SBI, HDFC Bank raise interest rates on fixed deposits (FDs)

State lender State Bank of India raised interest rates by up to 15 basis points starting Feb 15; HDFC Bank also raised its rates

MintGenie Team
Updated17 Feb 2022, 01:17 PM IST
The interest rate on FD for tenure from three years to less than five years has been increased to 5.45 per cent from 5.30 per cent. Photo: Mint
The interest rate on FD for tenure from three years to less than five years has been increased to 5.45 per cent from 5.30 per cent. Photo: Mint

State Bank of India (SBI) has raised interest rates on long-term fixed deposits (FDs) by up to 15 basis points (bps) with effect from Feb 15.

The interest rate on FD for tenure from three years to less than five years has been increased to 5.45 per cent from 5.30 per cent. For senior citizens, the rate has been increased to 5.95 per cent from 5.80 per cent.

The FD interest rates for tenure between two years to fewer than three years have been increased by 10 basis points to 5.20 per cent. 

For senior citizens, the rate is now 5.70 per cent instead of the earlier 5.60 per cent. For five years to 10 years tenure, the interest rates have been raised to 5.50 per cent from 5.40 per cent. For senior citizens, the rate is now 6.30 per cent instead of 6.20 per cent.

These rates will be applicable for fixed deposits amounting to less than Rs 2 crore. At the same time, SBI has left the FD rates for tenure up to two years unchanged.

FD interest rates offered by State Bank of India w.e.f. Feb 15, 2022

Tenor  Earlier rateNew rates
7 days to 45 days        2.902.90
46 days to 179 days    3.903.90
180 days to less than 1 year4.40     4.40
1 year to less than 2 year5.10     5.10     
2 years to less than 3 years     5.10     5.20     
3 years to less than 5 years5.30     5.45
5 years and up to 10 years      5.40     5.50

(Senior citizens receive 50 basis points extra across all tenors)

 

HDFC Bank raises rates too

HDFC also announced a rate hike for the fixed deposit (FD) holders on FDs amounting to less than Rs 2 crore. The new rates will be effective from February 14.

The private lender is offering an interest of 2.5 per cent for FDs maturing between 7 days to 29 days, 3 per cent to 30 days to 90 days and 3.5 per cent to 91 days to six months. For FDs maturing between six months to less than a year, the interest rate will 4.40 per cent.

If you are putting money in fixed deposit for a year, the interest rate will be 5 per cent. Your fixed deposit will fetch the same amount of interest for the tenure up to two years. Long term fixed deposits maturing in two years one day to three years, will attract an interest rate of 5.30 per cent.

HDFC Bank will offer an interest rate of 5.45 per cent for FDs maturing between three years one day to five years. Investors will get an interest of 5.60 per cent for FDs maturing between five years one day to 10 years.

It is noteworthy that HDFC Bank, in January, raised the FD interest rates amounting to less than Rs 2 crore by five to ten basis points, making it the second time lender raised the FD rates in two months.

 

HDFC Bank’s FD interest rates on amount less than Rs 2 crore

Tenor                   Rates
7 - 29 days2.50%
30 - 90 days3.00%
91 days - 6 months3.50%    
6 months 1 days up to 1 year4.40%    
1 Year to 2 years5.00%    
2 years 1 day - 3 years    5.20%    
3 year 1 day- 5 years5.45%

 

(Note: Interest offered to senior citizens is 50 basis points more than regular interest rates across tenors) 

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First Published:17 Feb 2022, 01:17 PM IST
HomeMoneyPersonal FinanceSBI, HDFC Bank raise interest rates on fixed deposits (FDs)

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