The interest rates on FDs vary according to the tenor of a fixed deposit.Fixed deposit (FDs) are secure investment instruments offered by private and public sector banks, small finance banks, non-banking financial companies (NBFCs) and post offices.
The funds in these accounts are held for a fixed term, has a specified date of maturity and offer assured returns.
From a FD account, the money can be withdrawn only after the term has ended or by giving a predetermined number of days notice.
The interest rates on FDs, which keeps on changing from time to time, vary according to the tenor of a fixed deposit.
Currently, on a three-year fixed deposit below Rs 2 crore, SBI pays an interest rate of 6.7per cent.
As compared to this, HDFC Bank offers 7.4per cent and ICICI Bank pays 7.5 per cent on fixed deposits of the same tenor and amount.(Check Out Latest Recurring Deposit Interest Rates Of Top Banks)State Bank of India (SBI):The following FD interest rates are applicable on deposits below Rs.
2 crore with effect from May 9, 2019, according to bank's website- sbi.co.in:PeriodGeneral public (% p.a.)Senior citizens (% p.a.)7 days to 45 days5.756.2546 days to 179 days6.256.75180 days to 210 days6.356.85211 days to less than 1 year6.46.91 year to less than 2 year77.52 years to less than 3 years6.757.253 years to less than 5 years6.77.25 years and up to 10 years6.67.1Punjab National Bank (PNB):The following FD interest rates are applicable on deposits up to Rs.
2 crore with effect from May 1, 2019, according to bank's website- pnbindia.in:PeriodGeneral public (% p.a.)Senior Citizen (% p.a.)7 to 14 days5.756.2515 to 29 days5.756.2530 to 45 days5.756.2546 to 90 days6.356.8591 to 179 days6.356.85111 days6.57180 days to 270 Days6.356.85222 days6.67.1271 days to less than 1 year6.356.85333 days6.957.451 year77.5555 days6.857.35above 1 year up to 3 years6.757.25above 3 year up to 5 years6.256.75above 5 years up to 10 years6.256.75HDFC Bank