FD rate hike news: What ICICI Bank, HDFC, Bank of India, PNB and SBI offer

Recent fixed deposit (FD) rate changes have drawn considerable attention from savers. Several central banks, including ICICI Bank, HDFC Bank, Bank of India, and Punjab National Bank (PNb), have revised their FD rates. Here’s a comparison of the latest FD rates offered by the State Bank of India (SBI) and these banks.

Punjab National Bank (PNB) latest FD rates

Effective August 1, 2024, Punjab National Bank (PNB) has revised its fixed deposit (FD) interest rates. The highest rate is now 7.25% for a 400-day tenure, while the 300-day FD offers 7.05%. For a one-year and two-year FD, the interest rate is 6.80%. The three-year FD yields 7.00%, whereas the four-year and five-year FDs provide 6.50%. PNB offers 3.50% per annum for shorter durations for 7-45 days, 4.50% for 46-179 days, 6.25% for 180-270 days, and 6.50% for 271-299 days. Fixed deposits with a tenure of 301 days to one year also offer a rate of 6.50%.

Bank of India latest FD rates

Bank of India has updated its fixed deposit (FD) rates for deposits under ₹3 crore and those ranging from ₹3 crore to ₹ten crore, effective August 1, 2024. The revised rates span from 3% to 6% for deposit tenors ranging from 7 days to 10 years. The highest interest rate offered is 7.30% on deposits less than ₹3 crore with a tenure of 666 days. For detailed information, you can visit the official Bank of India website. These rates are with effect from 1 August.

ICICI Bank latest FD rates

ICICI Bank offers fixed deposit rates for general customers ranging from 3% to 7.20%, applicable across various tenures from 7 days to 10 years. These rates have been effective since July 30.

HDFC Bank latest FD rates

HDFC Bank provides interest rates on deposits ranging from 3% to 7.4% for maturities between seven days and ten years. The highest rate offered is 7.40% for general customers and 7.90% for senior citizens, applicable to deposits with a tenure of 4 years and seven months to 55 months. These updated rates have been effective since July 24, 2024.

SBI latest FD rates

State Bank of India (SBI) offers fixed deposit rates ranging from 3.50% to 7.00% for general customers, applicable across tenures from 7 days to 10 years. These rates have been effective since June 15. Senior citizens receive an additional 0.50% interest on these rates for all deposit tenures, meaning they benefit from a 0.50% higher rate than the standard rates for general customers.