In line with multiple hikes in RBI repo rate, banks have raised interest rates on fixed deposits, making them attractive for investors. All major lenders SBI, HDFC Bank, ICICI Bank and Axis Bank have raised their FD interest rates to multi-year highs. In September end, the central bank hiked the repo rate by another 50 basis points (bps). As a result, banks too upped their deposits interest rates.
Take a look at the latest FD interest rates of State Bank of India, HDFC Bank, ICICI Bank and Axis Bank.
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SBI fixed deposit rates
SBI has increased FD interest rates by up to 20 bps. It is now offering an interest rate ranging from 3% to 5.85% for the general public and 3.50% and 6.65% for senior citizens on deposits maturing in 7 days to 10 years. The new rates are effective from 15 October.
HDFC Bank fixed deposit rates
HDFC Bank has raised interest rates on fixed deposits for retail investors by up to 75 basis points. On deposits maturing in 7 days to 10 years, investors will now get interest rates ranging from 3% to 6.00% for the general public and 3.50% to 6.75% for senior citizens. As per the bank’s official website, the new rates are effective from October 11, 2022.
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ICICI Bank FD rates
ICICI Bank has increased interest rates on fixed deposits. On deposits maturing in 7 days to 10 years, interest rates have been hiked ranging from 3% to 6.20% for the general public and 3.50% to 6.75% for senior citizens. As per the bank’s official website, the new rates are effective from October 18.
Axis Bank FD rates
Axis Bank is offering interest rates on fixed deposits maturing in 7 days to 10 years that range from 3.50% to 6.10% for the general public and 3.50% to 6.85% for senior citizens. The new rates are effective from October 14, 2022.
