Dhanteras and Diwali are considered auspicious for investing in valuable assets like Gold and property. With recent hikes in Fixed Deposit rates, you may also consider FDs because of the flexibility and safety of investment they offer. As per RBI guidelines, there is a deposit insurance guarantee of up to Rs 5 lakh on fixed deposits. In this article, we take a look at the FD interest rates offered by the State Bank of India (SBI), HDFC Bank, ICICI Bank and Bank of Baroda for 1, 2, 3, 5 and 10 years.
SBI Fixed Deposit Rates
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SBI revised the interest rates for retail term deposits below Rs 2 crore by up to 0.8% with effect from today (October 22, 2022). SBI is now offering 5.5% interest on FD for a deposit of 1 year. For 2 and 3-year tenors, the bank is offering 6.1% and 6.25% interest rates respectively.
SBI FD interest rate for 5 and 10-year periods is 6.1%. The bank also offers an additional 0.5% interest to senior citizens.
HDFC Bank Fixed Deposit Rate
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HDFC Bank has revised FD interest rates with effect from October 11, 2022. For deposits below Rs 2 crore, HDFC Bank is offering 5.7% interest on 1 and 2-year deposits. The private sector bank offers 5.8% interest on a 3-year deposit and 6.1% interest on a 5-year deposit. For 10-year FDs, HDFC Bank is offering 6% interest.
HDFC Bank also offers an additional 0.5% interest to senior citizens.
ICICI Bank Fixed Deposit Rate
ICICI Bank has revised FD interest rates with effect from October 18, 2022. For deposits below Rs 2 crore, ICICI Bank is offering 5% interest on a 1-year deposit and 5.8% interest on a 2-year FD. The private sector bank offers 6% interest on a 3-year deposit and 6.2% interest on a 5-year deposit.
For 10-year FDs, ICICI Bank is offering 6.1% interest. ICICI Bank also offers an additional 0.5% interest to senior citizens.
