HDFC Bank Vs SBI Vs ICICI Bank FD Rates Comparison After RBI's Repo Rate Hike

In the past few months, due to the growing interest rates on Fixed Deposits backed by 4 consecutive hikes in the repo rate, the recent 0.50% bps hike, fixed deposits have somewhat regained their lost charm. Since fixed deposits are among the safest assets available, debt investors are searching to locate banks that are giving high-interest rates.

In India, fixed deposits are a traditional and well-liked type of investment. Fixed Deposits offer a fixed interest rate for a given period of time of the deposited amount, making it a secure investment choice. A fixed deposit plan may last anything from 7 days to 10 years. Due to the higher interest rates that are offered to seniors, fixed deposits are the most beneficial and secure investment destination for senior citizens.

Now let's compare the recent interest rates hike on Fixed Deposits by the leading banks in the country.

SBI Fixed Deposits

SBI or State Bank Of India, a public sector lender on 13 August 2022 hiked interest rates on retail domestic term deposits of less than 2 Crore deposits. As per information available on the bank's website, the interest rates were hiked on the FD tenure above 1 year. According to the bank's official website, the bank offers the highest 5.65% and lowest 2.90% to the regular public. Whereas for senior citizens, the highest is 6.45% and the lowest is 3.40%, respectively. The Bank has also introduced a specific tenor of "1000 days" at ROI of 6.10 % w.e.f 15-Aug-2022 for 75 days.

Interest Rates On Retail Domestic term deposits on Less Than Rs. 2 crore w.e.f. 13-08-2022

Maturity Period	General	**Senior Citizen
7 days to 45 days	2.9	3.4
46 days to 179 days	3.9	4.4
180 days to 210 days	4.55	5.05
211 days to less than 1 year	4.6	5.1
1 year to less than 2 year	5.45	5.95
2 years to less than 3 years	5.5	6
3 years to less than 5 years	5.6	6.1
5 years and up to 10 years	5.65	6.45

Source- sbi.co.in

HDFC Bank Fixed Deposits

HDFC Bank, a private sector lender and one of the leading banks in India offers interest rates ranging between 2.75% to 6.10% to regular customers and 3.35% to 6.60% to senior citizens on FD less than 2 Cr. According to the bank's official website, the bank hiked the interest rates on 18 August 2022 following the RBI's 0.40% repo rate hike. According to the information available on the website, Senior citizens' rates do not apply to NRIs and the minimum tenor for NRE deposits is 1 year. 

FD Interest Rate on Domestic/NRO/NRE Deposits on Less Than 2 Cr w.e.f 18-08-2022

Tenor	Interest Rate (p.a)	**Senior Citizen Rates (p.a)
7 - 14 days	2.75%	3.25%
15 - 29 days	2.75%	3.25%
30 - 45 days	3.25%	3.75%
46 - 60 days	3.25%	3.75%
61 - 89 days	3.25%	3.75%
90 days - 6 months	3.75%	4.25%
6 months 1 days - 9 months	4.65%	5.15%
9 months 1 day < 1 Year	4.65%	5.15%
1 Year	5.50%	6.00%
1 year 1 day - 2 years	5.50%	6.00%
2 years 1 day - 3 years	5.50%	6.00%
3 year 1 day- 5 years	6.10%	6.60%
5 years 1 day - 10 years	5.75%	6.50%

Source - HDFCbank.com

ICICI Bank Fixed Deposits

ICICI Bank is another leading private sector lender having a pan-India presence. The bank has recently hiked its interest rates on FD less than 2 crores select tenor, beginning 30 September 2022. According to the Bank's official website, the bank offers an interest rate ranging from 3% to 6.10% offered to the general public and 3.50% to 6.60% for senior citizen deposits. According to the bank. Senior citizen FD interest rates are only applicable for term deposits. Also, the minimum amount to open an ICICI Bank FD is Rs 10,000, according to the Bank.

FD Interest rates on Domestic & NRO deposits On Less than 2 Crore w.e.f 30-09.2022

Maturity Period	General	**Senior Citizen
7 days to 14 days	3.00%	3.50%
15 days to 29 days	3.00%	3.50%
30 days to 45 days	3.50%	4.00%
46 days to 60 days	3.50%	4.00%
61 days to 90 days	3.50%	4.00%
91 days to 120 days	4.25%	4.75%
121 days to 150 days	4.25%	4.75%
151 days to 184 days	4.25%	4.75%
185 days to 210 days	4.90%	5.40%
211 days to 270 days	4.90%	5.40%
271 days to 289 days	4.90%	5.40%
290 days to less than 1 year	4.90%	5.40%
1 year to 389 days	5.70%	6.20%
390 days to < 15 months	5.70%	6.20%
15 months to < 18 months	5.70%	6.20%
18 months to 2 years	5.70%	6.20%
2 years 1 day to 3 years	5.80%	6.30%
3 years 1 day to 5 years	6.10%	6.60%
5 years 1 day to 10 years	6.00%	#6.60%
5 Years (80C FD) - Max to 1.50 lac	6.10%	6.60%

Source- ICICIBank.com