INSUBCONTINENT EXCLUSIVE:
The state-run Union Bank recently revised its fixed deposit interest 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
Besides, fixed deposit offer higher interest rates than savings accounts
Normal savings accounts offer interest rates between 3-4 per cent usually
Fixed deposits, however, offer much higher interest rates than savings accounts
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.Here is a comparison of fixed deposit (FD) rates offered by Union Bank, State Bank of India, (SBI), Punjab National Bank (PNB), Bank Of
Baroda and Canara Bank:Fixed deposit (FD) rates offered by Union Bank (Below Rs
1 crore):Interest rates effective from September 27, 2018 (percentage per annum)Tenorslt; Rs
