Which bank gives the highest fixed deposit (FD) interest rates, SBI, HDFC, ICICI, or AXIS?
Fixed Deposit is one of the safest investment solutions on the market, provide elderly citizens with additional interest rate perks in addition to guaranteed FD rates. FDs are one of the most common types of investments among the general public since they have no market risk compared to other alternative investment options. The banks have been raising the interest rate on fixed deposits since May 2022.
Rising FD interest rates have gained further momentum as a result of the Reserve Bank of India (RBI) raising the repo rate four times in a row. The days of cheap FD rates appear to be past now that public, private, and small financing institutions have raised their rates and are now giving competitive interest rates on fixed deposits.
Now let’s compare the FD interest rates provided by SBI, HDFC Bank, ICICI Bank, and Axis Bank.
SBI Fixed Deposit Interest Rate
For the general public, SBI is giving interest rates between 3% and 6.255%, while for senior persons, the range is between 3.50 and 6.90%. They are offered for various FDs with maturities ranging from 7 days to 10 years. These prices are valid as of October 22.
The interest rate paid to SBI employees and pensioners will be 1.0% higher than the rate that is currently in effect, according to the SBI website. All Senior Citizens and SBI Pensioners who are 60 years of age or more will be subject to a rate that is 0.50% higher than the rate paid to resident Indian Senior Citizens for all tenors, meaning that SBI resident Indian Senior Citizen Pensioners will be eligible for both the advantages of Staff (1%) and resident Indian Senior Citizens (0.50%).
HDFC Fixed Deposit Interest Rate
For deposits maturing in the next seven days to ten years, HDFC Bank is giving the general public 3 to 6.5% and senior people 3.5% to 7%. These prices are valid as of November 8th. On its website, HDFC Bank states that “Senior Citizens who wish to book the Fixed Deposit less than 5 crores for a tenure of 5 (five) years One Day to 10 Years, during special deposit offer commencing from 18th May’20 to 31st Mar’2023, shall be given an Additional Premium of 0.25% (over and above the existing premium of 0.50%).”
ICICI Fixed Deposit Interest Rate
ICICI Bank raised the interest rates on fixed deposits under 2 Cr on November 16, 2022. The bank adjusted as appropriate and then increased interest rates on a variety of tenors by up to 30 bps. The bank now provides interest rates on FDs with maturities ranging from 7 days to 10 years that fall between 3% and 6.60% for the general public and 3.5% to 7% for senior citizens.
Axis Bank Fixed Deposit Interest Rate
Axis Bank pays 3.50% interest on FDs maturing in 7 days to 45 days and 4% interest on those maturing in 46 days to 60 days. Deposits that mature in 61 days to six months will earn interest at a rate of 4.50%, while those that mature in six months to nine months will earn interest at a rate of 5.25%.
On FDs maturing in 9 months to 1 year, Axis Bank gives an interest rate of 5.50%, and on those maturing in 1 year to 15 months, 6.25%. The bank offers 6.40% on FDs maturing in 15 months to 18 months and 6.50% on those maturing in 18 months to 3 years. Deposits with maturities between three and ten years will likewise earn 6.50%. These rates are valid as of November 15th.
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