The general population can take advantage of interest rates from HDFC Bank that range from 3% to 7.10%.
HDFC Bank has increased the interest rate on specific fixed deposits (FDs) to less than Rs 2 crore. For the general public, HDFC Bank provides interest rates ranging from 3% to 7.10% and from 3.50% to 7.60%, whereas, for people over 65, the new interest rates for term deposits in HDFC Bank came into effect on February 21, 2023.
Following the change in HDFC Bank’s FD rates, the bank is now giving its customers 3% on FDs for terms of seven to fourteen days and 3.50% on FDs for terms of thirty to forty-five days and sixty days. The bank will pay 4.50 per cent interest on FDs that are 61 to 89 days old.
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Currently, the bank is giving 4.50% interest on FDs with terms of 90 days or less to less than 6 months, 5.75% interest on FDs with terms of 6 months or less to less than 9 months, and 6% interest on FDs with terms of 9 months or less to less than 1 year.
On the other hand, ICICI bank increased interest rates on large fixed deposits (FDs) from Rs 2 billion to under Rs 5 billion. The bank now offers interest rates on deposits with terms varying from 7 days to 10 years, with a range of 4.50% to 6.75%, as a result of the modification. Customers can now obtain a maximum return of 7.15% from ICICI Bank on their bulk deposits with terms ranging from 15 months to 2 years. According to the bank’s official website, these interest rates will take effect on February 7, 2023.
Now let’s compare the ICICI and HDFC bank’s fixed deposit rates.
SBI FDs with terms of 7 days to 10 years will offer the general public 3% to 7.1%. Seniors will receive an additional 50 basis points (bps) on these payments. These prices are valid as of February 15, 2023. Following are the tenor terms with the rate of interest:
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7 days to 45 days – 3%
46 days to 179 days – 4.5%
180 days to 210 days – 5.25%
211 days to less than 1 year – 5.75%
1 year to less than 2 years – 6.8%
400 Days (AMRIT KALASH)-7.10%
2 years to less than 3 years – 7.00%
3 years to less than 5 years – 6.5%
5 years and up to 10 years – 6.5%
