Latest News
-
Marshall Wace Offloads Stakes in 21 Indian Companies for Rs 2,365 Crore -
Rishi Sunak Announces Generational Hike in UK Defence Spending -
Dr Reddy's Issues Recall for Six Drug Lots in US Over Subpotency Concerns -
Dr Reddy's Voluntarily Recalls Six Drug Lots in US Over Potency Concerns -
IRCON, RITES: 2 Multibagger Navratna Railway Stocks Potential To 17-24% Upside Ahead; Assigned BUY Rating -
AU Small Finance Bank Unveils New Products Including Rupay Credit Card -
Mahindra Finance Detects Rs 150 Crore Fraud, Postpones FY24 Financial Results -
Rs 2.20/Share Dividend Declared: 84-Yrs Old Small Cap Tata Co Reports 7.7% Rise In Net -
Sebi Enhances Liquidity with Extended Cross-Margin Benefits for Futures -
Mahindra Finance Detects Rs 150 Crore Fraud, Postpones Financial Results
SBI vs BoB vs HDFC vs ICICI Bank: Fixed Deposit Interest Rates Compared
The interest rate regime of banks is on the right track since some banks have already raised their fixed deposit interest rates. Because there appears to be a strong market for credit, banks have increased fixed deposit rates, allowing fixed deposit investors to earn real returns that may outperform inflation if they stay invested for the long term. Considering fixed deposits (FDs) are suitable for investors with a low-risk appetite searching for guaranteed returns, here are four banks that have recently raised their fixed deposit interest rates that investors should keep an eye on before reaching a choice.
State Bank of India
Interest rates on fixed deposits of less than Rs. 2 crore have just been changed by the country's largest lender. The change was effected on February 15, 2022, and as a result of the change, the bank is now giving the following interest rates on FDs of less than Rs 2 crore.
| Tenors | Existing Rates for Public w.e.f. 15.01.2022 | Revised Rates For Public w.e.f. 15.02.2022 | Existing Rates for Senior Citizens w.e.f. 15.01.2022 | Revised Rates for Senior Citizens w.e.f. 15.02.2022 |
|---|---|---|---|---|
| 7 days to 45 days | 2.9 | 2.9 | 3.4 | 3.4 |
| 46 days to 179 days | 3.9 | 3.9 | 4.4 | 4.4 |
| 180 days to 210 days | 4.4 | 4.4 | 4.9 | 4.9 |
| 211 days to less than 1 year | 4.4 | 4.4 | 4.9 | 4.9 |
| 1 year to less than 2 year | 5.1 | 5.1 | 5.6 | 5.6 |
| 2 years to less than 3 years | 5.1 | 5.2 | 5.6 | 5.7 |
| 3 years to less than 5 years | 5.3 | 5.45 | 5.8 | 5.95 |
| 5 years and up to 10 years | 5.4 | 5.5 | 6.2 | 6.3 |
| Source: Bank Website |
Bank of Baroda
On February 25, 2022, the public sector lender Bank of Baroda (BoB) updated its fixed deposit interest rates. Following the change, the bank now offers a range of interest rates to the general public ranging from 2.80 percent to 5.25 percent, with senior citizens receiving an additional 0.50 percent on deposits maturing in 7 days to 5 years. Senior citizens will get an additional 1% interest rate on deposits maturing above 5 years and up to 10 years. The bank has mentioned on its website for senior citizens that 1.00% for "Above 5 years to up to 10 years" tenor and valid till 31.03.2022."
| Tenors | Interest rates p.a. | For Senior Citizens |
|---|---|---|
| 7 days to 14 days | 2.8 | 3.3 |
| 15 days to 45 days | 2.8 | 3.3 |
| 46 days to 90 days | 3.7 | 4.2 |
| 91 days to 180 days | 3.7 | 4.2 |
| 181 days to 270 days | 4.3 | 4.8 |
| 271 days & above and less than 1 year | 4.4 | 4.9 |
| 1 year | 5 | 5.5 |
| Above 1 year to 400 days | 5.1 | 5.6 |
| Above 400 days and upto 2 Years | 5.1 | 5.6 |
| Above 2 Years and upto 3 Years | 5.1 | 5.6 |
| Above 3 Years and upto 5 Years | 5.25 | 5.75 |
| Above 5 Years and upto 10 Years | 5.25 | 6.25 |
| Source: Bank Website |
HDFC Bank
Interest rates on fixed deposits maturing in 3 years 1 day to 5 years have just been hiked by HDFC Bank. The revised rates are effective as of February 14, 2022. Following the modification, the bank is now giving the general public an interest rate ranging from 2.50 percent to 5.60 percent. During a special deposit offer running from May 18 to March 31, senior citizens will receive an additional 0.25 percent premium on fixed deposits of less than 5 crores for a period of 5 (five) years One Day to 10 Years, in addition to the existing 0.50 percent premium.
| Tenors | Interest rates p.a. | For Senior Citizens |
|---|---|---|
| 7 - 14 days | 2.50% | 3.00% |
| 15 - 29 days | 2.50% | 3.00% |
| 30 - 45 days | 3.00% | 3.50% |
| 46 - 60 days | 3.00% | 3.50% |
| 61 - 90 days | 3.00% | 3.50% |
| 91 days - 6 months | 3.50% | 4.00% |
| 6 mnths 1 days - 9 mnths | 4.40% | 4.90% |
| 9 mnths 1 day < 1 Year | 4.40% | 4.90% |
| 1 Year | 5.00% | 5.50% |
| 1 year 1 day - 2 years | 5.00% | 5.50% |
| 2 years 1 day - 3 years | 5.20% | 5.70% |
| 3 year 1 day- 5 years | 5.45% | 5.95% |
| 5 years 1 day - 10 years | 5.60% | 6.35% |
| Source: Bank Website |
ICICI Bank
ICICI Bank adjusted interest rates on fixed deposits of less than Rs 2 crore on January 20, 2022. Following the modification, the bank is now giving the general public an interest rate ranging from 2.50 percent to 5.60 percent. On fixed deposits maturing in 5 years 1 day to 10 years, resident senior citizens will get an additional 0.25 percent interest rate over and above the existing additional rate of 0.50 percent per year. Golden Years FD is the name of the scheme, and it is valid until April 8, 2022.
| Tenors | Interest rates p.a. | For Senior Citizens |
|---|---|---|
| 7 days to 14 days | 2.50% | 3.00% |
| 15 days to 29 days | 2.50% | 3.00% |
| 30 days to 45 days | 3.00% | 3.50% |
| 46 days to 60 days | 3.00% | 3.50% |
| 61 days to 90 days | 3.00% | 3.50% |
| 91 days to 120 days | 3.50% | 4.00% |
| 121 days to 150 days | 3.50% | 4.00% |
| 151 days to 184 days | 3.50% | 4.00% |
| 185 days to 210 days | 4.40% | 4.90% |
| 211 days to 270 days | 4.40% | 4.90% |
| 271 days to 289 days | 4.40% | 4.90% |
| 290 days to less than 1 year | 4.40% | 4.90% |
| 1 year to 389 days | 5.00% | 5.50% |
| 390 days to < 15 months | 5.00% | 5.50% |
| 15 months to < 18 months | 5.00% | 5.50% |
| 18 months to 2 years | 5.00% | 5.50% |
| 2 years 1 day to 3 years | 5.20% | 5.70% |
| 3 years 1 day to 5 years | 5.45% | 5.95% |
| 5 years 1 day to 10 years | 5.60% | 6.35% |
| 5 Years (80C FD) - Max to Rs. 1.50 lac | 5.45% | 5.95% |
| Source: Bank Website |
