The State Bank of India (SBI) is the latest bank to hike its interest rates on domestic retail term deposits or fixed deposits (FD) after the Reserve Bank of India (RBI) hiked its repo rate last week by 35 basis points. As per SBI’s website, the bank has hiked the FD rates by up to 65 basis points on select tenors, which are effective from December 13.
Fixed deposit rates and lending rates usually go up as and when the central bank hikes the policy repo rate. Since May this year, most banks have tweaked their FD rates aggressively in line with RBI’s policy outcomes, attracting more investors to take up this investment option.
When we compare the FD rates of SBI, HDFC Bank, and ICICI Bank, ICICI Bank is offering the maximum interest rate of 6.50 per cent for the 5-years-to-10-years scheme. In comparison, SBI is offering 6.10 per cent, whereas HDFC is offering 6.25 per cent.
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State Bank of India’s FD rates
SBI has hiked the fixed deposit rates by up to 65 basis points on different tenors. The rates are effective from today (December 13). The rate hike is applicable on retail domestic term deposits below Rs 2 crore.
The maximum hike is for the scheme of the 1 year to less than 2 years, which has been increased to 6.75 per cent from 6.10 per cent. Another scheme with the same interest rate is the retail term deposit in the 2 years to less than 3 years maturity bucket. It has been hiked to 6.75 per cent from 6.25 per cent.
The current interest rate on SBI FDs between 7 days to 45 days is 3 per cent. For 46 days to 179 days, the interest rate is 3.9 per cent, whereas for FDs of 180 days to less than 210 days, the rate of interest is 5.25 per cent rate. For FDs of 211 days to less than 1 year, the interest rate is 5.75 per cent. FDs maturing in 1 year to less than 2 years will give an interest rate of 6.75 per cent. Fixed deposits for 2 years to less than 3 years will offer 6.75 per cent interest rate. The schemes maturing in 3 years to less than 5 years and 5 years and up to 10 years will offer 6.25 per cent interest rate now.
Here’s the latest interest rate in all tenors:
| Tenors | Old Rates | New rates | Old rates for senior citizens | New rates for senior citizens |
| 7 days to 45 days | 3.00 | 3.00 | 3.50 | 3.50 |
| 46 days to 179 days | 4.50 | 4.50 | 5.00 | 5.00 |
| 180 days to 210 days | 5.25 | 5.25 | 5.75 | 5.75 |
| 211 days to less than 1 year | 5.50 | 5.75 | 6.00 | 6.25 |
| 1 year to less than 2 years | 6.10 | 6.75 | 6.60 | 7.25 |
| 2 years to less than 3 years | 6.25 | 6.75 | 6.75 | 7.25 |
| 3 years to less than 5 years | 6.10 | 6.25 | 6.60 | 6.75 |
| 5 years and up to 10 years | 6.10 | 6.25 | 6.90 | 7.25 |
SBI’s Wecare
The public lender said that its special SBI Wecare deposit scheme, especially for senior citizens, for the retail term deposit of 5 Years and above tenor will earn 7.25 per cent interest. The interest rate payable to SBI Staff and SBI pensioners will be 1.00 per cent over and above the applicable rate, the bank highlighted on its website.
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The SBI Wecare deposit scheme is available for customers till March 31, 2023.
HDFC Bank FD rates
The private sector lender offers a different fixed deposits or term deposits for tenures ranging from 7 days to 10 years. The interest rate ranges from 3 per cent to 6.25 per cent for general customers. For senior citizens, the interest rates range between 3.5 per cent and 7.00 per cent for schemes 7 days to 10 years.
Senior citizens usually enjoy an additional rate of interest of 0.50 per cent per annum for tenures of 7 days to 5 years. For a tenure of more than 5 years and up to 10 years, senior citizens are eligible for an additional rate of 0.75 per cent a year. The applicable interest rates will be given on the date and time of receipt of the funds by the bank for both general and senior customers. The bank revised its interest rates on November 8, 2022.
| Tenor Bucket | Interest Rate (per annum) | Senior Citizen Rates (per annum) |
| 7 – 14 days | 3.00% | 3.50% |
| 15 – 29 days | 3.00% | 3.50% |
| 30 – 45 days | 3.50% | 4.00% |
| 46 – 60 days | 4.00% | 4.50% |
| 61 – 89 days | 4.50% | 5.00% |
| 90 days < = 6 months | 4.50% | 5.00% |
| 6 mnths 1 days <= 9 mnths | 5.25% | 5.75% |
| 9 mnths 1 day to < 1 year | 5.50% | 6.00% |
| 1 year to < 15 months | 6.10% | 6.60% |
| 15 months to < 18 months | 6.40% | 6.90% |
| 18 months to < 21 months | 6.50% | 7.00% |
| 21 months – 2 years | 6.50% | 7.00% |
| 2 years 1 day – 3 years | 6.50% | 7.00% |
| 3 year 1 day to – 5 years | 6.50% | 7.00% |
| 5 year 1 day – 10 years | 6.25% | 7.00% |
ICICI Bank FD rates
Private sector lender ICICI Bank is offering different interest rates ranging between 3.00 per cent and 6.60 per cent per year for various schemes, 7 days to 10 years. Senior citizens are offered an additional interest rate. The bank revised its interest rates for FDs below Rs 2 crore on November 16, 2022.
| Tenure | Interest Rate for General Citizens (p.a.) | Interest Rate for Senior Citizens (p.a.) |
| 7 days to 14 days | 3.00% | 3.50% |
| 15 days to 29 days | 3.00% | 3.50% |
| 30 days to 45 days | 3.50% | 4.00% |
| 46 days to 60 days | 3.75% | 4.25% |
| 61 days to 90 days | 4.25% | 4.75% |
| 91 days to 120 days | 4.50% | 5.00% |
| 121 days to 184 days | 4.50% | 5.00% |
| 185 days to 210 days | 5.25% | 5.75% |
| 211 months to 270 days | 5.25% | 5.75% |
| 271 days to less than 289 days | 5.25% | 5.75% |
| 290 days to less than 1 year | 5.50% | 6.00% |
| 1 year to 389 days | 6.10% | 6.60% |
| 390 days to less than 15 months | 6.10% | 6.60% |
| 15 months to less than 18 months | 6.40% | 6.90% |
| 18 months to 2 years | 6.40% | 6.90% |
| 2 years 1 day to 3 years | 6.50% | 7.00% |
| 3 years 1 day to 5 years | 6.60% | 7.10% |
| 5 years 1 day to 10 years | 6.50% | 7.10% |
| 5 years (80C FD) – Max to Rs.1.50 lakh | 6.60% | 7.10% |
