Fixed deposit (FD) investors are happy this festive season as the banks have been increasing the FD interest rates since the month of May 2022. Moreover, in its most recent monetary policy meeting on September 30, 2022, the Reserve Bank of India (RBI) announce a hike of 50 basis points (bps) in the repo rate. This hike has increased the banks' best FD interest rates even further.
Major banks like the State Bank of India (SBI), HDFC Bank and ICICI Bank have also raised their fixed deposit interest rates after the latest RBI repo rate hike.
Let's take a look at the latest FD rates offered by these banks.
SBI vs HDFC Bank vs ICICI Bank FD Rates
State Bank of India's Latest FD Interest Rates
The State Bank of India has increased their fixed deposit interest rates by up to 20 bps across all tenures. These interest rates will be applicable to fixed deposits of up to ₹2 Crore. SBI's official website states that the new FD interest rates will be effective from October 15, 2022. After the increase in SBI FD interest rates, regular depositors can now earn interest ranging from 3.00% to 5.85% and senior citizens can earn 3.50% to 6.65% on SBI fixed deposits with a maturity of 7 days to 10 years.
ICICI Bank's Latest FD Interest Rates
After the latest repo rate hike by the RBI, ICICI Bank has also increased its fixed deposit interest rates on by up to 20 basis points for deposits of less than ₹2 Crore. The revised interest rates will be effective from October 18, 2022. ICICI Bank FD interest rates will now range from 3% to 6.20% for fixed deposits maturing in 7 days to 10 years. For senior citizens, the ICICI Bank FD rates will range between 3.50% and 6.75% for tenures ranging from 7 days to 10 years.
HDFC Bank's Latest FD Interest Rates
Adding to the festive cheer, HDFC Bank has also hiked its FD interest rates by up to 75 basis points. These increased HFDC Bank FD rates will be effective from October 11, 2022. With this increase in interest rates, depositors can now earn an interest of 3.00% to 6% on HDFC Bank fixed deposits maturing in 7 days to 10 years. For senior citizens, HDFC Bank will now offer FD interest rates ranging from 3.50% to 6.75%.
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