SBI vs HDFC Bank vs ICICI Bank vs Axis Bank: Which bank offers the highest interest rates (FD). | Rare Techy


From May 2022, banks are increasing interest on fixed deposits (FD). Four consecutive repo rate hikes by the Reserve Bank of India (RBI) have given another boost to rising FD interest rates. Like that. seeing rate hikes by public, private and small finance banks, it seems the days of low FD rates are over as they offer reasonable interest rates on fixed deposits.

Let’s take a comparative look at the FD rates offered by State Bank of India (SBI, HDFC Bank, ICICI Bank and Axis Bank).

Axis Bank FD rates

Axis Bank offers 3.50% interest on FDs maturing in 7 days to 45 days and 4% on those maturing in 46 days to 60 days. Deposits that reach within 61 days to 6 months will receive an interest rate of 4.50% and those within 6 months to 9 months will receive an interest rate of 5.25%.

Axis Bank offers an interest rate of 5.50% for FDs maturing in 9 months to 1 year and 6.25% for those maturing in 1 year to 15 months. On FDs maturing in 15 months to 18 months, the bank pays 6.40% and on those maturing in 18 months to 3 years, 6.50%. Deposits that mature within 3 years and 10 years will also receive 6.50%.

These rates are effective from November 15.

HDFC Bank FD rates

HDFC Bank offers 3 to 6.5% to general public and 3.5% to 7% to senior citizens on deposits maturing in 7 days to 10 years. These rates are valid from November 8. HDFC Bank has mentioned on its website that “An Additional Premium of 0.25% (over the existing premium of 0.50%) will be given to senior citizens who wish to register for 5 (five) Fixed Deposits less than 5 crores. ) Year One Day to 10 Years, during special deposit offer starting from 18th May’20 to 31st March’2023.

SBI FD rates

SBI offers an interest rate of 3% to 6.255% for general public and 3.50% to 6.90% for senior citizens. They are available for various FDs maturing between 7 days and 10 years. These rates are effective from October 22

According to the SBI website, the interest rate payable to SBI Employees and SBI pensioners will be 1.00% of the applicable rate. The rate applicable to all Senior Citizens and Pensioners of SBI aged 60 years and above will be 0.50% of the rate applicable to all senior citizens resident in India, i.e. senior citizens of India SBI residents will get both benefits of Employees (1%) and Senior Indian Citizens (0.50%).

ICICI Bank FD rates

On 16 November 2022, ICICI Bank increased interest rates on fixed deposits 2 Cr. After making necessary adjustments, the bank increased interest rates on a range of tenors by up to 30 bps. As a result, the bank now offers interest rates on FDs with maturities ranging from 7 days to 10 years ranging from 3% to 6.60% for general and 3.5% to 7% for senior citizens.

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