FD interest rates: It is good news for people investing in bank’s savings schemes that many banks have increased fixed deposit rates. With this, customers will now get more returns than before. Public sector State Bank of India (SBI) and private sector HDFC Bank (HDFC Bank) have increased interest rates on fixed deposits.
State Bank of India has increased interest rates by 0.10 percent, while HDFC Bank has increased by 0.05 to 0.1 percent. Keep in mind that these banks have not increased the interest rate on all the maturity periods of the FD. This increase is for certain term savings plans.
SBI FD hiked by 10 basis points
According to SBI, the bank has increased the interest rates by 10 basis points in FDs of less than Rs 2 crore for tenures ranging from 1 year to less than two years. The interest rate on FDs of this period has now been increased from 5 percent to 5.1 percent. This interest rate has become effective from 15 January 2022. Senior citizens will get an interest of 5.6 percent on FDs of this period, which was earlier at 5.5 percent.
In December last month, State Bank of India had increased its base rate by 0.10 percent or 10 basis points. An increase in the base rate means that the trend of falling interest rates is now changing. There may be some more hike in interest rates in future.
SBI latest FD interest rates
- On fixed deposits from 07 days to 45 days – 2.9 percent
- On fixed deposits of 46 days to 179 days – 3.9 percent
- On fixed deposits of 180 days to 210 days – 4.4%
- Fixed deposits from 211 days to less than one year – 4.4 percent
- Fixed deposit from 1 year to less than two years – 5.1%
- Duration from 2 years to less than 3 years – 5.1%
- Duration from 3 years to less than 5 years – 5.3%
- Tenure from 5 years to 10 years – 5.4%
HDFC Bank (HDFC Bank)
HDFC Bank has increased the interest rates on fixed deposits by 0.05-0.1 percent for fixed deposits of less than Rs 2 crore. Now the interest rate on FDs of ‘2 years 1 day to 3 years’ in the bank is 5.2% per annum, 5.4% per annum on FDs of ‘3 years 1 day to 5 years’ and ‘5 years 1 day to 10 years’ 5.6 per cent per annum on FDs of up to Rs.
The new interest rates have come into effect from 12 January 2022.
HDFC Bank new interest rates- (HDFC Bank FD interest rates)
- 07 days to 14 days period – 2.50 percent
- 15 days to 29 days period – 2.50 percent
- Period from 30 days to 45 days – 3.00 percent
- 61 days to 90 days period – 3.00 percent
- 91 days to 6 months period – 3.50 percent
- 6 months to 9 months duration – 4.40 percent
- 9 months to less than one year – 4.40 percent
- For a period of one year – 4.90 percent
- From 1 year to 2 years – 5.00 percent
- From 2 years to 3 years – 5.20 percent
- Three years to five years – 5.40 percent
- 5 years to 10 years – 5.60 percent
