Latest bank FD rates: ICICI vs HDFC vs Axis vs SBI
2 min read . Updated: 28 Apr 2023, 02:08 PM IST
PremiumBank fixed deposit (FD) rates: Here are the latest FD interest rates offered by Axis Bank, SBI, HDFC Bank, and ICICI Bank
Since May 2022, the banks have been increasing the interest on fixed deposits (FDs). Five consecutive repo rate hikes by the Reserve Bank of India (RBI) have given further momentum to rising FD interest rates. Although, this time in April MPC meeting the central bank decided to put a pause on the repo rate, which has brought some respite to loan borrowers from the rising rates over the last 11 months. Since last year, the repo rate has increased by 250 basis points (bps). The last hike was by 25 bps in February 2023, bringing the repo rate to 6.5 per cent. The consecutive rate hike has made the returns on fixed deposits quite attractive.
Let's take a comparative look at the FD rates offered by the ICICI Bank, HDFC Bank, Axis Bank, and the State Bank of India (SBI).
ICICI Bank FD rates
ICICI Bank offers the Fixed Deposit (FD) scheme with interest rates ranging between 3.00% and 7.10% p.a. Senior citizens are provided an additional interest rate. The tenure of the scheme ranges from 7 days to 10 years. 3.50% and 7.60%. These rates are effective from February 24.
HDFC Bank FD rates
With HDFC Bank Fixed Deposit, you can invest your money for a tenure anywhere between 7 days to 10 years and earn interest over the deposited amount. You can earn an interest rate ranging from 3% to 7.1% p.a. Senior citizens enjoy an additional rate of interest of 0.50% p.a. for tenures of 7 days to 5 years -3.5% to 7.6%. These rates are with effect from 21 February.
Axis Bank FD rates
Axis Bank offers FD rates of 3.50-7.20% p.a. to the general public and 3.50-7.95% p.a. to senior citizens on tenures ranging from 7 days to 10 years. These rates are with effect from 21 April.
SBI FD rates
State Bank of India (SBI) offers attractive interest rates on fixed deposits for tenures that range from 7 days to 10 years with many attractive features and benefits. The SBI FD interest rates for the general public range from 3.00% p.a. to 7.10% p.a. and for senior citizens FD rates range from 3.50% p.a. to 7.60% p.a. These rates are effective from 15 February.