From May 2022, banks are increasing interest on fixed deposits (FD). The increase in the repo rate for four consecutive times by the Reserve Bank of India (RBI) has given further impetus to the rising interest rates of FDs. So. The days of low FD rates seem to be over as public, private and small finance banks hike rates as they are offering good interest rates on fixed deposits.
Let’s take a comparative look at the FD rates offered by State Bank of India (SBI (, HDFC Bank, ICICI Bank and Axis Bank).
Axis Bank FD Rates
On FDs maturing in 7 days to 45 days, Axis Bank offers an interest rate of 3.50% and those maturing in 46 days to 60 days, 4%. Deposits maturing in 61 days to 6 months will fetch an interest rate of 4.50% and those maturing in 6 months to 9 months will fetch an interest rate of 5.25%.
Axis Bank offers an interest rate of 5.50% on FDs maturing in 9 months to 1 year and 6.25% on FDs maturing in 1 year to 15 months. On FDs maturing in 15 months to 18 months, the bank offers 6.40% and those maturing in 18 months to 3 years, 6.50%. Deposits maturing in 3 years to 10 years will also get 6.50% interest.
These rates are effective from 15 November.
hdfc bank fd rates
HDFC Bank is offering 3 to 6.5% to general public and 3.5% to 7% to senior citizens on deposits ranging from 7 days to 10 years. These rates are effective from 8 November. HDFC Bank on its website mentions that “an additional premium of 0.25% (over and above the existing premium of 0.50%) will be given to senior citizens booking fixed deposits of less than 5 crores for a tenure of 5 (five) years.” ) years 1 day to 10 years, from 18 May’20 to 31 March 2023 during the special deposit offer.
SBI FD Rates
SBI is offering interest rates ranging from 3% to 6.255% for general public and 3.50% and 6.90% for senior citizens. These are available for different FDs maturing between 7 days to 10 years. These rates are effective from October 22
As per the SBI website, the interest rate payable to SBI Staff and SBI Pensioners will be 1.00% higher than the applicable rate. The rate applicable to all senior citizens and SBI pensioners aged 60 years and above will be 0.50% higher than the rate applicable to resident Indian senior citizens i.e. SBI resident Indian senior citizen pensioners for both employees’ benefits (1%). and Resident Indian Senior Citizens (0.50%).
ICICI Bank FD Rates
On November 16, 2022, ICICI Bank increased interest rates on fixed deposits under 2 crores. After making necessary adjustments, the bank increased interest rates by up to 30 bps on various tenors. As a result, the bank currently offers interest rates on FDs with maturities ranging from 7 days to 10 years ranging from 3% to 6.60% for general public and 3.5% to 7% for senior citizens.
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