Fixed deposit schemes are one of the most popular tax-saving schemes available in banks as well as post offices for a period ranging from 7 days to 10 years. There is no cap on the money that can be invested for a fixed period. However, the amount invested cannot be withdrawn until the end of the tenure.
On Monday, the State Bank of India cut its interest rates for its retail and bulk term deposits as well as time deposits with shorter tenors such as up to 179 days. The revised rates will be applicable on retail term deposits of less than Rs 2 crore by 20 basis points (bps) and on bulk term deposits by 35 bps.
One basis point is one-hundredth of a percentage point.
Here are the latest FD rates offered by India’s leading banks:
State Bank of India:
State Bank of India
Punjab National Bank