SBI vs HDFC vs IndusInd vs UCO vs Central Bank of India: Latest Interest Rates On Fixed Deposit Compared

In the current context, it appears that the moment has come for fixed deposit investors to tie up their shoes in order to earn better interest rates, since most banks have begun to raise their interest rates on fixed deposits, including short and long term. The Reserve Bank of India (RBI) recently on 10th February 2022 opted to maintain repo and reverse repo rates constant in its bi-monthly monetary policy review, which resulted in banks such as State Bank of India, HDFC Bank, UCO Bank, Central Bank of India, and IndusInd Bank hiking their interest rates to some extent.

The MPC decided to keep its accommodative stance last week, leaving the repo rate and reverse repo rate unchanged. In his most recent bi-monthly monetary policy meeting, Reserve Bank of India governor Shaktikanta Das stated that "The Monetary Policy Committee (MPC) met on 8th, 9th and 10th February 2022 and based on an assessment of the current macroeconomic situation and the outlook, it voted unanimously to keep the policy repo rate unchanged at 4 per cent. The MPC decided by a majority of 5 to 1 to continue with the accommodative stance as long as necessary to revive and sustain growth on a durable basis and continue to mitigate the impact of COVID-19 on the economy, while ensuring that inflation remains within the target going forward" and this may result to banks to raise their interest rates further which is a piece of good news for fixed deposit investors.

Let us now examine the FD rates of SBI, UCO Bank, Central Bank of India, IndusInd Bank, and HDFC Bank, which were updated some days after the Reserve Bank of India (RBI) opted to hold the repo and reverse repo rates constant.

State Bank of India (SBI)

SBI recently revised its interest rates on fixed deposits of less than Rs 2 crore on February 15, 2022. Following the most recent modification, the bank is currently promising the interest rates on fixed deposits indicated below.

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

UCO Bank

UCO Bank revised its interest rates on domestic term deposits of less than Rs 2 crore on February 10, 2022. On fixed deposits maturing in 7 days to 5 years and above, the bank is now giving an interest rate of 2.55 percent to 5.10 percent to the general public and 2.80 percent to 5.60 percent to senior citizens.

Tenors	Regular interest rates p.a.	Senior citizen interest rates p.a.
7 - 14 Days	2.55%	2.80%
15 - 29 Days	2.55%	2.80%
30 - 45 Days	2.80%	3.05%
46 - 60 Days	3.55%	3.80%
61 - 90 Days	3.55%	3.80%
91 - 120 Days	3.70%	3.95%
121 - 150 Days	3.70%	3.95%
151-180 Days	3.70%	3.95%
181 to 364 days	4.40%	4.65%
1 year	5.10%	5.35%
More than 1 year but upto 2 Years	5.10%	5.60%
Above 2 Years upto 3 Years	5.10%	5.60%
Above 3 Years and less than 5 Years	5.30%	5.80%
5 years and above	5.10%	5.60%
Source: Bank Website

Central Bank of India

The Central Bank of India revised its interest rates on fixed deposits of less than Rs 2 crore on February 10, 2022. The bank is currently giving the following interest rates on domestic term deposits to the general public and elderly people.

Tenors	Regular interest rates p.a.	Senior citizen interest rates p.a.
7 - 14 days	2.75	3.25
15 - 30 days	2.9	3.4
31 - 45 days	2.9	3.4
46 - 59 days	3.25	3.75
60 - 90 days	3.25	3.75
91- 179 days	3.8	4.3
180 - 270 days	4.25	4.75
271 - 364 days	4.25	4.75
1 year to less than 2 years	5	5.5
2 years to less than 3 years	5.1	5.6
3 years to less than 5 years	5.1	5.6
5 years and above up to 10 years	5.15	5.65
Source: Bank Website

HDFC Bank

The private sector lender HDFC Bank has revised its fixed deposit interest rates on 14th February 2022. The bank is offering the below-listed interest rates on fixed deposits of less than Rs 2 Cr.

Tenors	Regular interest rates p.a.	Senior citizen interest rates p.a.
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 months 1 day - 9 months	4.40%	4.90%
9 months 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

IndusInd Bank

On February 16, 2022, the private sector lender IndusInd Bank updated its fixed deposit interest rates. Following the revision, the bank now offers deposits maturing in 7 days to 61 months and above at an interest rate of 2.75 percent to 6.00 percent to the general public and 3.25 percent to 6.50 percent to senior persons.

Tenors	Regular interest rates p.a.	Senior citizen interest rates p.a.
7 days to 14 days	2.75	3.25
15 days to 30 days	3	3.5
31 days to 45 days	3.25	3.75
46 days to 60 days	3.5	4
61 days to 90 days	3.75	4.25
91 days to 120 days	4	4.5
121 days to 180 days	4.5	5
181 days to 210 days	4.6	5.1
211 days to 269 days	4.75	5.25
270 days to 354 days	5.5	6
355 days to 364 days	5.5	6
1 year to below 1 Year 6 Months	6	6.5
1 Year 6 Months to below 1 Year 7 Months	6	6.5
1 Year 7 Months to below 2 Years	6	6.5
2 years to below 2 years 6 Months	6.5	7
2 years 6 months to below 2 years 9 Months	6.5	7
2 years 9 months upto 3 years	6.5	7
Above 3 years upto 61 months	6.5	7
61 months and above	6	6.5
Indus Tax Saver Scheme (5 years)	6.5	7
Source: Bank Website