INSUBCONTINENT EXCLUSIVE:
In a fixed deposit account, money is deposited for a specific time, which varies from 7 days to 10 years.A fixed deposit (FD) account, also
called as term deposit account, is a secure financial instrument which offer guaranteed returns
FD interest rates vary from one bank to another, depending on factors such as the term of fixed deposit
In a fixed deposit account, money is deposited for a specific time, which varies from seven days to 10 years
The fixed deposits (FDs) usually offer higher interest rates to senior citizens as compared to those for the general public
Some fixed deposits come with a premature withdrawal facility while some require a compulsory lock-in period.Here is a comparison of
interest rates offered by State Bank of India (SBI), Kotak Mahindra Bank, HDFC Bank and ICICI Bank on fixed deposits up to Rs 1 crore:State
Bank of IndiaThe following FD interest rates are applicable on deposits below Rs
1 crore, according to the bank's website - sbi.co.in:TenorsRevised For Public w.e.f
30.07.2018Revised 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
BankThe following FD interest rates are applicable on deposits below Rs
1 crore, according to the bank's website - kotak.com:Maturity Periods - Premature Withdrawal AllowedGeneralSenior Citizen7 - 14
Days3.50%4.00%15 - 30 Days4.00%4.50%31 - 45 Days5.00%5.50%46 - 90 Days5.50%6.00%91 - 120 Days6.00%6.50%121 - 179 days6.25%6.75%180
Days7.10%7.60%181 Days to 269 Days7.10%7.60%270 Days7.25%7.75%271 Days to 363 Days7.25%7.75%364 Days7.25%7.75%365 Days to 389
Days7.40%7.90%390 Days (12 months 25 days)7.50%8.00%391 Days - Less than 23 Months7.50%8.00%23 Months7.50%8.00%23 months 1 Day- less than 2
years7.50%8.00%2 years- less than 3 years7.25%7.75%3 years and above but less than 4 years7.10%7.60%4 years and above but less than 5
Rs 1 crore with effect from October 6, according to the bank's website - hdfcbank.com:Periodlt; 1 CroreInterest Rate (per annum)Senior
Citizen Rates (per annum)7 - 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 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 - 2 Years7.25%7.75%2 years 1day - 2 Years 15 days7.10%7.60%2 Years 16 days7.10%7.60%2 years 17 days - 3
FD interest rates are for deposits below Rs 1 crore, according to the bank's website - icicibank.com:Tenure PeriodRate of Interest (%
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
1.50 lac)7.257.75The fixed deposit accounts which have a lock-in period of five or 10 years also offer income tax benefit under Section 80C
