From May 2022, banks are increasing interest on fixed deposits (FD). The increase in the repo rate by the Reserve Bank of India (RBI) for five consecutive times has given further impetus to the rising interest rates of FDs. However, this time in the MPC meeting in April, the central bank decided to freeze the repo rate, which has given some respite to borrowers from rising rates in the past 11 months. Since last year, the repo rate has increased by 250 basis points (bps). The last hike was by 25 bps in February 2023, taking the repo rate to 6.5 per cent. Persistent rate hikes have built up on returns Fixed deposit quite attractive.
Let’s take a comparative look at FD rates offered by ICICI Bank, HDFC Bank, Axis Bank and State Bank of India (SBI).
ICICI Bank FD Rates
ICICI Bank Offers Fixed Deposit (FD) schemes with interest rates between 3.00% and 7.10% per annum, with additional interest rates offered to senior citizens. The tenure of the scheme ranges from 7 days to 10 years. 3.50% and 7.60%. These rates are effective from February 24.
hdfc bank fd rates
Together HDFC Bank Fixed DepositYou can invest your money anywhere between 7 days to 10 years and earn interest on the deposited amount. You can earn an interest rate ranging from 3% to 7.1% p.a. Senior citizens can enjoy an additional interest rate of 0.50% p.a. for tenures of 7 days to 5 years -3.5% to 7.6%. These rates are effective from February 21.
Axis Bank FD Rates
axis Bank FD rates are offered in the range of 3.50-7.20% p.a. to general public and 3.50-7.95% p.a. to senior citizens for tenures ranging from 7 days to 10 years. These rates are effective from April 21.
SBI FD Rates
State Bank of India (SBI) Offers attractive interest rates on Fixed Deposits for tenures ranging from 7 days to 10 years with many attractive features and benefits. SBI FD interest rates for general public range from 3.00% p.a. to 7.10% p.a. and FD rates for senior citizens range from 3.50% p.a. to 7.60% p.a., with effect from February 15.
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