Check Out Latest Fixed Deposit Rates of Leading Banks of India
Secure financial instruments with guaranteed returns are fixed deposits (FDs). The money is deposited in a fixed deposit account for a specific time. Most banks now offer a maturity period of 7 days to 10 years for fixed deposits. Money deposited in an savings account usually yields an interest rate of 3 – 4%.However, fixed deposits offer much higher interest rates than savings accounts. Lenders also pay slightly higher interest rates to senior citizens on fixed deposits compared with those applicable to the general public. Banks continue to review their fixed deposit rates from time to time.
Here is a comparison of fixed deposit rates offered by State Bank of India, Bandhan bank, indusland bank, HDFC bank and ICICI Bank on fixed deposit up to 1 crore.
1.The following fixed deposit rates are applicable on deposit below 1 crore according to State Bank of India’s website.
2.The following FD interest rates are applicable on deposit below 1 crore with effect from 9 October 2018 according to Bandhan Bank’s website.
Senior citizens will receive an additional 0.75 percent over and above the table rate, said Bandhan Bank.
3.The following FD interest rates are applicable on deposit below 1 crore with effect from 5 October 2018 according to IndusInd Bank’s website.
An additional interest rate of 0.50 per cent is applicable for term deposits of senior citizens for value under Rs. 1 crore, IndusInd Bank said.
4.The following FD interest rates are applicable on deposit below 1 crore with effect from 6 October 2018 according to HDFC Bank’s website.
5.The following fixed deposit rates are applicable on deposit below 1 crore with effect from 5 October 2018 according to ICICI Bank’s website.
The fixed deposit accounts with a lock- in period of five or 10 years also offer income tax benefits under the Income Tax Act Section 80C.
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