SBI vs HDFC Bank vs ICICI Bank vs Axis Bank: Which bank offers highest fixed deposit (FD) interest rates
Let's take a comparative look at the fixed deposit interest rates offered by the State Bank of India (SBI(, HDFC Bank, ICICI Bank and Axis Bank
Since May 2022, the banks have been increasing the interest on fixed deposits (FDs). Four consecutive repo rate hikes by the Reserve Bank of India (RBI) have given further momentum to rising FD interest rates. So. seeing the rate hike by public, private and small finance banks, it seems that the days of low FD rates are over as they are offering decent interest rates on fixed deposits.
Let's take a comparative look at the FD rates offered by the State Bank of India (SBI(, HDFC Bank, ICICI Bank and Axis Bank.
Axis Bank FD rates
On FDs maturing in 7 days to 45 days, Axis Bank gives an interest rate of 3.50% and on those maturing in 46 days to 60 days, 4%. Deposits maturing in 61 days to 6 months will fetch an interest rate of 4.50% and those maturing in 6 months to 9 months will fetch an interest rate of 5.25%.
Axis Bank offers an interest rate of 5.50% on FDs maturing in 9 months to 1 year and an interest rate of 6.25% on those maturing in 1 year to 15 months. On FDs maturing in 15 months to 18 months, the bank gives 6.40% and on those maturing in 18 Months to 3 years, 6.50%. Deposits maturing in 3 years to 10 years will also fetch 6.50%.
These rates are effective from 15 November.
HDFC Bank FD rates
HDFC Bank is offering 3 to 6.5% to general public and 3.5% to 7% to senior citizens on deposits maturing in 7 days to 10 years. These rates are effective from 8 November. HDFC Bank has mentioned on its website that “an Additional Premium of 0.25% (over and above the existing premium of 0.50%) shall be given to Senior Citizens who wish to book the Fixed Deposit less than 5 crores for a tenure of 5 (five) years One Day to 10 Years, during special deposit offer commencing from 18th May'20 to 31st Mar’2023.
SBI FD rates
SBI is offering an interest rate ranging from 3% to 6.255% for the general public and 3.50% and 6.90% for senior citizens. They are available for different FDs maturing between in 7 days to 10 years. These rates are effective from 22 October
According to the SBI website, the interest rate payable to SBI Staff and SBI pensioners will be 1.00% above the applicable rate. The rate applicable to all Senior Citizens and SBI Pensioners of age 60 years and above will be 0.50% above the rate payable for all tenors to resident Indian senior citizens i.e. SBI resident Indian Senior Citizen Pensioners will get both the benefits of Staff (1%) and resident Indian Senior Citizens (0.50%).
ICICI Bank FD rates
On November 16, 2022, ICICI Bank increased the interest rates on fixed deposits under ₹2 Cr. After making the necessary adjustments, the bank raised interest rates on a range of tenors by up to 30 bps. As a result, the bank currently offers interest rates on FDs with maturities ranging from 7 days to 10 years that range from 3% to 6.60% for the general public and 3.5% to 7% for elderly individuals.
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Business NewsMoneyPersonal FinanceSBI vs HDFC Bank vs ICICI Bank vs Axis Bank: Which bank offers highest fixed deposit (FD) interest rates
First Published:22 Nov 2022, 10:41 AM IST
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