RBI Hikes Interest Rates, A Quick Comparison Of SBI, HDFC Bank & ICICI Bank FD Interest Rates

On Wednesday, December 7, 2022, the Reserve Bank of India (RBI) hiked the repo rate by 35 basis points (bps) to 6.25%. Five of the Monetary Policy Committee's six members voted in favour of raising the repo rate. It is worth noting that this is the 5th hike by the RBI in a row this year since May. The RBI has already increased the repo rate by 190 bps, from 4% to 5.9%, since May of this year. With the recent hike in repo rate investors in fixed deposits are celebrating. Here we have made a quick comparison of the FD interest rates of 3 top banks, SBI, ICICI Bank & HDFC Bank.

1. State Bank Of India

SBI revised interest rates on FD on 22 October 2022, according to the bank's official website. The bank with the hike now offers interest rates ranging from 3 percent to 6.25 percent and 3.50 percent to 6.90 percent for senior citizens' deposits for the maturity period ranging between 7 days to 10 years for the general public. The maturity period for the same interest rates ranges between 7 days to 10 years. The bank offers the lowest 3 percent on the maturity period of 7 days to 35 days and the highest 6.25 percent on a maturity period of 2 years to 3 years to the general public. 

Interest Rates on Domestic term deposits Below Rs. 2 cr w.e.f. 22 October 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	5.5	6
1 year to less than 2 year	6.1	6.6
2 years to less than 3 years	6.25	6.75
3 years to less than 5 years	6.1	6.6
5 years and up to 10 years	6.1	6.9

Source- SBI.co.in

Please Note - According to the bank's official website, "A special 'SBI Wecare' Deposit for Senior Citizens has been introduced in the Retail TD segment wherein an additional premium of 30 bps over & above the existing 50 bps i.e. 80 bps over card rate for public (as indicated in the above table) will be paid to Senior Citizens on their retail TD for '5 Years and above' tenor only. 'SBI Wecare' deposit scheme stands extended up to 31st March 2023."

2. ICICI Bank

ICICI Bank has also revised interest rates on FDs recently. According to the bank's official website, the bank revised the interest rates on November 16, 2022, on deposits below 2 Cr. The bank's FD interest rates range between 3 percent to 6.60 percent for the general public and 3.50 percent to 7.10 percent for senior citizens for a maturity period ranging between 7 days to 10 years. According to the information available, the bank offers the lowest 3 percent on a maturity period of 7 days to 29 days and the highest 6.60 percent on a maturity period of 3 years 1 day to 5 years to the general public. An ICICI Bank FD is rated as "AAA". 

Interest rates on Domestic/NRO/ NRE deposits Less than Rs 2 Cr w.e.f. 16 November 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	3.75%	4.25%
61 days to 90 days	4.25%	4.75%
91 days to 120 days	4.50%	5.00%
121 days to 150 days	4.50%	5.00%
151 days to 184 days	4.50%	5.00%
185 days to 210 days	5.25%	5.75%
211 days to 270 days	5.25%	5.75%
271 days to 289 days	5.25%	5.75%
290 days to less than 1 year	5.50%	6.00%
1 year to 389 days	6.10%	6.60%
390 days to < 15 months	6.10%	6.60%
15 months to < 18 months	6.40%	6.90%
18 months to 2 years	6.40%	6.90%
2 years 1 day to 3 years	6.50%	7.00%
3 years 1 day to 5 years	6.60%	7.10%
5 years 1 day to 10 years	6.50%	7.10%

Source - ICICIBank.com

Please Note -*NRE rates applicable for tenure of 1 year and above only.
**Senior Citizens FD Interest rates are only applicable for domestic term deposits.

3. HDFC Bank

HDFC is one of the top Private sector banks that has also revised the interest rates on FD on 8 November 2022. The interest rate offered by the bank on deposits less than 2 crore ranged between 3 percent to 6.50 percent for the general public and 3.50 percent to 7 percent for senior citizens. The maturity period for the same interest rates is 7 days to 10 years. The bank offers the lowest 3 percent on a maturity period of 7 days to 29 Days and the highest 6.50 percent on a maturity period of 18 months to less than 21 Months, 21 months to 2 years and 2 years 1 day to 3 years, respectively. 

Domestic/NRO/NRE Fixed Deposit Rate less than 2 Cr w.e.f. 8th November 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	4.00%	4.50%
61 - 89 days	4.50%	5.00%
90 days < = 6 months	4.50%	5.00%
6 mnths 1 days <= 9 mnths	5.25%	5.75%
9 mnths 1 day to < 1 year	5.50%	6.00%
1 year to < 15 months	6.10%	6.60%
15 months to < 18 months	6.40%	6.90%
18 months to < 21 months	6.50%	7.00%
21 months - 2 years	6.50%	7.00%
2 years 1 day - 3 years	6.50%	7.00%
3 year 1 day to - 5 years	6.50%	7.00%
5 year 1 day - 10 years	6.25%	7.00%*

Source - HDFCBank.com

Please Note - Senior Citizen Rates do not apply to NRIs | Minimum tenor for NRE Deposit is 1 Year.