Fixed deposits (FDs), which offer guaranteed returns on investments, are meant for investors looking for assured interests. FDs are fixed-income instruments, the returns on which are determined at the time of initiating the deposit. The annual returns on fixed deposit investments are fixed even amid market fluctuations and geopolitical uncertainties. Fixed deposits are of two types: with premature withdrawal facility and without premature without facility. The fixed deposits which offer premature withdrawal facility do not offer income tax benefits. However, FDs without a premature withdrawal facility require a lock-in period of five or 10 years and offer income tax benefits.
Major banks offer the facility of opening a fixed deposit account.
Given below are FD interest rates offered by State Bank of India (SBI), HDFC Bank, ICICI Bank and IDBI Bank:
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:
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 following FD interest rates are applicable on deposits below Rs. 1 crore:
IDBI Bank
The following FD interest rates on deposits below Rs 1 crore are with effect from October 15, 2018:
India Post fixed deposits offer annual rates of return between 6.9-7.8 per cent.
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