New Delhi: Banks have constantly increased the interest rates on their deposits, making them more appealing, as the Reserve Bank of India (RBI) has increased the repo rate by 2.25 percent since May of this year. The government increased interest rates for a few small savings plans for the current quarter, which runs from January to March 2023.
Following is a short comparison of the interest rates offered by SBI, HDFC Bank, ICICI Bank, PPF, SCSS, POTD, and Sukanya Samriddhi Yojana fixed deposits (SSY).
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The deposit limits for the Post Office Monthly Income Scheme (POMIS) and the Senior Citizens’ Saving Scheme (SCSS) have both been raised by 50 percent as part of Union Budget 2023, offering seniors the chance to potentially enhance their interest income by 100 percent if fully invested.
State Bank of India (SBI) FD Rates 2023
For normal people, SBI offers interest rates between 3 percent and 6.75 percent, and for senior citizens, between 3.5 percent and 7.25 percent. The duration will be between seven and ten days.
HDFC Bank Fixed Deposit (FD) Rates 2023
For regular people, HDFC offers interest rates ranging from 3 percent to 7 percent, and for senior citizens, from 3.5 percent to 7.75 percent. The duration will be between seven and ten days.
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ICICI Bank Fixed Deposit (FD) Rates 2023
For normal people, ICICI offers interest rates between 3 percent and 7 percent, and for senior citizens, between 3.5 percent and 7.5 percent. The duration will be between seven and ten days.
PPF Rates 2023
A popular long-term investment option is the Public Provident Fund. The government has set the interest rate for this quarter at 7.1 percent annually (compounded yearly). The PPF has a 15-year term that may be extended.
