New Delhi. Two big private sector banks HDFC Bank and ICICI Bank have increased interest rates on their fixed deposits (FDs). In such a situation, now on maturity of FDs, customers will be able to get more returns. HDFC and ICICI are among the giants of the banking sector. Now their direct competition is State Bank of India (SBI), the largest public sector bank. So in this article, we will tell about the interest rates on FDs of different tenures of all three banks, so that you can choose a better option for yourself.
After the latest changes in interest rates, HDFC Bank is offering interest ranging from 2.50 percent to 5.50 percent for a period ranging from 7 days to 10 years. If we talk about FDs made by senior citizens, HDFC Bank is offering interest ranging from 3% to 6.25 percent for tenures ranging from 7 days to 10 years. These rates have come into effect from December 1, 2021.
Similarly, ICICI Bank has also changed its interest rates. For 7 days to 10 years, the bank is offering an interest rate ranging from 2.5 per cent to 5.5 per cent, while 50 Basic Points (BPS) is offering higher interest rates for senior citizens.
HDFC Bank Fixed Deposit Rates
HDFC Bank offers interest on FDs below Rs 2 crore in the following manner – 2.50% for normal people and 3.00% for senior citizens for 7 to 14 days. 2.50% and 3.00% for 15 – 29 days, 3% and 3.50% for 30 – 45 days, 3% and 3.50% for 46 – 60 days, 61 – 3% and 3.50% for 90 days, 91 days 3.50% and 4% for 6 months to 6 months, 4.40% and 4.90% for 6 months and 1 day to 9 months, 4.40% and 4.90% for 9 months and 1 day to less than 1 year, 1 year 4.90% and 5.40%, 1 year and one day to 2 years 5.15% and 5.65%, 2 years and one day to 3 years 5.65% and 4.75%, 3 years and one day to 5 years 5.35% and 4.85%, 5.50%* for 10 years from 5 years and 1 day and 6.25%* for senior citizens.
ICICI Bank Fixed Deposit Rates
ICICI Bank offers interest on FDs below Rs 2 crore as follows:
- 2.50% for 7 to 14 days and 3.00% for
- 15 to 29 days 2.50% and 3.00% for
- 30 days to 45 3.00% and 3.50% for
- 46 days to 60 days 3.00% and 3.50% for
- 61 days to 90 days 3.00% and 3.50% for
- 91 days to 120 days 3.50% and 4.00% for
- 121 days 3.50% and 4.00% for
- 151 days to 184 days 3.50% and 4.00% for
- 185 days to 210 days 4.40% and 4.90% for
- 211 days to 270 days 4.40% and 4.90%
- 4.40% and 4.90% for 271 days to 289 days 4.40% and 4.90% for
- 290 days to less than 1 year
- 4.90% and 5.40% for 1 year to 389 days
- 390 days to less than 15 months 4.90% and 5.40%
- 15 months to less than 18 months 4.90% and 5.40%
- 18 months to 2 years 5.00% and 5.50%
- 2 Years 1 Day to 3 Years 5.20% & 5.70%
- 3 Years 1 Day to 5 Years 5.40% & 5.90%
- 5 Years 1 Day to 10 Years 5.60% & 6.30%
- 5 Years (80C FD) – Max 1.50 up to lac 5.40% and 5.90%
SBI Fixed Deposit Rates
SBI offers interest on FDs below Rs 2 crore in the following ways:
- 2.9% and 3.4% from 7 days to 45 days
- 3.9% and 4.4% for 46 days to 179
- 4.4% and 4.9% from 180 days to 210 days
- 4.4% and 4.9% for 211 days to less than 1 year
- 5% and 5.5% for 1 year to less than 2 years
- 5.1% and 5.6% for 2 years to less than 3 years
- 5.3% and 5.8% for 3 years to less than 5 years
- 5.4% and 6.2% for 5 years to 10 years
Choosing the right time is very important
The main thing to note here is that the interest rate on FD varies from time to time. As you know, Fixed Deposit (FD) gives guaranteed returns over a stipulated period of time, so many experts consider it as the best investment option. Especially it is very good for those who want to see their money grow without any risk.
While making FD in any bank, the investor should always choose the appropriate time period. You may also have to pay a penalty if the FD is broken before maturity. In case of penalty, the interest rate becomes very low.
Earlier, the interest rates in FDs were falling continuously, due to which the risk-averse investors had a dilemma as to where to keep their money. But after the latest increase in interest rates, safe investors must have heaved a sigh of relief.
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