Many banks have been increasing interest rates ever since the Reserve Bank of India (RBI) hiked the repo rate, now RBI has hiked repo rates by four points, and various banks have been increasing fixed deposit (FT) interest rates since May this year. Looking at the increase in interest rates of public, private and small finance banks, it seems that henceforth the interest rate will be good for fixed deposits. Now let’s see how much interest rates State Bank of India, HDFC Bank, ICICI Bank and Axis Bank are offering for FD accounts.
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1) Axis Bank:
Axis Bank offers an interest rate of 3.50% for FDs with a maturity of 7 days to 45 days and 4% for FDs with a maturity of 46 days to 60 days. Deposits maturing in 61 days to 6 months earn 4.50% interest and deposits maturing in 6 months to 9 months earn 5.25% interest. Axis Bank offers 5.50% interest rate for 9 months to 1 year FDs and 6.25% interest rate for 1 year to 15 months maturity FDs. It offers 6.40% on FDs with maturity of 15 months to 18 months and 6.50% on FTs with maturity of 18 months to 3 years and deposits with maturity of 3 years to 10 years also offers 6.50%.
2) HDFC Bank:
HDFC Bank offers an interest rate of 3 to 6.5% for deposits maturing in 7 days to 10 years and 3.5% to 7% for senior citizens. On its website, HDFC Bank said that an additional premium of 0.25% will be given to senior citizens who want to book for 5 periods for deposits below ₹5 crore.
3) SBI Bank:
India’s largest public sector bank, SBI offers interest rates ranging from 3% to 6.25% to general public and 3.50% to 6.90% to senior citizens. According to the SBI website, the rate of interest payable will be higher at 1.00% for SBI employees and SBI pensioners, for all senior citizens aged 60 years and above and the rate will be 0.50%.
4) ICICI Bank:
ICICI Bank on 16th November Rs. Raised interest rates on FDs below Rs 2 crore, the bank has raised interest rates in a tenor range of up to 30 bps, thereby increasing interest rates on accounts from 7 days to 10 years, offering interest rates from 3% to 6.60% for general public and from 3.5% to 7% for senior citizens. .
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