Fixed Deposit: Many banks have increased their interest rates on fixed deposits (FDs) as a result of the Reserve Bank of India (RBI) raising the repo rate last year. On FDs, some banks are currently offering interest rates as high as 7.50 percent.
It is essential to know the interest rates offered by the nation’s top banks if you are thinking about investing in FDs. State Bank of India (SBI), ICICI Bank, and HDFC Bank are a few examples. For investments of less than two crore rupees, these banks are offering competitive interest rates.
For instance, HDFC Bank is providing FDs with tenures ranging from 7 to 29 days at an interest rate of 3.50 percent for senior citizens and 3% for common citizens. The interest rate for FDs with terms of 30 to 45 days is 3.50 percent for common citizens and 4% for seniors. However, the bank offers the highest interest rate on FDs with tenures ranging from 15 months to 10 years, with rates of up to 7% for common citizens and 7.75% for seniors.
The FD interest rates at ICICI Bank are comparable, with the lowest interest rate being 3% for common citizens and 3.5% for senior citizens on FDs with tenures of 7 to 29 days. However, the bank offers the highest interest rate on FDs with tenures ranging from 15 months to 10 years at rates of up to 7.50 percent. Additionally, the bank offers FDs with a 390-day tenure at an interest rate of 6.60 percent.
On the other hand, SBI offers the lowest interest rate on FDs with tenures of 7 to 45 days at 3.50 percent for senior citizens and 3% for common citizens. This bank offers a 6.25 percent interest rate to common citizens and a 7.25 percent interest rate to senior citizens for the longest tenure, which is between five and ten years.