New Delhi: India’s largest bank State Bank of India (SBI) recently increased interest rates on fixed deposits or FDs. SBI hiked interest rate by up to 10 basis points on select maturities. This comes in the wake of FD rate hikes undertaken by other major banks like HDFC Bank and ICICI Bank. HDFC Bank had increased rates by up to 50 basis points while ICICI Bank by up to 25 basis points. Banks offer FDs across a broad spectrum of maturities. Guaranteed returns and facility like premature withdrawals make bank FDs one of the most popular investment options in the country.
FD interest rates on maturity of up to 1 year
SBI offers FD facility with maturity starting from 7days to 10 years. For FDs with maturity period of 7-45 days, SBI is offering 5.75%, 46-179 days 6.25%, 180-210 days ₹ 6.35% and 211 days to less than 1 year 6.40%. SBI offers senior citizens’ additional 50 basis points interest rate across all tenures.
For FDs with maturity 7-45 days, ICICI is offering 5.50%, 46-184 days 6.25%, 185-289 days 6.50% and 290 days to less than 1 year 6.40%. For FDs with maturity 7-90 days, HDFC is offering 6.25%, 91 days to 1 year 7.30%. Axis Bank is offering an interest rate of 6.25% for FDs with maturity between 46 days and 6 months and 7.1% for fixed deposits ranging between 9 months and 1 year.
FD rates on maturity from one year to two years
On FD maturity of one year and two years, SBI is offering 6.80% interest rate. On FD maturity of 389 days to two years, ICICI is offering 7.1% interest rate.
HDFC Bank is offering 7.3% on FD maturity of one year to less than two years. Axis Bank is also offering the same rate of interest as HDFC (7.3%) for fixed deposits maturing in one and two years.
FD rates on maturity from two to three years
On FD maturity of 2-3 years, SBI is offering 6.80% interest rate, ICICI (7.5% ) and HDFC Bank 7.4 % interest rate.
Axis bank is offering 7.50% for FD maturing in 2 to less than 3 years.
FD rates on maturity from three to five years
On maturity between three to five years, SBI is offering 6.80% interest rate. ICICI and HDFC Banks are offering 7.25% interest rate on fixed deposit maturing between three to five years. Axis Bank is offering 7.25% interest rate on maturity between three to less than five years.
FD rates on maturity from five to 10 years
SBI offers an interest rate of 6.85% on FDs with maturity between five years and 10 years. ICICI offers interest rate of 7% on FDs with maturity between five years and 10 years. HDFC Bank offers interest rate of 6.5% on FDs with maturity between five years and 10 years.
For FDs with maturity between five years and 10 years, Axis Bank offers interest rate of 7%.