Latest FD Rates: SBI vs Axis vs ICICI vs HDFC And Others

Ahead of RBI's monetary policy committee meeting in June, several prominent banks have increased their fixed deposit interest rates. The latest rate hike was done by the State Bank of India for FDs under Rs 2 crore. Apart from SBI, many other banks have recently revised their interest rate for FD's under select tenors.

Here is a comparison of the latest revised rates of some of the major banks in India.

State Bank of India has updated its fixed deposit interest rates for deposits below Rs 2 crore. After the revision, the bank now offers interest rates ranging from 3.50% to 7.50% for deposit periods spanning 7 days to 10 years. 

These rates are effective May 15, 2024. Senior citizens receive an extra 50 basis points at 6.50% on tenures of 180 days to 210 days and another 50 basis points at 6.75% for 211 days to less than a year compared to previous FD rates. In the general category, the rates for the same duration stand at 6% and 6.25% respectively. 

For deposits below Rs 2 crore and tenures of one year and above, there have been no changes in both general and senior citizen categories. 

Axis Bank offers a range of interest rates on domestic term deposits, catering to various maturity periods. For deposits below Rs 2 crore and maturing between 30 days to 45 days, the bank pays an interest rate of 3.50%. The rates escalate with longer tenures: 4.25% for 45 days to 60 days, 4.50% for 60 days to less than 3 months, and 4.75% for 3 months to 3 months 24 days. Deposits maturing in 6-9 months will yield 5.75% interest, while those maturing in 9 months to one year will earn 6.00%. 

For durations spanning one year to 15 months, the bank offers 6.70%. Term deposits maturing in 17-18 months will accrue 7.20% interest, and those maturing in 15-17 months will earn 7.10%. The rates remain consistent for deposits maturing between 18 months to 5 years at 7.10% and for deposits maturing in 5 years to 10 years at 7%. These revised rates apply from the specified date, providing customers with updated options for their investments. The revised rates came into effect on May 13, 2024

ICICI Bank is offering interest rates ranging from 3% to 7.2% on fixed deposits with maturity periods spanning from 7 days to 10 years for regular customers. Senior citizens, however, can enjoy rates between 3.5% and 7.75% on such deposits. These revised rates came into effect from February 17, 2024.

The Bank is also offering interest rates ranging from 4.75% to 7.30% on FDs with a single deposit of Rs 2 crore & above, but less than Rs 5 crore, with maturity spanning from 7 days to 10 years for both regular customers and senior citizens. 

HDFC Bank offers interest rates ranging from 3% to 7.25% for regular customers on deposits maturing within 7 days to 10 years. Senior citizens are eligible for interest rates between 3.5% and 7.75% on these deposits. These revised rates came into effect from February 9, 2024.

Apart from the major banks, several other banks, including Utkarsh Small Finance Bank, City Union Bank, RBL Bank, and Capital Small Finance Bank, revised their fixed deposit rates in May.

Utkarsh SFB implemented new rates effective from May 1, 2024, offering regular customers interest rates ranging from 4% to 8.50%, and senior citizens rates between 4.60% and 9.10%. The highest interest rate is offered at a tenure of above 3 years to less than 4 years.

Capital Small Finance Bank introduced new rates on May 6, offering the general public between 3.5% and 7.55%, and senior citizens between 4% and 8.05%, with the highest rate applicable for a 400-day deposit.

City Union Bank also adjusted its rates on May 6, providing interest rates ranging from 5% to 7.25% for regular customers, and 5% to 7.75% for senior citizens, with the highest rates for a 400-day deposit.