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. Fixed deposit interest rates are subject to change from time to time. Last week, Axis Bank revised its fixed deposit interest rates on select maturities, according to the private sector lender's website. State-run Punjab National Bank (PNB) has also revised its fixed deposit (FD) interest rates. With effect from February 1, 2019, PNB added three new maturity periods.
Here's a comparison of interest rates offered by SBI, PNB, Axis Bank, HDFC Bank and ICICI Bank on fixed deposits up to Rs. 1 crore:
State Bank of India
Given below are the latest SBI FD interest rates on deposits below Rs. 1 crore:
Punjab National Bank
The following FD interest rates are applicable on deposits below Rs. 1 crore:
Axis Bank
The following FD interest rates are applicable 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. Last week, Union Minister Piyush Goyal, in his Budget speech, proposed to increase the limit for tax deduction at source (TDS) on interest income from Rs. 10,000 to Rs. 40,000 per annum. (Here's how it impacts you)
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