Latest FD rates: These banks offer 6-7% interest on fixed deposits

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Banks have raised interest rates on fixed deposits in line with multiple hikes in RBI repo rate, making FD rates attractive for investors. All major lenders SBI, HDFC Bank, ICICI Bank and Axis Bank, Kotak Mahindra, IDFC First Bank and RBL 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.

IDFC First Bank, RBL Bank, Union Bank of India, and Canara Bank now offer more than 7% FD rate to general depositors and even more to senior citizens.

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IDFC First Bank latest FD rates

For an FD of maturity 750 days, the bank now offers 7.25% to general customers and 7.75% to senior citizens. Senior citizens get an extra 50 basis points over that offered to general depositors. The bank offers maturity tenures from 7 days to 10 years.

RBL Bank

The bank offer 7% on fixed deposits of maturity of 2 years. For the same maturity period, senior citizens get

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.

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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.

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.