INSUBCONTINENT EXCLUSIVE:
FD interest rates of banks are higher for senior citizens as compared to those for general public.Fixed deposits (FDs) are secure financial
instruments that offer guaranteed returns
In a fixed deposit account, money is deposited for a specific time
Most banks today offer a maturity period ranging from seven days to 10 years for fixed deposits
Fixed deposits, however, offer much higher interest rates compared to savings accounts
Banks keep on revising their FD interest rates from time to time.Here is a comparison of interest rates paid by State Bank of India (SBI),
rate for general public (with effect from July 30, 2018)Interest rate for senior citizens (with effect from July 30, 2018)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
2018)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 3 year upto 5
2018)Interest rate for senior citizen (with effect from August 4, 2018)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
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 days6.57290 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 saver FD(Max upto Rs
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 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 days7.25%7.75%1 year 17 days -
years7.10%7.60%5 Years 1 Day - 8 Years6.00%6.50%8 Years 1 Day - 10 Years6.00%6.50%Some fixed deposits come with a premature withdrawal
facility while some require 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
