INSUBCONTINENT EXCLUSIVE:
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 interest rates offered by State Bank of India (SBI), Punjab National Bank (PNB), Union Bank, HDFC Bank and ICICI
Bank on fixed deposits up to Rs
1 crore:State Bank of India (SBI)The 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 - pnbindia.in:Sl
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 up to 3 years6.757.2510above 3 year up to 5
with effect from August 27, 2018 according to the bank's website - pnbindia.in:Tenurelt; Rs
