Fixed Deposits are commonly included in people’s investing schemes since they give high returns on money invested. However, before creating an FD account, the investor should compare the various interest rates given by various banks.
Fixed deposit interest rates have recently been hiked by the State Bank of India, HDFC Bank, ICICI Bank, and Kotak Mahindra Bank.
SBI FD Rates
The State Bank of India, the country’s largest public sector bank, provides term deposits ranging from seven days to ten years. The bank’s interest rates for regular clients vary from 2.9 percent to 5.5 percent, while senior citizens’ interest rates are 50 basis points higher.
The latest recent rates will be implemented on February 15, 2022.
HDFC Bank: FD Rates
The interest rate on fixed deposits of less than Rs 2 crore has been enhanced by HDFC Bank for certain tenures. The bank now provides 2.50 percent to 5.60 percent rates on deposits due in 7 days to 10 years to the general public.
The most recent tariffs were implemented on April 6, 2022.
ICICI Bank: Fixed Deposit Interest Rates
On deposits expiring in 7 days to 10 years, ICICI Bank offers interest rates ranging from 2.50 percent to 5.60 percent. These prices will go into effect on January 20, 2022.
Kotak Mahindra Bank: Fixed Deposit Rates
Kotak Mahindra Bank has increased the interest rate on fixed deposits with maturities of less than Rs 2 crore. Following the most recent rise, interest rates on deposits due in 7 days to 10 years currently range from 2.50 percent to 5.60 percent.
These will be implemented on April 12, 2022.