Banks are raising interest rates on their loan and deposit offers concurrently with the RBI’s recent increases in interest rates to combat inflation. The interest rates on fixed deposits have also increased at a number of institutions, including HDFC Bank, PNB, ICICI Bank and more.
Here is the comparison of the current fixed deposit (FD) interest rates offered by these banks on deposits below Rs. 2 crores:
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HDFC Bank:
According to the website, HDFC Bank is offering 3.50% to senior citizens and 3% to the general public on fixed deposits. For 1 year to less than 15 days, HDFC bank is offering 6.50% to the public whereas 7% to the senior citizens and for 18 months 1 day to less than 21 months- for General Public – 7.00 per cent; for Senior Citizens – 7.50 per cent. For 2 years 1 day to 3 years, HDFC Bank has revised rates on FDs, for General Public – 7% and for Senior Citizens – 7.50% effective from December 14.
South Indian Bank:
Interest rates on fixed deposits under 2 crore rupees have increased at the private sector lender South Indian Bank. The new rates go into effect on December 20, 2022, according to the bank’s official website. The bank now provides interest rates on deposits maturing in 7 days to 10 years that vary from 2.65% to 6.00% for the general public and between 3.15% and 6.50% for senior citizens as a result of the modification. Deposits with a one-year maturity period at South Indian Bank now have a maximum regular interest rate of 7.00% and 7.50% for senior citizens.
PNB:
Punjab National Bank has revised interest rates on fixed deposits below Rs 2 crore. The bank is offering 3.50% and 4% for 7 days to 14 days to the general public and senior citizens and 1 year for the general public – 6.30 per cent; for senior citizens – 6.80 per cent. Above 1 year to 599 days: for general public – 6.30 per cent; For senior persons- 6.80 per cent effective from December 19.
ICICI Bank:
ICICI Bank is offering 3% to 3.50% to the public and senior citizens on fixed deposits below Rs 2 crore. The revised interest rates on fixed deposits below Rs 2 crore at ICICI Bank will be effective from December 16. Interest rates for 290 days to less than 1 year for the general public – 5.75 per cent and for senior citizens – 6.25 per cent and interest rates on FD for 1 year to 389 days: for public – 6.60 per cent; for senior persons- 7.10 per cent.
