Comparing FD Rates: In response to the Reserve Bank of India’s series of policy rate adjustments beginning in May of the previous year, FD interest rates have risen. This modification is a result of the enhanced deposit rates offered by banks at this time. Surprisingly, current FD rates have risen to 7.75%, exceeding the 15-month high inflation rate of 7.44%. All of the main banks, including HDFC Bank, SBI, and ICICI Bank, have increased both their fixed deposit interest rates and their loan interest rates over the past year.
The highest fixed deposit interest rate offered by HDFC Bank is currently 7.75%, depending on the depositor’s age and the term of the deposit. ICICI Bank has rates as high as 7.60% per year, while SBI is close behind with a rate of 7.50% per year.
Here is a side-by-side comparison of the most recent FD interest rates offered by ICICI Bank, State Bank of India (SBI), and HDFC Bank for deposits below Rs 2 crore.
FD Rate Hike Alert: Banks Increase Fixed Deposit Rates, Benefit for Investors
Current FD Interest Rates (per annum) for deposits under Rs 2 crore at HDFC Bank:
• 7 to 14 days: General Population – 3%, Seniors – 3.50 %
• 15 to 29 days: General Population – 3%, Seniors – 3.50%
• 30 to 45 days: General Public – 3.50 percent; Senior Citizens – 4.00 percent
• 46 to 60 days: 4.50% for the general public and 5.00% for senior citizens
• 61 to 89 days: 4.50% for the general public and 5.00% for senior citizens
• 90 days to 6 months: General Public – 4.50 percent, Senior Citizens – 5.00 percent
• Six months and one day to less than nine months: Public at Large – 5.75 %, Senior Citizens – 6.25 %
• 9 months 1 day to less than 1 year: General Public – 6%, Seniors – 65%
• 1 to 15 months: General Public – 6.60%, Senior Citizens – 7.10%
• 15 to 18 months: General Population – 7.10%, Senior Citizens – 7.50%
• 18 months 1 day to less than 21 months: General Population – 7.00%, Seniors – 7.50%
• 21 months to 2 years: General Population – 7.00%, Seniors – 7.50%
• 2 years 1 day to 2 years 11 months or less: Public at Large – 7%, Senior Citizens – 7.50%
• 2 years 11 months to 35 months: General Population – 7.00%; Seniors – 7.50%
• 2.13 years and 11 months 1 day to four years and seven months: Public at Large – 7%, Senior Citizens – 7.50%
• 4.75 years and 7. 1-day to five-year: Public at Large – 7%, Senior Citizens – 7.50%
• 5 years 1 day to 10 years: General Population – 7.00%; Seniors – 7.75%
Comparing FD Rates: SBI’s fixed deposit (FD) interest rates (for deposits under Rs 2 Crore):
• 7 to 45 days: General Population – 3%, Seniors – 3.50 %
• 46 to 179 days: 4.50% for the general public and 5.00% for senior citizens
• 180 to 210 days: General Public – 5.25 percent, Seniors – 5.75 percent
• 211 days to less than one year: General Population – 5.75 percent, Senior Citizens – 6.25 percent
• 1 to 2 years: General Population – 6.80%, Senior Citizens – 7.30%
• 2 to 3 years: General Population – 7.00%; Senior Citizens – 7.50%
• 3 to 5 years: General Population – 6.50%, Senior Citizens – 7.00%
• 5 to 10 years: General Population – 6.50%; Senior Citizens – 7.50%
Listed below are the most recent ICICI Bank interest rates for fixed deposits under Rs 2 crore:
• 7 to 14 days: General Population – 3%, Seniors – 3.50 %
• 15 to 29 days: General Population – 3%, Seniors – 3.50%
• 30 to 45 days: General Public – 3.50 percent; Senior Citizens – 4.00 percent
• 46 to 60 days: General Public – 4.25 percent, Seniors – 4.75 percent
• 61 to 90 days: 4.50% for the general public and 5.00% for senior citizens
• 91 to 120 days: General Public – 4.75 percent, Seniors – 5.25 percent
• 121 to 150 days: General Population – 4.75 percent, Senior Citizens – 5.25 percent
• 151 to 184 days: General Population – 4.75 %, Seniors – 5.25 %
• 185 to 210 days: General Public – 5.75 percent, Seniors – 6.25 percent
• 211 to 270 days: General Public – 5.75 percent, Seniors – 6.25 percent
• 271 to 289 days: General Population – 6%, Seniors – 65%
• 290 days to less than 1 year: General Population – 6%, Senior Citizens – 65%
• 1 year to 389 days: General Public – 6.70 percent, Senior Citizens – 7.20 percent
• 390 days to less than 15 months: General Public – 6.70 percent, Senior Citizens – 7.20 percent
• 15 to 18 months: General Population – 7.10%, Senior Citizens – 7.60%
• 18 months to 2 years: General Population – 7.10%, Seniors – 7.60%
• 2 years 1 day to 3 years: General Population – 7.00%; Seniors – 7.50%
• 3 years 1 day to 5 years: General Population – 7.00%, Seniors – 7.50%
• 5 years 1 day to 10 years: General Population – 6.90%, Seniors – 7.50%.
