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Comparison Of Latest FD Interest Rates Of ICICI Vs Axis Bank Vs HDFC Bank Vs SBI Bank Vs PNB After Recent Hike

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Recently Reserve Bank of India held a meeting on May 4 and decided to raise the repo rate by 40 bps to contain the surging inflation amid supply deficit and geopolitical concerns. Now RBI is planning to hold its upcoming meeting in June and may announce yet another repo rate hike. Reports state that RBI is likely to announce yet another 20-25 basis point. Soon after RBI hiked the repo rate, many banks too announced an interest rate hike in the Fixed Deposits.

 

A large number of banks opted to raise the FD interest rates by some points in particular of small tenors. ICICI bank decided to raise its FD interest rates by 0.10% to 0.20 percent across various tenors. ICICI Bank's interest rate hike on FDs will be effective to tenors between 290 days to up to 10 years. ICICI Bank's latest rate has become effective from May 16. The decision to raise the interest rate announced within a span of just 14 days after the bank raised the same for deposits more than Rs 2 crore to up to Rs 5 crore.

Meanwhile, SBI bank too followed RBI's move and hiked interest rates on its FDs for some tenors on deposits more than Rs 2 crore. It is believed that the upcoming meet of RBI in June may lead the banks to increase the FD rates yet again. Check interest rates of deposits of Rs 2 crore to Rs 5 crore of the following banks given below:

1. HDFC Bank

1. HDFC Bank

The bank has decided to raise its interest rate on deposits for 2 to 5 crore for up to 1 year to 4%. Meanwhile, it is offering maximum interest rate of 4.8% on these FDs for the period of 5 to 10 year.

2. SBI Bank

2. SBI Bank

SBI has decided to offer an interest rate of 3.75% for FDs ranging from Rs 2 to Rs 5 crore. The bank offers its maximum interest rate on these deposits is 4.5%. for a tenure of 5 to 10 years.

3. Axis Bank
 

3. Axis Bank

The bank is offering an interest rate of 4.5% for FDs of Rs 2 crore to Rs 5 crore for up to 1-year tenure. Its maximum interest rate for these deposits is 5.25% for the period of 5 years to 10 years.

4. PNB Bank

4. PNB Bank

The bank is offering citizens an interest rate of 4.00% on FDs of Rs 2 to 5 crore for the tenure of up to 1 year. Meanwhile, the highest interest rates remain the same for these deposits ranging from 1 year to 10 years tenor.

5. ICICI Bank

5. ICICI Bank

It is offering an interest rate of 4.00 for a tenure of 1 year for FDs of Rs 2-5 crore. The highest interest rate is 4.85% for these FDs for the tenure of 5 to 10 years.

Below are the latest interest rates of the FDs offered by ICICI, Axis Bank, SBI, PNB, and HDFC Bank for deposits ranging from Rs 2 to Rs 5 crore. These rates came into effect on May 16 and obtained from the respective bank's official website.

Bank Name1 Year2 Year3 Year5 Year10 year
SBI3.7544.254.54.5
Axis Bank4.55.255.255.255.25
HDFC Bank44.654.754.84.8
ICICI Bank44.74.84.854.85
PNB Bank44444

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