If you are looking to make a fixed deposit account in bank like HDFC, ICICI or any other private or even public banks like SBI, you may like to think twice as the current interest rates are around 8% as compared to 10% previous year. Also with the interest coming under tax deduction, this whole putting money in fixed deposit thing don’t’ make lot of sense, you may be better of investing money in real estate right now as prices are low and you can get good deal currently.

Anyway if you still want to open a fixed deposit bank account, I will advice you to go with HDFC bank because they are the once offering highest interest rates of 8.25% per year. ICICI is offering around 8% interest rate but the premature withdrawal fine is alot less in HDFC as compared to ICICI.

If you withdraw your money in 6 months in HDFC, you will be getting around 7% interest rate as compared to ICICI’s 5.75% interest rate. People say Standard Chartered is also good so you can look its fixed deposit accounts too though its always good to have fixed deposit and savings account in same bank.

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