, IndusInd Bank, HDFC Bank and ICICI Bank:
State Bank of India
Given below are the latest SBI FD interest rates on deposits below Rs. 2 crore:
Punjab National Bank
The following FD interest rates are applicable on deposits below Rs. 2 crore with effect from March 1, 2019:
IndusInd Bank
The following FD interest rates are applicable on deposits below Rs. 2 crore:
An additional interest rate of 0.50 per cent over and above the card rates is applicable for term deposits of senior citizens, according to bank's website, indusind.com.
HDFC Bank
The following FD interest rates are applicable on deposits below Rs. 2 crore from Macrh 7, 2019:
ICICI Bank
The following FD interest rates are applicable on deposits below Rs. 2 crore:
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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