INSUBCONTINENT EXCLUSIVE:
The fixed deposits which offer premature withdrawal facility do not offer income tax benefits.Fixed deposits (FDs), also known as term
deposits, offer guaranteed returns on investments
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
Lenders also pay slightly higher interest rates on fixed deposits to senior citizens, compared to the general public
Fixed deposits are of two types: with premature withdrawal facility and without premature withdrawal 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.State Bank
of India (SBI)The following FD interest rates are applicable on deposits below Rs 2 crore, according to the bank's website -
sbi.co.in:TenorsRevised For Public w.e.f
22.02.2019Revised for Senior Citizens w.e.f
22.02.20197 days to 45 days5.75%6.25%46 days to 179 days6.25%6.75%180 days to 210 days6.35%6.85%211 days to less than 1 year6.4%6.9%1 year
to less than 2 year6.8%7.3%2 years to less than 3 years6.8%7.3%3 years to less than 5 years6.8%7.3%5 years and up to 10
- 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 days6.75%7.25%6 months 4 days6.75%7.25%6 months 5 days- 9 months6.75%7.25%9 months 1 day- 9 months 3
days7.10%7.60%9 months 4 days7.10%7.60%9 months 5 days - 9 months 15 days7.10%7.60%9 months 16 days7.10%7.60%9 months 17 days < 1
Year7.10%7.60%1 Year7.30%7.80%1 year 1 day - 1 year 3 days7.30%7.80%1 year 4 days7.30%7.80%1 year 5 days - 1 Year 15 days7.30%7.80%1 Year 16
Years7.40%7.90%3 years 1 day - 5 years7.25%7.75%5 Years 1 day - 8 Years6.50%7.00%8 Years 1 day - 10 Years6.50%7.00%(Source:
according to the bank's website - icicibank.com:Rate of Interest (% p.a.) w.e.f March 7, 2019Tenure PeriodGeneralSenior Citizen7 days to
14 days4%4.5%15 days to 29 days4.25%4.75%30 days to 45 days5.5%6%46 days to 60 days6%6.5%61 days to 90 days6.25%6.75%91 days to 120
days6.25%6.75%121 days to 184 days6.25%6.75%185 days to 289 days6.5%7%290 days to less than 1 year6.75%7.25%1 year to 389 days6.9%7.4%390
days to 2 years7.1%7.6%2 years 1 day up to 3 years7.5%8%3 years 1 day up to 5 years7.25%7.75%5 years 1 day up to 10 years7%7.5%5 years Tax
effect from March 4, 2019, according to the bank's website - idbi.com:Maturity SlabInterest Rate (% p.a.) for general publicSenior
Citizen's Interest rates15-30days5.756.2531-45 days5.756.2546-60 days6.256.7561-90 days6.256.7591-6 months6.256.756 months 1 day to 270
days6.57271 days to < 1year6.571 year7.257.75gt;1yrs to 2yrs7.27.7gt;2 yrs to < 3 yrs7.057.553 yrs to < 1100 days6.857.351100
federalbank.co.in:PeriodLess than Rs 2 crore7 days to 14 days3.50%15 days to 29 days4.50%30 days to 60 days5.00%61 days to 90 days5.70%91
days to 180 days6.50%181 days to less than 1 year6.90%1 year to 549 days7.30%550 days7.50%551 Days to 2 years7.30%Above 2 years to less than
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