FDs are of two types: with premature withdrawal facility and without premature without facility.

Fixed Deposits (FDs) are fixed-income instruments, the returns on which are determined at the time of initiating the deposit. FDs are of two types: with premature withdrawal facility and without premature without facility. The fixed deposits which offer premature withdrawal facility do not offer income tax benefits. On the other hand, FDs without a premature withdrawal facility offer income tax benefits but require a lock-in period of five or ten years. Fixed deposit accounts can be created by visiting a bank branch or even online. These days, most banks offer the facility of opening fixed deposits online.

Given below is a comparison of fixed deposit or FD interest rates offered by SBI, HDFC Bank, ICICI Bank, and Post office:

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:

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

(As mentioned on SBI's website)

HDFC Bank

HDFC Bank pays the following interest rates on fixed deposits up to Rs 2 crore, with effect from June 12, 2019, according to the bank's website:

Period < 2 Crore General public (% p.a.)​ Senior citizens (% p.a.) 7 - 14 days 3.50 4.00 15 - 29 days 4.25 4.75 30 - 45 days 5.75 6.25 46 - 60 days 6.25 6.75 61 - 90 days 6.25 6.75 91 days - 6 months 6.25 6.75 6 mnths 1 day- 6 mnths 3 days 6.75 7.25 6 mnths 4 days 6.75 7.25 6 mnths 5 days- 9 mnths 6.75 7.25 9 mnths 1 day- 9 mnths 3 days 7.10 7.60 9 mnths 4 days 7.10 7.60 9 months 5 days - 9 months 15 days 7.10 7.60 9 months 16 days 7.10 7.60 9 months 17 days < 1 Year 7.10 7.60 1 Year 7.30 7.80 1 year 1 day - 1 year 3 days 7.30 7.80 1 year 4 days 7.30 7.80 1 year 5 days - 1 Year 15 Days 7.30 7.80 1 Year 16 days 7.30 7.80 1 year 17 days - 2 Years 7.30 7.80 2 years 1day - 2 Years 15 days 7.40 7.90 2 Years 16 days 7.40 7.90 2 years 17 days - 3 Years 7.40 7.90 3 years 1day - 5 years 7.25 7.75 5 Years 1 Day - 8 Years 6.50 7.00 8 Years 1 Day - 10 Years 6.50 7.00

ICICI Bank

The following FD interest rates are applicable on deposits below Rs. 2 crore from March 7, 2019, according to icicibank.com:

Period General public (% p.a.) Senior citizens (% p.a.) 7 days to 14 days 4 4.5 15 days to 29 days 4.25 4.75 30 days to 45 days 5.5 6 46 days to 60 days 6 6.5 61 days to 90 days 6.25 6.75 91 days to 120 days 6.25 6.75 121 days to 184 days 6.25 6.75 185 days to 289 days 6.5 7 290 days to less than 1 year 6.75 7.25 1 year to 389 days 6.9 7.4 390 days to 2 years 7.1 7.6 2 years 1 day up to 3 years 7.5 8 3 years 1 day up to 5 years 7.25 7.75 5 years 1 day up to 10 years 7 7.5 5 Years Tax saver FD (Max up to Rs. 1.50 lac) 7.25 7.75

India Post

Post office FD account offers interest rates across four maturities: one year, two years, three years, and five years. Given below are the FD interest rates offered by post office:

Period Rate (% p.a.) 1 year time deposit (fixed deposit) account 7 2 year time deposit (fixed deposit) account 7 3 year time deposit (fixed deposit) account 7 5 year time deposit (fixed deposit) account 7.80

(As mentioned on India Post's website)

In case of India Post, the interest is payable annually but is calculated quarterly.