The Reserve Bank of India (RBI) started increasing the repo rate in May 2022 last year. Along with this, banks also started increasing the interest rates of Fixed Deposits (FD). After almost a year, RBI did not make any change in the repo rate in April 2023, yet banks are changing their FD interest rates. From SBI to Axis Bank are included in this list.
The country’s largest bank SBI, including private sector big banks HDFC Bank, Axis Bank and ICICI Bank have announced their new FD interest rates. While the repo rate in the country has increased by 2.5 percent in the last 11 months. Now it is at 6.5 percent. RBI last changed the repo rate in February 2023.
Axis Bank is giving more interest
Interest on Axis Bank’s FD these days ranges from 3.50 percent to 7.20 percent. Whereas for senior citizens, this interest rate ranges from 3.50 percent to 7.95 percent. The bank’s new interest rates are valid from April 21, which are available on FDs ranging from 7 days to 10 years.
ICICI Bank FD Interest Rate
ICICI Bank’s FD interest rates range from 3 percent to 7.10 percent. This includes FDs ranging from 7 days to 10 years. Not only this, the bank also gives 0.50 percent extra interest to senior citizens. In these interest rates valid from February 24, senior citizens get interest ranging from 3.50 percent to 7.60 percent on FDs.
HDFC Bank FD Rates
On getting FD from 7 days to 10 years in HDFC Bank, you will get interest ranging from 3 percent to 7.10 percent. Like ICICI Bank, HDFC Bank is giving 0.50 percent extra interest to senior citizens. The bank’s new FD interest rates are applicable from February 21.
FD interest rate of SBI
State Bank of India is paying 3 to 7.10 percent interest on FDs of 7 days to 10 years. It ranges from 3.50 percent to 7.60 percent for senior citizens. The bank’s FD interest rates have not changed since February 15.
