INSUBCONTINENT EXCLUSIVE:
On a one-year deposit below Rs 1 crore, SBI or State Bank of India, offers 6.7% FD interest rate.Bank fixed deposits are considered to be
the safest investment instruments in terms of the guaranteed returns that they offer
Returns on fixed deposits are secure because FD interest rates do not change according to volatile market environment
Bank fixed deposits are of two types: 1) with premature withdrawal facility 2) with compulsory lock-in periods
Fixed deposits with a premature withdrawal facility can be closed before the term of the deposit expires
However, banks charge a penalty for the same
Fixed deposits with lock-in periods of five to 10 years cannot be closed before the tenor expires
These fixed deposits, however, offer income tax benefits under Section 80 C of the Income Tax Act.On a one-year fixed deposit below Rs 1
crore, SBI or State Bank of India, the largest lender of the country, offers 6.7 per cent interest rate, HDFC Bank 7.25 per cent interest
rate, ICICI Bank 6.75 per cent interest rate and Punjab National Bank (PNB) 6.75 per cent interest rate.Given below is a comparison of fixed
deposits of SBI, PNB, HDFC Bank and ICICI Bank:Fixed deposit (FD) rates offered by State Bank of India (Below Rs
1 crore)Revised from July 30, 2018 according to sbi.co.in:TermInterest rate for general public w.e.f
30.07.2018Interest rate for senior citizens w.e.f
30.07.20187 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
FD interest rates offered by Punjab National Bank (Below Rs
NoPeriodROI (% p.a.)For Senior Citizen ROI (% p.a.)17 to 14 days5.76.2215 to 29 days5.76.2330 to 45 days5.76.2446 to 90 days6.356.85591 to
179 days6.356.856180 days to 270 Days6.356.857271 days to less than 1 year6.356.8581 year6.757.259above 1 year upto 3 years6.757.2510above
months6.25%6.75%6 mnths 1 day- 6 mnths 3 days6.75%7.25%6 mnths 4 days6.75%7.25%6 mnths 5 days- 9 mnths6.75%7.25%9 mnths 1 day- 9 mnths 3
days7.00%7.50%9 mnths 4 days7.00%7.50%9 months 5 days - 9 months 15 days7.00%7.50%9 months 16 days7.00%7.50%9 months 17 days < 1
Year7.00%7.50%1 Year7.25%7.75%1 year 1 day - 1 year 3 days7.25%7.75%1 year 4 days7.25%7.75%1 year 5 days - 1 Year 15 Days7.25%7.75%1 Year 16
of Interest (% p.a.) w.e.f August 14, 2018GeneralSenior Citizen*7 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 days6.57290 days to less than 1
year6.757.251 year to 389 days6.757.25390 days to 2 years77.52 years 1 day upto 5 years7.257.755 years 1 day upto 10 years77.55 Years Tax
