Public sector lender Canara Bank has revised its fixed deposit rates.
The move comes after country's largest lender, State Bank of India (SBI), recently revised its fixed deposit rates.
Fixed deposits (FDs) are secure financial instruments, which offer guaranteed returns.
In a fixed deposit account, money is deposited for a specific time, which varies from seven days to 10 years.
Normal savings accounts offer interest rates between 3-4 per cent usually.
Fixed deposits, however, offer much higher interest rates than savings accounts.Here is a comparison of fixed deposit (FD) rates offered by Canara Bank, State Bank of India (SBI), HDFC Bank and ICICI Bank:Fixed deposit (FD) rates offered by Canara Bank (Below Rs.
1 crore):Revised from August 4, 2018:DomesticRate of Interest (%) p.a.For Deposits less than Rs.1 Crore w.e.f.
04.08.2018Term Deposits (All Maturities)General PublicSenior CitizenRate of Interest (% p.a)Rate of Interest (% p.a)7 days to 14 days *5.756.2515 days to 30 days5.756.2531 days to 45 days5.756.2546 days to 60 days6.256.7561 days to 90 days6.256.7591 days to 120 days6.256.75121 days to 179 days6.256.75180 days to 269 days6.356.85270 days to less than 1 year6.46.91 year only6.77.2Above 1 year to less than 2 years77.52 years above to less than 3 years6.77.23 years above to less than 5 years6.26.75 years above to less than 8 years6.26.78 years above to 10 years6.26.7(Source: canarabank.com)However, in the 7 days to 14 days bracket, rates are applicable only for single deposit of Rs 5 lakh above .Fixed deposit (FD) rates offered by State Bank of India (Below Rs.
1 crore):Revised from July 30, 2018:TermInterest rate for general public (% per annum)Interest rate for senior citizens (% per annum)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 year6.77.22 years to less than 3 years6.757.253 years to less than 5 years6.87.35 years and up to 10 years6.857.35Fixed deposit (FD) rates offered by HDFC Bank (Less than Rs.
1 crore):Rate of Interest (% p.a.) w.e.f July 6, 2018TenureInterest rate for general publicInterest rate for senior citizen7 - 14 days3.50%4.00%15 - 29 days4.25%4.75%30 - 45 days5.75%6.25%46 - 60 days6.25%6.75%61 - 90 days6.25%6.75%91 days - 6 months6.25%6.75%6 months 1 day- 6 months 3 days6.35%6.85%6 months 4 days6.35%6.85%6 months 5 days- 9 months6.40%6.90%9 months 1 day- 9 months 3 days6.40%6.90%9 months 4 days6.40%6.90%9 months 5 days - 9 months 15 days6.40%6.90%9 months 16 days6.40%6.90%9 months 17 days < 1 Year6.40%6.90%1 Year6.85%7.35%1 year 1 day - 1 year 3 days6.65%7.15%1 year 4 days6.65%7.15%1 year 5 days - 1 Year 15 Days6.65%7.15%1 Year 16 days6.65%7.15%1 year 17 days - 2 Years7.00%7.50%2 years 1day - 2 Years15 days7.00%7.50%2 Years16 days7.00%7.50%2 years17 days - 3 Years7.00%7.50%3 years 1day - 5 years7.00%7.50%5 Years 1 Day - 8 Years6.00%6.50%8 Years 1 Day - 10 Years6.00%6.50%(Source: hdfcbank.com)Fixed deposit (FD) rates offered by ICICI Bank:Interest rates on Domestic, NRO NRE deposits (Less than Rs 1 crore)Rate of Interest (% p.a.) w.e.f June 07, 2018TenureGeneral publicSenior Citizen7 days to 14 days44.515 days to 29 days4.254.7530 days to 45 days5.5646 days to 60 days5.756.2561 days to 90 days66.591 days to 120 days66.5121 days to 184 days66.5185 days to 289 days6.256.75290 days to less than 1 year6.571 year to 389 days6.67.1390 days to 2 years6.757.252 years 1 day upto 5 years77.55 years 1 day upto 10 years77.55 Years Tax saver FD(Max upto Rs.
1.50 lac)77.5(Source: icicibank.com)Some fixed deposit accounts come with the facility of premature withdrawal while some have a compulsory lock-in period.
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.