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Whenever it comes to new investment, people first look towards the fixed deposit. This shows that even today, fixed deposits remain the first choice of the people. There are many reasons for this, where you get the security of your money on a fixed deposit, while you also get better returns.
Benefits of fixed deposits
1- You can invest in different schemes ranging from 7 days to 10 years.
2- Under Section 80C of Income Tax, you get a tax exemption of up to Rs 1.5 lakh.
3- You can also take a loan on a fixed deposit.
4- Return is guaranteed, as it does not depend on the market.
5- You will be able to withdraw your money even before getting matured, but you will have to pay a penalty.
How much different banks are offering on FDs.
| Bank | 6 months to less than 1 year | 1 to 2 years | 2 to 3 years | 3 to 5 years | More than 5 |
| State Bank of | 4.40% | 5% | 5.10%, | 5.30% | 5.40% |
| Canara Bank | 4.45% | 5.20% | 5.40% | 5.50% | 5.50% |
| Bandhan Bank | 4.45% | 5.20% | 5.40% | 5.50% | 5.50% |
| Union Bank of India | 4.30% -4.50% | 5.25% -5.30% | 5.30% to 5.50% | 5.50% – 5.55% | 5.55% -6.00% |
| Yes Bank | 5.5-5.75% | 6.25% | 6.50% | 6.75% | 6.75% |
| Dhanalakshmi Bank | 4.50% | 5.25% to 5.30% | 5.25 to 5.40% | 5.40 to 5.50% | 5.50% |
| South Indian Bank | 4.75% | 5.40% | 5.40% | 5.50% | 5.50 to 5.65% |
| IDFC Bank | 4.50% to 5.25% | 5.75-6.0% | 5.75% | 5.75% | 5.75% |
| Axis Bank |
4.4% to 5.15% |
5.10 to 5.25% | 5.40% | 5.40% | 5.50% |
| HDFC bank | 4.40% | 4.90% | 5.15% | 5.30% | 5.50% |
