Falling in line with high interest rate regime due to RBI policy rate outcomes since May last year, banks have been raising their fixed deposit (FD) rates aggressively on various terms. Following the central bank’s 35 bps rate hike in December policy meet, public sector lender Sate Bank of India (SBI) and private sector banks HDFC, ICICI Bank, Kotak Mahindra Bank and Axis have furthered sweetened their rates on deposits for FD customers, including senior citizens.
Check out the FD interest rates being offered by these banks:
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SBI FD interest rates:
The country’s largest lender currently offers a maximum interest rate of 6.90% on deposits of duration 5 years to 10 years, while senior citizens are offered 7.25% interest rate. SBI FD rate for deposits of duration 1 year to less than 2 years is 6.60%, and 7.25% for senior citizens on the same tenor. SBI FD with a duration of 2 years to less than 3 years now offers 6.75%, and 7.25% to senior citizens.
HDFC Bank FD interest rates:
The country’s biggest private sector bank has hiked its interest rates on bulk fixed deposits (FDs) of Rs 2 crore to Rs 5 crore. As per the official website of the bank, the new interest rates are applicable on FDs from January 3, 2023. With this revision, it is now providing interest rates of 4.50% to 7% for general customers and 5% to 7.75% for senior citizens on deposits of tenure 7 days to 10 years.
ICICI Bank FD interest rates
ICICI Bank is currently offering an interest rate in the range of 6.60% to 7% percent for tenure of one to five years. On less than 5 years tenure, the bank’s interest rate varies between 3% to 5.75%.
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Kotak Mahindra Bank FD interest rates:
The private sector lender has revised its interest rates on FDs of less than Rs 2 crore. As per the official website of the bank, the new rates are effective from December 28, 2022. After the revision, the maximum standard rate of FD is 7% for general customers and 7.50% for senior citizens on deposits with tenure of 390 days to 23 months.
Axis Bank FD interest rates:
On deposits maturing in 7 days to 10 years, Axis Bank offers interest rates in the range of 3.50% to 7% for general customers and 3.50% to 7.75% for senior citizens. General FD customers can expect a maximum interest rate of 7% on deposits maturing in 2–10 years, while senior citizens can get a maximum return of 7.75%.
