In order to combat inflation, banks are raising interest rates on loan and deposit offers concurrently with the RBI’s recent rate hikes. At HDFC Bank, PNB, ICICI Bank, and other financial institutions, fixed deposit interest rates have also increased.
The comparison of these banks’ current fixed deposit (FD) interest rates for deposits under Rs. 2 crores:
ICICI Bank:
The website claims that HDFC Bank is offering fixed deposit rates of 3.50 percent to senior citizens and 3% to the general public. For a period of one year to less than fifteen days, HDFC Bank is offering 6.50 percent to the general public, 7 percent to seniors, and 7.00 percent to the general public for a period of 18 months to less than 21 months; 7.50 percent for Senior Citizens. With effect from December 14, HDFC Bank has revised rates on FDs for two days to three years, increasing them by 7% for the general public and 7.50% for seniors.
South Indian Bank:
At the private lender South Indian Bank, interest rates on fixed deposits under 2 crore rupees have gone up. The new rates come full circle on December 20, 2022, as indicated by the bank’s true site. As a result of the change, the bank now offers interest rates on deposits with maturities ranging from 7 days to 10 years that range from 2.65 percent to 6.0% for the general public and from 3.15 percent to 6.50 percent for seniors. At South Indian Bank, the maximum regular interest rate for deposits with a one-year maturity period is now 7.00%, and the senior citizen rate is 7.50%.
PNB:
Fixed deposits under Rs 2 crore have their interest rates adjusted by Punjab National Bank. The bank is giving seniors and the general public 3.50 percent, 4% for 7 days to 14 days, and 6.30 percent for a year for the general public; 6.80 percent for senior citizens. Between 1 and 599 days: 6.30% for the general public; Starting on December 19, seniors will see a reduction of 6.80 percent.
ICICI Bank:
On fixed deposits under Rs 2 crore, ICICI Bank is offering 3% to 3.50% to the general public and senior citizens. At ICICI Bank, the revised interest rates for fixed deposits under Rs 2 crore will go into effect on December 16. Interest rates on FDs for one year to 389 days: 5.75 percent for the general public and 6.25 percent for seniors for 290 days to less than one year. for the general public – 6.60%; 7.10 percent for senior citizens.
