FD Rates: From May 2022, banks are increasing interest on Fixed Deposit (FD). The increase in the repo rate by the Reserve Bank of India (RBI) for five consecutive times increased the rising interest rates of FD.
However, this time in the MPC meeting in April, the central bank did not make any change in the repo rate. This has given some relief to the borrowers from rising rates in the last 11 months. There has been an increase of 250 basis points (bps) in the repo rate since last year. The last hike was by 25 bps in February 2023, taking the repo rate to 6.5 per cent. The ever-increasing interest rates have made the returns on Fixed Deposits quite attractive. Here are the FD rates available on ICICI Bank, HDFC Bank, Axis Bank and State Bank of India (SBI).
ICICI Bank FD Rates
ICICI Bank is paying 3.00% and 7.10% annual interest on FD. The bank is also giving an extra 0.50 per cent interest to senior citizens. The bank is giving them interest of 3.50% and 7.60%. The period of this scheme is from 7 days to 10 years.
HDFC bank fd rates
HDFC Bank is offering interest on fixed deposits ranging from 7 days to 10 years. The bank is paying an annual interest of 3% to 7.1%. The bank is also giving an extra 0.50 per cent interest to senior citizens. The bank is giving them interest of 3.50% and 7.60%. These interest rates are applicable from 21 February.
Axis Bank FD Rates
Axis Bank is offering annual interest ranging from 3.50 per cent to 7.20 per cent. The bank is offering interest ranging from 3.50 to 7.95% per annum to the general public. The bank is offering interest ranging from 7 days to 10 years. These rates are applicable from April 21.
SBI FD Rates
The country’s largest public sector bank State Bank of India (SBI) is offering FDs for periods ranging from 7 days to 10 years. SBI FD interest rates for the general public range from 3.00% p.a. to 7.10% p.a. Interest rates of 3.50% to 7.60% for senior citizens are applicable from February 15.
