The interest rates on FDs vary according to the tenor of a fixed deposit.

Fixed deposit (FDs) are secure investment instruments offered by private and public sector banks, small finance banks, non-banking financial companies (NBFCs) and post offices. The funds in these accounts are held for a fixed term, has a specified date of maturity and offer assured returns. From a FD account, the money can be withdrawn only after the term has ended or by giving a predetermined number of days notice. The interest rates on FDs, which keeps on changing from time to time, vary according to the tenor of a fixed deposit. Currently, on a three-year fixed deposit below Rs 2 crore, SBI pays an interest rate of 6.7 per cent. As compared to this, HDFC Bank offers 7.4 per cent and ICICI Bank pays 7.5 per cent on fixed deposits of the same tenor and amount. (Also read: Check Out Latest Recurring Deposit Interest Rates Of Top Banks)

Given below is a comparison of fixed deposit (FD) interest rates paid by SBI, Punjab National Bank (PNB), HDFC Bank and ICICI Bank:

State Bank of India (SBI):

The following FD interest rates are applicable on deposits below Rs. 2 crore with effect from May 9, 2019, according to bank's website- sbi.co.in:

Period General public (% p.a.) Senior citizens (% p.a.) 7 days to 45 days 5.75 6.25 46 days to 179 days 6.25 6.75 180 days to 210 days 6.35 6.85 211 days to less than 1 year 6.4 6.9 1 year to less than 2 year 7 7.5 2 years to less than 3 years 6.75 7.25 3 years to less than 5 years 6.7 7.2 5 years and up to 10 years 6.6 7.1

Punjab National Bank (PNB):

The following FD interest rates are applicable on deposits up to Rs. 2 crore with effect from May 1, 2019, according to bank's website- pnbindia.in:

Period General public (% p.a.) Senior Citizen (% p.a.) 7 to 14 days 5.75 6.25 15 to 29 days 5.75 6.25 30 to 45 days 5.75 6.25 46 to 90 days 6.35 6.85 91 to 179 days 6.35 6.85 111 days 6.5 7 180 days to 270 Days 6.35 6.85 222 days 6.6 7.1 271 days to less than 1 year 6.35 6.85 333 days 6.95 7.45 1 year 7 7.5 555 days 6.85 7.35 above 1 year & up to 3 years 6.75 7.25 above 3 year & up to 5 years 6.25 6.75 above 5 years & up to 10 years 6.25 6.75

HDFC Bank