With the Reserve Bank of India (RBI) set to hold a Monetary Policy Committee (MPC) meeting next week, many are anticipating a potential reduction in interest rates.
This may impact the fixed deposit (FD) rates offered by banks. Here’s a comparison of the current FD rates from three of the country’s leading banks: HDFC Bank, ICICI Bank, and State Bank of India (SBI).
HDFC Bank
HDFC Bank offers the highest interest rate on FDs, with a maximum rate of 7.90% for deposits up to ₹3 crore. Here’s a breakdown of their rates:
7 days to 14 days: 3.00% (3.50% for senior citizens)
15 days to 29 days: 3.00% (3.50% for senior citizens)
30 days to 45 days: 3.50% (4.00% for senior citizens)
46 days to 60 days: 4.50% (5.00% for senior citizens)
61 days to 89 days: 4.50% (5.00% for senior citizens)
90 days to 6 months: 4.50% (5.00% for senior citizens)
6 months 1 day to less than 9 months: 5.75% (6.25% for senior citizens)
9 months 1 day to less than 1 year: 6.00% (6.50% for senior citizens)
1 year to less than 15 months: 6.60% (7.10% for senior citizens)
15 months to less than 18 months: 7.10% (7.50% for senior citizens)
18 months to less than 21 months: 7.25% (7.75% for senior citizens)
21 months to 2 years: 7.00% (7.50% for senior citizens)
2 years 1 day to less than 2 years 11 months: 7.00% (7.50% for senior citizens)
2 years 11 months to 3 years: 7.35% (7.85% for senior citizens)
3 years 1 day to 4 years 7 months: 7.00% (7.50% for senior citizens)
4 years 7 months to 5 years: 7.40% (7.90% for senior citizens)
5 years 1 day to 10 years: 7.00% (7.50% for senior citizens)
ICICI Bank
ICICI Bank offers a maximum interest rate of 7.80% on fixed deposits. Here are their rates:
7 days to 29 days: 3.00% (3.50% for senior citizens)
30 days to 45 days: 3.50% (4.00% for senior citizens)
46 days to 60 days: 4.25% (4.75% for senior citizens)
61 days to 90 days: 4.50% (5.00% for senior citizens)
91 days to 184 days: 4.75% (5.25% for senior citizens)
185 days to 270 days: 5.75% (6.25% for senior citizens)
271 days to less than 1 year: 6.00% (6.50% for senior citizens)
Less than 1 year to 15 months: 6.70% (7.20% for senior citizens)
15 months to less than 18 months: 7.25% (7.80% for senior citizens)
18 months to 2 years: 7.25% (7.75% for senior citizens)
2 years 1 day to 5 years: 7.00% (7.50% for senior citizens)
5 years 1 day to 10 years: 6.90% (7.40% for senior citizens)
5 Years (Tax Saver FD): 7.00% (7.50% for senior citizens)
State Bank of India (SBI)
SBI offers the lowest maximum interest rate among the three banks, at 7.50%. Here’s a summary of their rates:
7 days to 45 days: 3.50% (4.00% for senior citizens)
46 days to 179 days: 5.50% (6.00% for senior citizens)
180 days to 210 days: 6.25% (6.75% for senior citizens)
211 days to less than 1 year: 6.50% (7.00% for senior citizens)
1 year to less than 2 years: 6.80% (7.30% for senior citizens)
2 years to less than 3 years: 7.00% (7.50% for senior citizens)
3 years to less than 5 years: 6.75% (7.25% for senior citizens)
5 years to 10 years: 6.50% (7.50% for senior citizens)
Conclusion
As of now, HDFC Bank offers the highest interest rate of 7.90% on fixed deposits, followed closely by ICICI Bank at 7.80% and SBI at 7.50%.
With the upcoming RBI meeting, these rates may be subject to change, so it’s essential for depositors to stay informed about any adjustments that may occur.
