Fixed Deposit: The Reserve Bank of India's (RBI) increase in repo rate last year has led to many banks raising their fixed deposit (FD) interest rates. Some banks are now offering interest rates of up to 7.50 per cent on FDs. If you're considering investing in FDs, it's important to know what interest rates the top banks in the country are offering. These include State Bank of India (SBI), ICICI Bank, and HDFC Bank. These banks are offering competitive interest rates on investments of less than 2 crores.
HDFC Bank, for example, is offering an interest rate of 3 per cent for common citizens and 3.50 per cent for senior citizens on FDs with tenures between 7 to 29 days. For FDs with tenures between 30 to 45 days, the interest rate is 3.50 per cent for common citizens and 4 per cent for senior citizens. The bank's highest interest rate, however, is offered on FDs with tenures between 15 months to 10 years, with rates of up to 7 per cent for common citizens and 7.75 per cent for senior citizens.
Also read: Bajaj Finance increases FD rates by up to 40 bps; invest now and earn higher returns
ICICI Bank's FD rates are similar, with the lowest interest rate of 3 per cent for common citizens and 3.50 per cent for senior citizens on FDs with tenures between 7 to 29 days. The bank's highest interest rate, however, is offered on FDs with tenures between 15 months to 10 years, with rates of up to 7 per cent to 7.50 per cent. Additionally, the bank offers an interest rate of 6.60 per cent on FDs with 390 days tenure.
SBI, on the other hand, offers the lowest interest rate of 3 per cent for common citizens and 3.50 per cent for senior citizens on FDs with tenures between 7 to 45 days. For the highest time i.e. from 5 years to 10 years tenure, this bank offers 6.25 per cent interest rate to common citizens and 7.25 per cent interest rate to senior citizens.
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