Bank fixed deposit (FD) latest rates: What SBI, HDFC Bank and ICICI offer
PremiumLet's take a look at the latest FD interest rates offered by SBI, HDFC Bank and ICICI Bank
Fixed deposits (FDs) is one of the most popular investment instruments in our country, especially among senior citizens. Investment ease and guaranteed returns make FD an ideal investment option for not only elderly but also those who do not want to risk their hard earned savings.
The rate of interest on a FD is determined by the principal amount invested and the term of the investment. So it's always important to compare the FD rates offered by various banks before investing.
Let's take a look at the latest FD interest rates offered by SBI, HDFC Bank and ICICI Bank.
HDFC Bank latest FD rates
Private lender HDFC Bank has increased the interest rates on fixed deposits of less than ₹2 crore on some tenures, according to the lender's website. The new fixed deposit (FD) rates are with effect from 20 April 2022. HDFC Bank offers 2.50 per cent to 5.60 per cent interest rates on deposits maturing in 7 days to ten years for the general public.
HDFC Bank latest FD interest rates (below ₹2 crore) for general public
| 7 - 14 days | 2.50% |
| 15 - 29 days | 2.50% |
| 30 - 45 days | 3.00% |
| 61 - 90 days | 3.00% |
| 91 days - 6 months | 3.50% |
| 6 months 1 day - 9 months | 4.40% |
| 9 months 1 day < 1 Year | 4.40% |
| 1 year | 4.40% |
| 1 year 1 day - 2 years | 5.10% |
| 2 years 1 day - 3 years | 5.20% |
| 3 year 1 day- 5 years | 5.45% |
| 5 years 1 day - 10 years | 5.60% |
SBI latest FD interest rates
SBI FDs between 7 days to 10 years will give 2.9% to 5.5% to general customers. Senior citizens will get 50 basis points (bps) extra on these deposits -3.4 %to 6.30%. These rates are effective from 15 February 2022.
SBI latest FD interest rates (below ₹2 crore) for general public
| 7 days to 45 days | 2.90% |
| 46 days to 179 days | 3.90% |
| 180 days to 210 days | 4.40% |
| 211 days to less than 1 year | 4.40% |
| 5.50% | 5.10% |
| 2 years to less than 3 years | 5.20% |
| 3 years to less than 5 years | 5.45% |
| 5 years and up to 10 years | 5.50% |
ICICI Bank latest FD interest rates
ICICI Bank is giving interest rates ranging from 2.50% to 5.60% on deposits maturing in 7 days to 10 years. These rates are with effect from 20 January 2022
ICICI Bank latest FD interest rates (below ₹2 crore) for general public
| 15 days to 29 days | 2.50% |
| 30 days to 45 days | 3.00% |
| 46 days to 60 days | 3.00% |
| 61 days to 90 days | 3.00% |
| 91 days to 120 days | 3.50% |
| 121 days to 150 days | 3.50% |
| 151 days to 184 days | 3.50% |
| 185 days to 210 days | 4.40% |
| 211 days to 270 days | 4.40% |
| 271 days to 289 days | 4.40% |
| 290 days to less than 1 year | 5% |
| 390 days to less than 15 months | 5% |
| 15 months to less than 18 months | 5% |
| 18 months to 2 years | 5% |
| 2 years 1 day to 3 years | 5.20% |
| 3 years 1 day to 5 years | 5.45% |
| 5 years 1 day to 10 years | 5.60% |
Why are banks increasing FD interest rates?
“Inflation is one of the major causes that affects interest rate levels. The higher the inflation rate, the more interest rates are likely to rise. This occurs because lenders will demand higher interest rates as compensation for the decrease in purchasing power of the money they are paid in the future. As the inflation rate in India is on a higher trajectory, most of the banks are increasing FD rates to protect the consumer against future rises in inflation," said Ravi Singhal of GCL Securities.