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SBI vs ICICI vs HDFC vs Axis vs IDFC First Bank: Latest FD Rates Compared
Fixed deposit investors can rejoice for decent returns on their investment, as several of India's largest banks have begun raising interest rates on fixed deposits. Fixed deposit investment has also been the best option for debt investors, regardless of whether the stock market is going up or down, and based on their financial goals, they can invest in fixed deposits for flexible tenure that ranges from 7 days to 10 years, making fixed deposits to pick out of the box. While we're on the subject of fixed deposits, let me remind you that banks like State Bank of India (SBI), HDFC, ICICI, Axis, and IDFC First Bank have altered their interest rates on fixed deposits, which we'll compare for your convenience. In addition, we will provide a list of banks that have altered their interest rates on fixed deposits in the current month in this article.
State Bank of India
The country's largest lender has raised interest rates on short-term deposits maturing in less than a year to less than two years. The bank revised its interest rates on January 15, 2022, and the new rates for deposits of less than Rs. 2 crore are as follows.
| Tenors | Regular | Senior Citizens |
|---|---|---|
| 7 days to 45 days | 2.9 | 3.4 |
| 46 days to 179 days | 3.9 | 4.4 |
| 180 days to 210 days | 4.4 | 4.9 |
| 211 days to less than 1 year | 4.4 | 4.9 |
| 1 year to less than 2 year | 5.1 | 5.6 |
| 2 years to less than 3 years | 5.1 | 5.6 |
| 3 years to less than 5 years | 5.3 | 5.8 |
| 5 years and up to 10 years | 5.4 | 6.2 |
| Source: Bank Website |
ICICI Bank
ICICI Bank has recently updated its interest rates on deposits of less than Rs. 2 crore, effective January 20, 2022. The modified rates are shown below.
| Tenors | Regular | 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) | 5.45% | 5.95% |
| Source: Bank Website |
HDFC Bank
HDFC Bank also recently amended its fixed deposit interest rates on January 12, 2022, and as a result of the latest modification, the bank is now providing the interest rates indicated below on fixed deposits of less than Rs. 2 Cr.
| Tenors | Regular | 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 | 4.90% | 5.40% |
| 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 | 5.40% | 5.90% |
| 5 years 1 day - 10 years | 5.60% | 6.35% |
| Source: Bank Website |
Axis Bank
Axis Bank recently adjusted its interest rates on domestic term deposits on January 20, 2022. And, on deposits of less than Rs. 2 crore, the bank is now guaranteeing the depositors the following rates.
| Tenors | Regular | Senior Citizens |
|---|---|---|
| 7 days to 14 days | 2.5 | 2.5 |
| 15 days to 29 days | 2.5 | 2.5 |
| 30 days to 45 days | 3 | 3 |
| 46 days to 60 days | 3 | 3 |
| 61 days < 3 months | 3 | 3 |
| 3 months < 4 months | 3.5 | 3.5 |
| 4 months < 5 months | 3.5 | 3.5 |
| 5 months < 6 months | 3.5 | 3.5 |
| 6 months < 7 months | 4.4 | 4.65 |
| 7 months < 8 months | 4.4 | 4.65 |
| 8 months < 9 months | 4.4 | 4.65 |
| 9 months < 10 months | 4.4 | 4.65 |
| 10 months < 11 months | 4.4 | 4.65 |
| 11 months < 11 months 25 days | 4.4 | 4.65 |
| 11 months 25 days < 1 year | 4.4 | 4.65 |
| 1 year < 1 year 5 days | 5.1 | 5.75 |
| 1 year 5 days < 1 year 11days | 5.15 | 5.8 |
| 1 year 11days < 1 year 25days | 5.25 | 5.9 |
| 1 year 25 days < 13 months | 5.15 | 5.8 |
| 13 months < 14 months | 5.15 | 5.8 |
| 14 months < 15 months | 5.15 | 5.8 |
| 15 months < 16 months | 5.2 | 5.85 |
| 16 months < 17 months | 5.2 | 5.85 |
| 17 months < 18 months | 5.2 | 5.85 |
| 18 months < 2 years | 5.25 | 5.9 |
| 2 years < 30 months | 5.4 | 6.05 |
| 30 months < 3 years | 5.4 | 6.05 |
| 3 years < 5 years | 5.4 | 6.05 |
| 5 years to 10 years | 5.75 | 6.5 |
| Source: Bank Website |
IDFC First Bank
IDFC First Bank, a private sector lender, has also revised its interest rates on domestic term deposits of less than Rs. 2 crore. With effect from January 21, 2022, the bank is guaranteeing depositors the following rates.
| Tenors | Regular | Senior Citizens |
|---|---|---|
| 7 - 14 days | 2.50% | 3.00% |
| 15 - 29 days | 2.50% | 3.00% |
| 30 - 45 days | 3.00% | 3.50% |
| 46 - 90 days | 3.00% | 3.50% |
| 91 - 180 days | 3.50% | 4.00% |
| 181 days - less than 1 year | 4.75% | 5.25% |
| 1 year - 2 years | 5.75% | 6.25% |
| 2 years 1 day - 3 years | 6.00% | 6.50% |
| 3 years 1 day - 5 years | 6.25% | 6.75% |
| 5 years 1 day - 10 years | 6.00% | 6.50% |
| Source: Bank Website |
Note
Here is a list of other banks that have adjusted their interest rates on fixed deposits of less than Rs. 2 crore in January.
- Yes Bank
- Capital Small Finance Bank
- Kotak Mahindra Bank
- Jammu and Kashmir Bank
- Karur Vysya Bank
- Bandhan Bank
- IDBI Bank
- Ujjivan Small Finance Bank
- Canara Bank
- Jana Small Finance Bank
- Federal Bank
- Utkarsh Small Finance Bank
- South Indian Bank
