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SBI Vs ICICI Vs HDFC Vs Kotak Vs Ujjivan SFB: Interest Rates On Fixed Deposits Compared
The Reserve Bank of India's Monetary Policy Committee has chosen to maintain the repo and reverse repo rates steady, causing alarm among fixed depositors concerning low-interest rates. In the current low-interest-rate environment, it is difficult to generate real returns from fixed deposits as long as mounting inflation is a concern. To prevent interest rate issues, investors should invest in fixed deposits, but only for a short period of time, because whenever banks raise interest rates, they do so first in the short term, causing investors to be concerned about long-term deposits. As it is commonly known that banks' interest rates fluctuate in response to changes in the Reserve Bank of India's (RBI) repo rate and base rate, it is essential to compare and monitor the interest rates of the top leading banks if looking to open a fixed deposit account. And, in terms of interest rates, here are the banks that have recently changed their fixed deposit interest rates, and by comparing them to SBI, here we go to discover where they rank.
HDFC Bank
On the 1st of December 2021, HDFC Bank changed its fixed deposit interest rates across select tenors. Effective upon that day, the bank is now promising the general public an interest rate of 2.50 percent to 5.50 percent on deposits maturing between 7 days and 10 years, while senior people would receive an interest rate of 3.00 percent to 6.25 percent. Here are the bank's most recent fixed deposit interest rates for deposits of less than Rs. 2 crore.
| Tenor | Regular Interest rates p.a. | 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 months 1 day - 9 months | 4.40% | 4.90% |
| 9 months 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 | 5.15% | 5.65% |
| 3 year 1 day- 5 years | 5.35% | 5.85% |
| 5 years 1 day - 10 years | 5.50% | 6.25% |
| Source: Bank Website |
ICICI Bank
On deposits maturing in 7 days to 10 years, ICICI Bank is giving an interest rate of 2.50 percent to 5,60 percent to the general public and 3.00 percent to 6.30 percent to senior citizens as of December 4, 2021. ICICI Bank is now giving the following interest rates on domestic, NRO, and NRE deposits of less than Rs. 2 crore.
| Tenor | Regular Interest rates p.a. | 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 | 4.90% | 5.40% |
| 390 days to < 15 months | 4.90% | 5.40% |
| 15 months to < 18 months | 4.90% | 5.40% |
| 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 | 5.40% | 5.90% |
| 5 years 1 day to 10 years | 5.60% | 6.30% |
| 5 Years (80C FD) | 5.40% | 5.90% |
| Source: Bank Website |
Kotak Mahindra Bank
Kotak Mahindra Bank updated its fixed deposit interest rates on December 10, 2021. On deposits maturing in 7 days to 10 years, the general public will now get an interest rate of 2.50 percent to 5,30 percent, while senior citizens will receive an interest rate of 3.00 percent to 5.80 percent, according to the most recent adjustment. The bank is now offering the following interest rates on deposits of less than Rs. 2 crore.
| Tenor | Regular Interest rates p.a. | Senior citizens |
|---|---|---|
| 7 - 14 Days | 2.50% | 3.00% |
| 15 - 30 Days | 2.50% | 3.00% |
| 31 - 45 Days | 2.75% | 3.25% |
| 46 - 90 Days | 2.75% | 3.25% |
| 91 - 120 Days | 3.00% | 3.50% |
| 121 - 179 days | 3.20% | 3.70% |
| 180 Days | 4.25% | 4.75% |
| 181 Days to 269 Days | 4.25% | 4.75% |
| 270 Days | 4.40% | 4.90% |
| 271 Days to 363 Days | 4.40% | 4.90% |
| 364 Days | 4.50% | 5.00% |
| 365 Days to 389 Days | 4.75% | 5.25% |
| 390 Days (12 months 25 days) | 4.90% | 5.40% |
| 391 Days - Less than 23 Months | 4.90% | 5.40% |
| 23 Months | 5.00% | 5.50% |
| 23 months 1 Day- less than 2 years | 5.10% | 5.60% |
| 2 years- less than 3 years | 5.15% | 5.65% |
| 3 years and above but less than 4 years | 5.30% | 5.80% |
| 4 years and above but less than 5 years | 5.30% | 5.80% |
| 5 years and above upto and inclusive of 10 years | 5.30% | 5.80% |
| Source: Bank Website |
Ujjivan Small Finance Bank
Small finance banks provide more interest rates on fixed deposits and savings accounts if compared to public and private sector banks, and they also ensure your DICGC insurance coverage of up to Rs. 5 lakhs. Ujjivan SFB offers competitive fixed deposit rates and recently amended its interest rates on December 9, 2021. The bank's current interest rates on fixed deposits of less than Rs. 2 crore are listed below.
| TENURE | Regular Interest Rate (p.a.) | Senior Citizens |
|---|---|---|
| 7 Days to 29 Days | 2.90% | 3.65% |
| 30 Days to 89 Days | 3.50% | 4.25% |
| 90 Days to 179 Days | 4.25% | 5.00% |
| 180 Days to 364 Days | 4.75% | 5.50% |
| 12 Months | 6.50% | 7.25% |
| 12 Months and 1 Day to 19 Months | 6.00% | 6.75% |
| 19 Months and 1 Day to 24 Months | 6.60% | 7.35% |
| 2 Years and 1 Day to 3 years | 6.50% | 7.25% |
| 3 Years and 1 Day to 5 Years | 6.25% | 7.00% |
| 5 Years and 1 Day to 10 Years | 6.00% | 6.75% |
| Source: Bank Website. W.e.f. 9th December 2021 |
State Bank of India
The country's largest bank now provides the general public an interest rate of 2.90 percent to 5.40 percent and an interest rate of 3.40 percent to 6.20 percent to senior citizens. These rates are effective as of January 8, 2021. On the bank deposit insurance programme, our Prime Minister Narendra Modi said yesterday that over 1 lakh depositors had received refunds recently, that had been delayed for years, totaling over Rs 1300 crore. The government has also mandated that banks reimburse the refund amount within 90 days or three months. This means you may choose any commercial or cooperative bank that offers the highest rate of interest to ensure a balance of solid returns and deposit safety.
| TENURE | Regular Interest Rate (p.a.) | 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 | 5.5 |
| 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 |
