SBI vs HDFC Bank Fixed Deposit Interest Rates 2023: Most of the banks, including SBI, HDFC Bank and ICICI Bank, have recently increased their fixed deposit interest rates. FD rate hikes are immensely helpful for senior citizens as most of them like to park a significant portion of their retirement corpus into various term deposit schemes offered by banks.
After a long time, the FD interest rates offered by banks for senior citizens have gone up to 7.5%, and even more in some cases, on long-term deposits of 5 to 10 years. With this, the time required to double the money with bank FDs have also reduced. Here’s a look at how much time it will take for senior citizens to double their money with FDs offered by the State Bank of India (SBI), HDFC Bank and ICICI Bank.
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SBI Fixed Deposit
With the State Bank of India, senior citizens can double their money by booking an FD of a 10-year tenor. The bank is currently offering 7.5% interest to senior citizens. The online FD calculator on the SBI website shows that in 10 years, the maturity value of a deposit of Rs 50,000 would become Rs 1,05,117 in 10 years.
HDFC Bank Fixed Deposit
After a long time, the FD interest rates offered by banks for senior citizens have gone up to 7.5%, and even more in some cases, on long-term deposits of 5 to 10 years. With this, the time required to double the money with bank FDs have also reduced. Here’s a look at how much time it will take for senior citizens to double their money with FDs offered by the State Bank of India (SBI), HDFC Bank and ICICI Bank.
With HDFC Bank also, senior citizens can double their money by booking an FD of a 10-year tenor. The bank is currently offering 7.75% interest to senior citizens, which is the highest among the three banks compared here. The online FD calculator shows that in 10 years, the maturity value of a deposit of Rs 50,000 would become over Rs 1.07 lakh in 10 years.
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ICICI bank Fixed Deposit
With ICICI Bank, senior citizens can double their money by booking an FD of a 10-year tenor The bank is currently offering 7.5% interest to senior citizens. Online FD calculator that in 10 years, the maturity value of a deposit of Rs 50,000 would become more than Rs 1.05 lakh in 10 years.
Conclusion
While the maturity value of Fixed Deposit in all three banks will more than double in 10 years, FDs with HDFC Bank will give a higher maturity value due to the 0.25% higher interest offered by it on 10-year deposits compared to other two banks.
(Disclaimer: The above content is for information purposes only, based on interest rates shared by the banks on their respective websites as of March 10, 2023. Please check the interest rate with the bank on your own before booking an FD as it is subject to change)
