SBI, ICICI Bank, HDFC Bank, Axis Bank: Check Latest FD Rates Of These Banks Here

SBI has raised fixed deposit (FD) interest rates for certain tenures effective from December 27, 2023. Axis Bank has revised the FD rates for amounts below Rs 2 crore effective from 26 December 2023. Two other banks - HDFC Bank and ICICI Bank last revised their FD rates on October 1 and on October 16, 2023, respectively. A fixed deposit is a lump sum deposit in a bank for a fixed tenure that offers investors a fixed but higher interest rate compared to savings accounts. It is always recommended to check the rate offered by different banks on FDs to make a smart investment decision.

In this article, we will have a look at the latest rates offered by these lenders on fixed deposits and the tenures on which they are providing the highest interest rate.

SBI FD Rate:

The bank has increased the interest rate on deposits having a maturity period of 7 days to 45 days by 50 basis points (bps) from 3% to 3.50%.

The state-owned lender has hiked the interest rate on tenure of 46 days to 179 days by 25bps to 4.75% from 4.50%. Meanwhile, on deposits for a tenure of 180 days to 210 days, SBI has hiked rates by 50 bps from 5.25% to 5.75%.

For FDs maturing in 211 days to less than 1 year, 6% rate is applicable.

An interest rate of 6.75% is applicable on FDs maturing between 3 years to less than 5 years.

Axis Bank:

After the December 26, 2023 revision in interest rates, Axis Bank offers interest rates between 3.50% to 7.10% on term deposits maturing in 7 days to 10 years to general citizens. The lender offers FD rates of 3.50% to 7.75% to senior citizens on tenures ranging from 7 days to 10 years.

HDFC Bank:

HDFC Bank offers interest rates between 3% to 7.20% for tenures ranging from 7 days to 10 years to general citizens. While for senior citizens, the lender interest rate of 3.50% to 7.75%. The highest interest rate of 7.20% is offered on a tenure of 4 years 7 months to 55 months for general citizens.

ICICI Bank:

ICICI Bank offers interest rates between 3% to 7.10% for tenures ranging from 7 days to 10 years to general citizens. While for senior citizens, the lender offers an interest rate of 3.50% to 7.65% for the same tenure. The highest interest rate of 7.10% is offered on a tenure of 15 months to 2 years for general citizens.