SBI has revised FD interest rates, including that of ‘Sarvottam’. Its interest rates now are ranging from 3.5% to 7.9% for tenures of up to 10 years. The new deposit rates became applicable from May 15, 2024.
The fixed deposit rates of small and large banks as well as non-bank lenders keep changing periodically, depending on various factors including the interest rate regime guided by the Reserve Bank. Many major banks including, SBI and Yes Bank, have revised their fixed deposit interest rates recently.
The country’s largest lender in terms of customer base, SBI last month revised its FD rates to offer the highest 7.5% interest rate per annum on a select tenure. Through its special FD schemes, Amrit Kalash (400 days) offers even better returns. Likewise, Yes Bank too has revised rates on its FD products, offering up to 8.5% interest rate per annum on select tenures.
Take a look at the revised fixed deposit rates of these major banks in June 2024:
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State Bank of India fixed deposit rates
SBI has revised FD interest rates, including that of ‘Sarvottam’. Its interest rates now are ranging from 3.5% to 7.9% for tenures of up to 10 years. The new deposit rates became applicable from May 15, 2024.
Under the bank’s Sarvottam (non-callable) domestic retail term deposits of above Rs 1 crore and below Rs 2 crore, the lender is offering general customers 7.40% per annum on FDs on 2-year tenure. On one-year FDs, SBI offers 7.1% to general subscribers. While senior citizens get 7.9% interest rate per annum on FDs of 2 year-tenure and 7.6% rate on 1-year FDs.
HDFC Bank fixed deposit rates
India’s largest lender, HDFC Bank is offering an interest rate of 7.25% per annum for tenures ranging 18 to 21 months. This rate is applicable on deposits of less than Rs 2 crore. For senior citizens, the bank is offering 0.5% extra interest rate on FDs. Senior citizen rates do not apply to NRIs, as per the bank’s website. HDFC Bank revised FD rates in February this year.
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ICICI Bank fixed deposit rates
The private sector bank is offering the highest interest rate of 7.3% on tenures ranging 1 year to 389 days for general customers, as per the ICICI Bank website. The bank’s lowest FD rate starts from 4.75% on tenures ranging 7 days to 14 days. Its longest tenure FDs (5 years to 10 years) are fetching 7% interest per annum for general customers.
ICICI Bank offers special rates to senior citizen FD customers. An additional interest rate of 5 basis points (bps) over and above the existing 50 bps, will be paid to senior citizens on FDs (less than Rs 2 crore) for tenures of 15 months to less than 18 months and 18 months to less than 2 years, the bank said on its website.
An additional interest rate of 10 bps over and above the existing 50 bps will be paid to senior citizens on FDs (less than Rs 2 crore) for tenures of 5 years and above, it said. The rates are effective from June 6, 2024.
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Canara Bank FD interest rates
The bank is offering interest rates of up to 7.25% on various tenures ranging 7 days to 10 years on amounts below Rs 2 crore. Senior citizens are offered interest rates ranging 4% to 7.75%. The PSU lender is offering the best rate at 7.25% for tenure of 444 days.
Yes Bank FD interest rates
Yes Bank is offering the highest interest rate of 8% on FDs with a tenure of 18 months. On FDs of the same tenure, senior citizens are offering 8.5% interest rate, 50 bps higher than normal customers.
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