After the central bank raised the repo rate by 50 basis points to 4.90 per cent, several banks and financial institutions started raising interest rates on fixed deposits. And, in the face of rising interest rates, low-risk debt investors can consider investing in fixed deposits, which are instruments that are not tied to market-based returns and give you regular or fixed income depending on the tenure you choose. provide. , which ranges from 7 days to 10 years. In the current unpredictable equity market, investors seeking guaranteed returns, and other perks like liquidity, deposit safety, and so on can look to the leading banks mentioned below for good interest rates on Fixed Deposits (FDs).
State Bank Of India (SBI)
As of 15.02.2022, the country’s largest lender, State Bank of India (SBI), offers regular interest rates of 2.90 percent to 5.50 percent and 3.40 percent to 6.30 percent on fixed deposits maturing in 7 days to senior citizens. up to 10 years. The bank offers a maximum interest rate of 5.50 per cent to the general public and 6.30 per cent to senior citizens on fixed deposits of 5 years and up to 10 years, which is an additional benefit of 80 basis points over the standard rate offered under it. Bank’s “SBI WeCare” Deposit Scheme.
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ICICI Bank
As of May 21, 2022, ICICI Bank, one of the country’s largest private sector lender, is offering regular interest rates of 2.50 per cent to 5.75 per cent and 3.00 per cent to 6.50 per cent to senior citizens on fixed deposits of less than Rs. rather than 2 crores mature in 7 days to 10 years. The bank offers an interest rate of up to 5.75 per cent for general public and 6.50 per cent for senior citizens on fixed deposits payable in 5 years, 1 day to 10 years. The bank also offers Golden Years FD scheme for seniors, which has a maturity period of 5 to 10 years and offers an additional interest rate of 0.25 per cent to senior citizens over the existing additional rate of 0.50 per cent per annum. ICICI Bank’s Golden Years FD is valid till October 7, 2022, which should be noted by senior citizens.
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HDFC bank
The country’s largest private sector lender HDFC Bank last revised its fixed deposit interest rate on May 18, 2022, and as a result of the revision, the bank now offers interest rates ranging from 2.50 per cent to 5.75 per cent to the general public. . and 3.00 percent to 6.50 percent on fixed deposits of 7 days to 10 years for senior citizens. The bank offers a maximum rate of 5.75 per cent to regular customers and 6.50 per cent to senior citizens on fixed deposits of less than this. 2 crore 1 day in 5 years – matures in 10 years. HDFC Bank has a unique fixed deposit scheme for older adults called Senior Citizen Care FD, which allows them to get an additional 0.25 percent premium over the existing profit of 0.50% on deposits of 5 years or more . The scheme for senior citizens is valid till 30 September 2022.
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IDFC First Bank
IDFC First Bank last revised its fixed deposit interest rates on May 23, 2022, and as a result of the revision, the bank now offers interest rates of 3.50 per cent to 6.00 per cent and 4 per cent to 6.50 per cent to the general public. Percentage on deposits from 7 days to 10 years for senior citizens. The bank offers a maximum interest rate of 6.25 per cent for senior citizens and 6.75 per cent for senior citizens on deposits maturing in 3 years 1 day – 5 years.
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indusind bank
IndusInd Bank has revised its interest rates on June 1, 2022, and as a result, the bank now offers regular rates of 2.75 per cent to 6.00 per cent and 3.25 per cent to 6.50 per cent on senior citizen deposits from 7 days to 61. months and more. The bank offers a maximum interest rate of 6.50 per cent on fixed deposits of 2 years to 61 months to general public and 7 per cent to senior citizens.
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Kotak Mahindra Bank
Kotak Mahindra Bank hikes interest rates on fixed deposits of less than Rs. 2 crore on June 10, 2022. The bank has increased the interest rates on deposits from 10 to 25 basis points from 365 days to ten years. After the change, the bank currently offers an interest rate of 2.50 percent to 5.90 percent to the general public and 3.00 percent to 6.40 percent to senior citizens on deposits of 7 days to 10 years. The bank offers a maximum rate of 5.90 per cent to non-senior citizens and 6.40 per cent to senior citizens on fixed deposits maturing in three years or more but less than ten years.
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