SBI Vs HDFC Bank Vs ICICI Bank: If you are planning to invest money in Fixed Deposit (FD), then first know which FD is giving you the best interest. Recently, the Reserve Bank of India (RBI) has cut the repo rate by 0.50%.
SBI Vs HDFC Bank Vs ICICI Bank : If you are planning to invest money in Fixed Deposit (FD), then first know which FD is giving you the best interest. Recently, the Reserve Bank of India (RBI) has cut the repo rate by 0.50%, due to which many big banks have now changed their FD and loan interest rates. These include the country’s three largest banks State Bank of India (SBI), HDFC Bank and ICICI Bank. These three banks have cut their interest rates, but even now in some tenures these banks are giving better returns than each other. Let’s know where you are getting more benefit.
Who is paying more interest on 6 month FD?
If you want to make an FD for less than 6 months, then SBI is ahead in this race. SBI is giving interest up to 5.80% here, while ICICI and HDFC Bank are slightly behind. HDFC Bank is giving a maximum interest of 5.75%, while ICICI Bank’s rate is slightly lower.
Who is paying more interest on 1 to 2 year FD?
In this range, the interest rate of all three banks is almost the same. SBI is offering interest from 6.25% to 6.45%, while HDFC Bank is offering returns from 6.25% to 6.60%. ICICI Bank is also offering returns between 6.25% to 6.50%. If you are making an FD for a period of 18 months to 2 years, then ICICI Bank is giving slightly better returns.
Who is paying more interest on 2 to 10 year FD?
ICICI Bank can prove to be most beneficial for those who make long term FDs. ICICI Bank is offering up to 6.60% interest on FDs of 2 to 10 years, while HDFC Bank is offering up to 6.40% and SBI is offering up to 6.30% interest.
Who is paying more interest to senior citizens?
All banks have kept different interest rates for senior citizens i.e. customers above 60 years of age. ICICI and HDFC Bank are the best in this case. Both banks are giving interest up to 7.10% in selected tenures. At the same time, the maximum return of SBI is 7.05%, which is available under the SBI We Care scheme.
SBI’s new interest rates (effective from June 15, 2025)
- 7-45 days: 3.05% (3.55% for senior citizens)
- 46-179 days: 5.05% (5.55% for senior citizens)
- 180-210 days: 5.80% (6.30% for senior citizens)
- 1-2 years: 6.25% (6.75% for senior citizens)
- 2-3 years: 6.45% (6.95% for senior citizens)
- 5-10 years: 6.05% (7.05% for senior citizens)
HDFC Bank New Interest Rates (Effective from 10th June 2025)
- 7-14 days: 2.75% (3.25% for senior citizens)
- 6 Months: Upto 5.50% (6.00% for senior citizens)
- 1-2 years: 6.25% to 6.60%
- 2-5 years: 6.45% to 6.40%
- 5-10 years: 6.15% (6.65% for senior citizens)
- Highest interest (7.10%) on 15-21 months FD
ICICI Bank Interest Rates (Effective from 18 June 2025)
- 7-45 days: 3.00% (3.50% for senior citizens)
- Up to 6 months: 5.75% (6.25% for senior citizens)
- 1-2 years: 6.25% to 6.50%
- 2-5 years: 6.60% (7.10% for senior citizens)
- 5 Year Tax Saving FD: 6.60% (7.10% for senior citizens)
The impact of RBI’s decision was seen on FD interest
This time the Reserve Bank has reduced the repo rate by 50 basis points to 5.50%, due to which banks are reducing interest rates on FDs and loans. Along with this, CRR has also been reduced to 3%. Its direct effect will be that more cash will come into the banking system and the EMI of the loan may become cheaper. But on the other hand, the interest on FD may be slightly reduced.
