SBI Vs PNB Vs HDFC Bank Vs ICICI Bank Latest FD Rates Compared After Recent Hike
The Reserve Bank Of India (RBI) increased the repo rate by 50 basis points in September, which encouraged banks and other financial institutions such as NBFCs to raise their interest rates on fixed-rate deposits (FD). The RBI has increased the repo rate four times in 2022 since May.
The combined repo rate hike is 1.90 percent, and the current repo rate after the 4 hikes is 5.90 percent. Following the last repo rate hike, many of the top banks raised their FD rates in October 2022 for terms ranging from 7 days to 10 years. Most banks now offer FDs starting from 3.50 percent.
Since conservative investors prefer fixed deposits as their first investment destination because FDs offer safe and guaranteed returns on investments, it becomes important to compare FD rates by top banks. In October, 4 leading banks of India hiked the FD interest rates below 2 crores following the repo rate hike.
These 4 leading banks are from both private and public sectors, which include the State Bank Of India (SBI), Punjab National Bank (PNB), HDFC Bank & ICICI Bank. The trend is likely to be followed in the upcoming days by many other banks. You might think about investing in fixed deposits given the recent increases in interest rates given the flexibility and security they provide.
SBI FD Rates
The interest rates on fixed deposits have increased at the State Bank of India (SBI), a leading Public Sector Bank (PSB) in India. According to the bank's official website, the new interest rates on FDs are effective from October 22, 2022. The increase in FD interest rates is between 25 and 80 basis points. For tenure between 7 days to 10 years, the interest rates offered by the bank ranges between 3 percent to 6.25 percent. The new interest rates will apply to fixed deposits under Rs 2 crore. The bank continues to offer an additional 0.50 percent interest to senior citizens.
Interest Rates On Retail Domestic term deposits (Below Rs. 2 crore) w.e.f. 22.10.2022
Tenors | General Public | 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
PNB FD Rates
Punjab National Bank (PNB) is a leading Public Sector with a pan-India presence. Following the 50 bps repo rate hike, the bank hiked the FD rates below 2 Crore with effect from 26 October 2022, according to the bank's official website. The bank's Interest rates on FD start from 3.50 percent and go up to 6.50 percent per annum for the general public and up to 7 percent (0.50 percent additional) for senior citizens on maturity period ranging from 7 days to 10 years. According to the bank, senior citizens continue to receive additional 50 bps.
Interest Rates (% Per Annum) on Single Term Deposits below 2 Cr w.e.f. 26 October 2022
Tenors | General Public | Senior Citizen |
---|---|---|
7 days to 14 days | 3.5 | 4 |
15 Days to 29 Days | 3.5 | 4 |
30 Days to 45 Days | 3.5 | 4 |
46 days to 90 days | 4.5 | 5 |
91 days to 179 days | 4.5 | 5 |
180 days to 270 days | 5.5 | 6 |
271 days to less than 1 year | 5.5 | 6 |
1 year | 6.3 | 6.8 |
1 year to 599 days | 6.3 | 6.8 |
600 Days | 7 | 7.5 |
601 Days to less than 2 years | 6.3 | 6.8 |
>2-3 Years | 6.25 | 6.75 |
>3-5 Years | 6.1 | 6.6 |
>5-10 Years | 6.1 | 6.9 |
Source - pnbindia.in
HDFC Bank FD Rates
HDFC Bank is a leading private-sector bank. The bank revised its fixed deposit interest rates on 26th October 2022. According to the bank's official website, the Bank now offers interest rates starting from 3 percent and going up to 6.25 percent for the general public on maturity period starting from 7 days up to 10 years. For senior citizens, the bank offers interest rates starting from 3.50 percent to 6.75 percent for the said maturity period. The bank offers Senior citizens an additional 0.5% interest.
Interest rates on Domestic/NRO/NRE Fixed Deposit below 2 Cr w.e.f. 26 October 2022
Maturity Period | General Public | Senior Citizen Rates |
---|---|---|
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 | 6.15% | 6.65% |
18months to < 21months | 6.15% | 6.65% |
21 months to 2 years | 6.15% | 6.65% |
2 years 1 day - 3 years | 6.25% | 6.75% |
3 Year 1day to 5 years | 6.25% | 6.75% |
5 Year 1 day to 10 years | 6.20% | 6.95%* |
Source - HDFCbank.com
ICICI Bank FD Rates
ICICI Bank is another private sector leading bank with a pan-India presence. The bank hiked the interest rates of FDs last week on 29 October 2022. After the modification, the interest rates offered by the bank ranges between 3 percent to 6.35 percent for general public deposits and 3.50 percent to 6.95 percent for maturity periods starting 7 days up to 10 years. According to the bank, NRE rates are applicable for the tenure of 1 year and above only. Senior citizens receive an additional 0.5% interest rate from the Bank. Senior Citizens FD Interest rates are only applicable for term deposits.
Interest rates on Domestic & NRO Fixed deposits (Less than Rs 2 Crore) w.e.f. 29 October 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 | 4.00% | 4.50% |
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 | 6.10% | 6.60% |
18 months to 2 years | 6.15% | 6.65% |
2 years 1 day to 3 years | 6.20% | 6.70% |
3 years 1 day to 5 years | 6.35% | 6.85% |
5 years 1 day to 10 years | 6.25% | 6.95% |
Source - ICICIbank.com