Latest FD Rates: IOB vs ICICI vs HDFC vs Yes Bank
Many banks have increased their FD interest rates as the RBI continues to drive up the repo rates. Check latest rates of top banks
Over the past few months, the RBI has periodically increased the repo rates to battle the rising levels of inflation in the economy. As a result, many prominent banks in India have also increased their fixed deposit interest rates in 2023 multiple times. In this article, we’ll look at the updated interest rates on FD of under ₹2 crore for the following banks; IOB, ICICI Bank, HDFC Bank and Yes Bank.
IOB Bank FD Interest Rates
The IOB Bank interest rates range from 4.50% to 7.00% depending upon the FD tenure. Moreover, senior citizens benefit from an additional 0.50% over the base rate and super senior citizens (above 80) benefit get an additional 0.75% interest over the base rate. The IOB Bank Tax Saver Deposit offers an FD interest rate of 6.50%. The highest interest rate of 7% is offered on FD tenure of exactly 444 days and the lowest rate of 4.50% is offered on FDs with tenure between 7 days to 45 days.
ICICI Bank FD Interest Rates
ICICI Bank provides interest rates ranging from 3% to 7.10% for fixed deposits of various tenures. ICICI Bank also provides an additional 0.50% interest over the base FD interest rate to senior citizens. The minimum amount required to open a domestic FD in ICICI is ₹10,000. The lowest interest rate of 3% is applicable on FDs with tenures ranging from 7 days to 29 days. The highest FD interest rate in ICICI which is 7.10% is applicable on FDs with tenures ranging from 15 months to 2 years.
HDFC Bank FD Interest Rates
HDFC Bank also provides FD interest rates that are quite similar to those offered by ICICI Bank. Under HDFC Bank, investors can benefit from interest rates ranging from 3% to 7.10% depending on the tenure of the FD. Similarly, senior citizens are eligible to get an extra 0.50% interest rate on FDs over the base rate which is applicable for all. The highest interest rate of 7.10% is applicable on FDs of 15 months to less than 18 months. The lowest FD interest rate of 3% is applicable on FDs of 7 days to 29 days.
Yes Bank FD Interest Rates
Yes Bank provides the highest FD interest rates of all the banks mentioned above, with rates ranging from 3.25% to 7.75% depending upon the tenure of the FD. Just like all the banks mentioned above, Yes Bank also offers senior citizens an additional 0.50% interest over and above the base interest rate. The highest interest rate of 7.75% under Yes Bank is applicable on a specific FD scheme of exactly 35 months tenure. The lowest FD interest rate of 3.25% is applicable on FDs of 7 days to 14 days.
Disclaimer: All of the above information have been recorded from the respective bank websites at the time of writing and interest rates are subject to change in the future. Please visit the official bank websites for more interest on fixed deposits and interest rates.
Check out this Visual Story: Latest FD Interest Rates Of Leading Banks In 2023
