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Latest FD Rates Of Top 3 Banks Of Country After The Recent Repo Rate Hike
The repo rate hike continued in December 2022 as the Reserve Bank Of India (RBI) hiked the repo rate for the 5th time. The RBI began raising key rates in May 2022 and since then it has hiked the repo rate 5 times. On December 7, 2022, the RBI hiked the repo rate by 0.35 bps, bringing the repo rate to 6.35%.
Amid rising repo rates, the banks and the NBFC, both have hiked interest rates to match the economy's rising interest rates. The high-interest rates on Fixed Deposits (FD) are good news for risk-averse conservative investors who are looking for a safe investment with high returns. For fixed deposit investors who have been stuck with low-interest rates, the recent hikes are a treat for them as banks have started raising FD interest rates as a result.
State Bank Of India (SBI)
SBI has hiked the interest rate on FDs effective from 13 December 2022. With the hike, now the bank offers FD rates of less than Rs 2 crores with a minimum 3% and maximum 6.25% interest to the general public. The Senior citizens will continue to get the benefit of 50 basis points separately in the interest rate. Now the bank is offering an interest rate maximum up to 7.25% and minimum up to 3.50% on FD to senior citizens. The interest rates are applicable for maturity periods ranging from 7 days to 10 years. Also, the bank offers an additional 50% in interest under the SBI Wecare scheme.
Interest rates For FD For amounts below Rs 2 Cr w.e.f. 13 December 2022
| Tenors | Interest Rates For Public | Interest Rates for Senior Citizens |
|---|---|---|
| 7 days to 45 days | 3 | 3.5 |
| 46 days to 179 days | 4.5 | 5 |
| 180 days to 210 days | 5.25 | 5.75 |
| 211 days to less than 1 year | 5.75 | 6.25 |
| 1 year to less than 2 year | 6.75 | 7.25 |
| 2 years to less than 3 years | 6.75 | 7.25 |
| 3 years to less than 5 years | 6.25 | 6.75 |
| 5 years and up to 10 years | 6.25 | 7.25 |
Source - www.SBI.co.in
HDFC Bank
HDFC Bank has hiked the interest rates on FD below Rs 2 crore with effect from 14 December 2022, according to the bank's official website. The new interest rates are applicable for domestic, NRO, and NRE accounts. The bank offers maximum 7% and minimum 3% interest for general customers for deposits less than Rs 2 crore. While for senior citizens the bank offers maximum 7.75% and minimum 3.50% interest. The maturity period for the FD offered by the bank ranges between 7 days to 10 years.
Interest Rates on Domestic / NRO /NRE FIXED DEPOSIT Below Rs 2 Cr w.e.f. 14 December 2022
| Tenor Bucket | Interest Rate (per annum) | Senior Citizen Rates (per annum) |
|---|---|---|
| 7 - 14 days | 3.00% | 3.50% |
| 15 - 29 days | 3.00% | 3.50% |
| 30 - 45 days | 3.50% | 4.00% |
| 46 - 60 days | 4.50% | 5.00% |
| 61 - 89 days | 4.50% | 5.00% |
| 90 days < = 6 months | 4.50% | 5.00% |
| 6 mnths 1 days <= 9 mnths | 5.75% | 6.25% |
| 9 mnths 1 day to < 1 year | 6.00% | 6.50% |
| 1 year to < 15 months | 6.50% | 7.00% |
| 15 months to < 18 months | 7.00% | 7.50% |
| 18 months to < 21 months | 7.00% | 7.50% |
| 21 months - 2 years | 7.00% | 7.50% |
| 2 years 1 day - 3 years | 7.00% | 7.50% |
| 3 year 1 day to - 5 years | 7.00% | 7.50% |
| 5 year 1 day - 10 years | 7.00% | 7.75% |
Source - hdfcbank.com
ICICI Bank
The leading private sector lender ICICI Bank has hiked its interest rates on bulk fixed deposits (FDs) of below Rs 2 Crore. As per the bank's official website, the new interest rates are effective as of 16 December 2022. Following the revision, the bank is now offering interest rates ranging from 3% to 7% for the general public and 3.50% to 7.50% for senior citizens on deposits maturing in 7 days to 10 years.
FD Interest rates on Domestic & NRO deposits Below Rs 2 Cr w.e.f. 16 December 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 | 4.00% | 4.50% |
| 61 days to 90 days | 4.50% | 5.00% |
| 91 days to 120 days | 4.75% | 5.25% |
| 121 days to 150 days | 4.75% | 5.25% |
| 151 days to 184 days | 4.75% | 5.25% |
| 185 days to 210 days | 5.50% | 6.00% |
| 211 days to 270 days | 5.50% | 6.00% |
| 271 days to 289 days | 5.50% | 6.00% |
| 290 days to less than 1 year | 5.75% | 6.25% |
| 1 year to 389 days | 6.60% | 7.10% |
| 390 days to < 15 months | 6.60% | 7.10% |
| 15 months to < 18 months | 7.00% | 7.50% |
| 18 months to 2 years | 7.00% | 7.50% |
| 2 years 1 day to 3 years | 7.00% | 7.50% |
| 3 years 1 day to 5 years | 7.00% | 7.50% |
| 5 years 1 day to 10 years | 6.90% | 7.50% |
| 5 Years (80C FD) - Max to `1.50 lac | 7.00% | 7.50% |
Source - icicibank.com
