Receive up-to-the-minute news updates on the hottest topics with NewsHub. Install now.

State Bank of India Revises Fixed Deposit Interest Rates; What Others Lenders Pay

28 November, 2018 3:55 PM
108 0
State Bank of India Revises Fixed Deposit Interest Rates; What Others Lenders Pay

State Bank of India (SBI), the largest lender of the country, revised its fixed deposit (FD) interest rates with effect from today, the bank said on its website - sbi.co.in. A fixed deposit (FDs) is a secure financial instrument offered by banks, which fetch guaranteed returns. In a fixed deposit account, money can be invested for a higher rate of interest than savings accounts. One can deposit a lump sum of money in fixed deposits for a specific period, ranging from seven days to 10 years.

Private sector peers HDFC Bank and ICICI Bank last revised their FD interest rates on November 6 and November 15 respectively. SBI hiked its FD interest rates ahead of the Reserve Bank of India's bi-monthly monetary policy review outcome on December 5.

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.

Source: ndtv.com

Share in social networks:

Comments - 0