The country’s largest private bank HDFC has recently increased interest rates by up to Rs 2 crore for various periods. The new rates of the bank have become effective from April 6, 2022. Whereas the country’s largest bank SBI had announced an increase in FD interest rates from February 15.
New Delhi. In the last one-and-a-half months, almost all banks have increased the interest rates of fixed deposits (FD). That is, investors are now getting higher returns on FDs. In such a situation, if you are also thinking of getting an FD or are thinking of renewing the old FD, then it will be better for you to adopt short term FD. Also, comparing FDs of banks will also be beneficial for you.
The country’s largest private bank HDFC has recently increased interest rates by up to Rs 2 crore for various periods. The new rates of the bank have become effective from April 6, 2022. Whereas the country’s largest bank SBI had announced an increase in FD interest rates from February 15.
In which bank will it be beneficial for you to get FD out of SBI and HDFC Bank, here we are giving you information about it-
Increase in FD interest rates by 10-15 basis points
HDFC is now offering interest at the rate of 5.10 per cent on one-year FDs. The bank has increased the interest rate by 10 basis points. The bank is also offering the same rate on FDs with tenures of more than one year and up to two years. HDFC Bank is giving half a percent more interest to senior citizens. Whereas SBI has increased the interest rates by 10-15 basis points on FDs up to Rs 2 crore. SBI is giving 5.20 percent interest on FDs with tenures ranging from 2 years to 3 years.
Interest rate for common people on FD up to Rs 2 crore
Duration HDFC SBI
- 6-9 months 4.40 percent 4.40 percent
- 9 months to 1 year 4.40 percent 4.40 percent
- 1 year to 2 years 5.10 percent 5.10 percent
- 2 years to 3 years 5.20 percent 5.20 percent
- 3 years to 5 years 5.45 per cent 5.45 per cent
Both the banks are offering 0.40 percent to 0.50 percent more interest on FDs for senior citizens. While HDAC is offering the highest interest rate of 6.35 per cent for a tenure of 5 years to 10 years, SBI is offering 6.30 per cent interest for this period.
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