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SBI vs ICICI vs HDFC vs IDFC vs IndusInd vs Kotak Mahindra Bank: Check FD rates

After the central bank raised the repo rate by 50 basis points to 4.90 per cent, several banks and financial institutions commenced raising interest rates on fixed deposits.Premium
After the central bank raised the repo rate by 50 basis points to 4.90 per cent, several banks and financial institutions commenced raising interest rates on fixed deposits.

  • Debt investors with a low-risk profile can consider investing in fixed deposits, which are instruments that are not linked to market-based returns and provide you with regular or fixed income based on your chosen tenure.

After the central bank raised the repo rate by 50 basis points to 4.90 per cent, several banks and financial institutions commenced raising interest rates on fixed deposits. And, in the face of rising interest rates, debt investors with a low-risk profile can consider investing in fixed deposits, which are instruments that are not linked to market-based returns and provide you with regular or fixed income based on your chosen tenure, which ranges from 7 days to 10 years. In the present unpredictable equity market, investors seeking guaranteed returns, and other perks like liquidity, deposit safety, and so on might look to the leading banks mentioned below for good interest rates on fixed deposits (FDs).

State Bank of India (SBI)

As of 15.02.2022, the country's largest lender, State Bank of India (SBI), gives a regular interest rate of 2.90 per cent to 5.50 per cent and 3.40 per cent to 6.30 per cent to senior citizens on fixed deposits maturing in 7 days to 10 years. The bank gives a maximum interest rate of 5.50 per cent to the general public and 6.30 per cent to senior citizens on fixed deposits of 5 years and up to 10 years, which is an additional benefit of 80 basis points over the standard rate granted under the bank's "SBI Wecare" Deposit plan.

SBI FD Rates 
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SBI FD Rates  (sbi.co.in)

ICICI Bank

As of May 21, 2022, ICICI Bank, one of the country's largest private-sector lenders, is providing a regular interest rate of 2.50 per cent to 5.75 per cent and 3.00 per cent to 6.50 per cent to senior citizens on fixed deposits of less than 2 Cr maturing in 7 days to 10 years. The bank gives a maximum interest rate benefit of 5.75 per cent to the general public and 6.50 per cent to senior citizens on fixed deposits due in 5 years, 1 day to 10 years. The bank also provides a Golden Years FD plan for senior people, which has a maturity tenor of 5 to 10 years and offers senior citizens an additional interest rate of 0.25 per cent over the existing additional rate of 0.50 per cent per year. The Golden Years FD of ICICI Bank is valid till October 7th, 2022 which senior citizens should make a note of.

ICICI Bank FD Rates
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ICICI Bank FD Rates (icicibank.com)

HDFC Bank

HDFC Bank, the country's largest private sector lender, last revised its fixed deposit interest rate on May 18, 2022, and as a result of the revision, the bank now offers the general public an interest rate ranging from 2.50 per cent to 5.75 per cent and 3.00 per cent to 6.50 per cent to senior citizens on fixed deposits spanning from 7 days to 10 years. The bank gives a maximum rate of 5.75 per cent to regular customers and 6.50 per cent to senior citizens on fixed deposits of less than 2 Cr maturing in 5 years 1 day - 10 years. HDFC Bank has a unique fixed deposit plan for older adults called Senior Citizen Care FD, which allows them to receive an additional 0.25 per cent premium over the existing benefit of 0.50% on deposits of 5 years or more. The plan for senior citizens is valid till 30th Sep’2022.

HDFC Bank FD Rates
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HDFC Bank FD Rates (hdfcbank.com)

IDFC First Bank

IDFC First Bank last revised its fixed deposit interest rates on May 23, 2022, and as a result of the modification, the bank now provides the general public with an interest rate of 3.50 per cent to 6.00 per cent and 4 per cent to 6.50 per cent to senior citizens on deposits of 7 days to 10 years. The bank gives a maximum interest rate benefit of 6.25 per cent to senior citizens and 6.75 per cent to senior citizens on deposits maturing in 3 years 1 day – 5 years.

IDFC First Bank FD Rates
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IDFC First Bank FD Rates (idfcfirstbank.com)

IndusInd Bank

IndusInd Bank has revised its interest rates on June 1, 2022, and as a result, the bank now provides a regular rate of 2.75 per cent to 6.00 per cent and 3.25 per cent to 6.50 per cent on senior citizen deposits of 7 days to 61 months and above. The bank provides a maximum interest rate of 6.50 per cent on fixed deposits of 2 years to 61 months to the general public and 7 per cent to senior citizens.

IndusInd Bank FD Rates
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IndusInd Bank FD Rates (indusind.com)

Kotak Mahindra Bank

Kotak Mahindra Bank raised interest rates on fixed deposits of less than 2 crore on June 10, 2022. The bank has raised interest rates on deposits from 365 days to ten years by 10 to 25 basis points. Following the change, the bank currently provides 2.50 per cent to 5.90 per cent interest rates to the general public and 3.00 per cent to 6.40 per cent interest rates to senior citizens on deposits ranging from 7 days to 10 years. The bank provides a maximum rate of 5.90 per cent to non-senior citizens and 6.40 per cent to senior citizens on fixed deposits maturing in three years or more, but less than ten years.

Kotak Mahindra Bank FD
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Kotak Mahindra Bank FD (kotak.com)
ABOUT THE AUTHOR

Vipul Das

Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
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