Banks have been continuously increasing the interest rates on Fixed Deposits (FDs) since May 2022. State Bank of India (SBI), HDFC Bank, ICICI Bank and Axis Bank have increased their FD interest rates following the latest RBI repo rate hike. On 30 September, the central bank announced a 50 basis points (bps) hike in the repo rate. As a result, banks further increased their deposit interest rates.
Let’s take a look at the latest FD interest rates offered by SBI, HDFC Bank, ICICI Bank and Axis Bank.
SBI Latest FD Rates
State Bank Of India Fixed deposit interest rates have been increased by up to 20 bps. SBI is now offering an interest rate of 3.00% to 5.85% for general public and 3.50% for senior citizens and 6.65% for deposits maturing in 7 days to 10 years. The new rates are effective from October 15.
HDFC Bank Latest FD Rates
HDFC Bank has increased interest rates on fixed deposits by up to 75 basis points for retail investors. Investors will now get interest rates ranging from 3.00% to 6.00% for general public and 3.50% to 6.75% for senior citizens on deposits maturing in 7 days to 10 years. According to the bank’s official website, the new rates are effective from October 11.
ICICI Bank Latest FD Rates
ICICI Bank has increased the interest rates on fixed deposits. Investors will now get interest rates ranging from 3% to 6.20% for general public and 3.50% to 6.75% for senior citizens on deposits maturing in 7 days to 10 years. According to the bank’s official website, the new rates are effective from October 18.
Axis Bank Latest FD Rates
axis Bank It is now offering interest rates on fixed deposits maturing in 7 days to 10 years which range from 3.50% to 6.10% for general public and 3.50% to 6.85% for senior citizens. The new rates are effective from October 14.
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