• Mon. May 29th, 2023

Comparison of the latest fixed deposits from ICICI, HDFC, Axis Bank and SBI

Last update: May 01, 2023, 1:47 p.m. HST

Fixed deposits have been one of the favorite options of Indians to park their money for the future. These deposits offer a stable rate of return with absolutely little or no risk. Term deposits have become an attractive investment option thanks to repo rate hikes announced by the Reserve Bank of India last year.

While the central bank halted the hike in repo rates at its last meeting, banks are still offering FDs at attractive interest rates to customers. If you have also been looking to invest money in FDs, but have been confused by the options, here is help. Take a look at the FD interest rates offered by major Indian banks.

State Bank of India FD rate:

SBI offers interest rates ranging from 3-7% to general customers for deposits below Rs 2 crore. For seniors, the interest rate will be 50 basis points higher. Under the special Amrit Kalash program of the SBI, an interest rate of 7.1% for the general public and 7.6% for the elderly will be granted. The scheme is valid for a period of 400 days.

HDFC Bank FD rate:

HDFC Bank offers interest ranging from 3 to 7.1% on term deposits below Rs 2 crore. The maturity of FD can range from 7 days to 10 years. Seniors can earn an additional 0.5% interest on deposits. It should be kept in mind that the senior citizen rates offered by HDFC do not apply to Non-Resident Indians (NRIs). The tariffs went into effect on February 21.

Axis Bank FD rate:

Axis Bank also offers good returns on term deposits. For time deposits below Rs 5 crore, the private sector bank offers interest rates between 3.5 and 7.2 percent. Seniors can get returns between 3.5 and 7.95% on their investments. The tariffs went into effect on April 21.

ICICI Bank FD rate:

ICICI Bank customers can earn interest rates between 3 and 7.1% on term deposits of various terms. Seniors will receive an additional 50 basis points on their returns.

Apart from these banks, other entities such as Canara Bank and IDFC Bank also offer attractive yields on term deposits. To get the best possible return on your savings, you need to have a diversified investment portfolio. The best way to ensure this is to divide your overall investment between several options such as term deposits, mutual funds, stocks, etc. This will help you accumulate more savings in the long run.

Read all the latest business news, tax news and stock market updates here


Leave a Reply

Your email address will not be published. Required fields are marked *