Retail fixed deposits are term deposits in which a lump sum amount up to Rs 2 crore is locked in for a fixed period of time, say five years. With effect from May 27, the lender provides interest rates to the tune of 2.9-5.4 per cent on fixed deposits to the general public, and 3.4-6.2 per cent to senior citizens.
The country's largest lender by assets, State Bank of India, for example, provides eight maturity options with the longest one being from five years to 10 years. FD Interest Rate: India's top banks currently provide a range of maturity options for fixed deposits, starting from seven days.
