Bank Fixed Deposit Interest Rates: Opening a fixed deposit account with a bank or post office is the easiest way to earn a fixed annual interest on your deposits. FD is attractive to small depositors because of the ease of operating the account and the freedom to withdraw at any time. It is easy to surrender your FD account and get your money back whenever you want. Additionally, there is also a deposit insurance guarantee of up to Rs 5 lakh on bank FDs.
In view of the RBI hiking repo rate in the last few months, banks have started raising FD rates. Here we take a look at the latest SBI Fixed Deposit Interest Rates and how they compare to HDFC Bank’s and Post Office Deposits of up to Rs 2 crore.
SBI Fixed Deposit Interest Rates 2022
SBI revised the domestic fixed deposit rates with effect from 13th August 2022. For domestic term deposits below Rs 2 crore, the public sector bank is currently offering the following interest rates:
SBI is also offering a specific tenor FD of “1000 days” at 6.10 % with effect from 15th August 2022. The scheme will be available for 75 days from 15th August. For senior citizens, the bank also offers a special “SBI Wecare’ FD plan which provides an additional premium of 30 bps (over and above the existing 50 bps). This scheme is available only for term deposits of 5 years and above only.
Read More: PNB Hikes MCLR Rates by 5 bps Today: Home Loan, Car Loan EMIs to Increase? Know Here
Post Office Fixed Deposit Interest Rate
Compared to HDFC Bank and SBI FDs, Post Office is providing a higher interest rate. On booking a term deposit of 5 years at a post office, you can get up to 6.7% interest. For tenors up to 1 to 3 years, Post office is providing 5.5% interest.
HDFC Bank Fixed Deposit Interest Rate 2022
HDFC Bank provides up to 6.1% interest on deposits of 3 year 1 day to 5 years. For senior citizens, the bank is providing an additional 0.5% interest. The revised rates of HDFC Bank are applicable from 18th August 2022. from Following are the HDFC Bank FD rates:
According to the HDFC Bank website, the bank computes interest based on the actual number of days in a year.
