Bank fixed deposit (FD) latest rates : Fixed deposits (FDs) are considered to be safe investments. This is the reason why a large number of people invest in FDs. All the banks keep on giving new offers to the customers. Let's take a look at the latest FD interest rates offered by SBI, HDFC Bank and ICICI Bank.
Bank fixed deposit (FD) latest rates : Fixed deposit (FD) is one of the most popular investment instruments in our country, especially among senior citizens. Ease of investment and guaranteed returns make FDs a great investment option not only for the elderly but also for those who do not want to risk their hard earned money. The rate of interest on FD is determined by the principal amount invested and the tenure of the investment. Therefore, before investing, one should compare the FD rates offered by different banks. All the banks keep on giving new offers to the customers. Let us know where in State Bank of India (SBI), HDFC, ICICI Bank is getting the highest return on FD (Fixed Deposit).HDFC Bank Latest FD Rates
Private lender HDFC Bank has increased interest rates on FDs of less than Rs 2 crore on certain tenures, according to the website of HDFC Bank. The new FD rates are effective from 20 April 2022. HDFC Bank offers an interest rate of 2.50 per cent to 5.60 per cent for the general public on deposits maturing in 7 days to ten years.
HDFC Bank Latest FD Interest Rates (Below 2 Crore)
For 7 - 14 days : 2.50%
For 15 - 29 days : 2.50%
For 30 - 45 days : 3.00%
For 61-90 days : 3.00%
91 days - for 6 months : 3.50%
6 months 1 day - 9 months : 4.40%
For 9 months 1 day : 4.40%
For 1 year : 4.40%
1 year 1 day - 2 years : 5.10%
2 years 1 day - 3 years : 5.20%
3 Years 1 Day - 5 Years : 5.45%
5 years 1 day - 10 years : 5.60%
SBI 2.9% to 5.5%
State Bank of India (SBI) is offering 2.9% to 5.5% for general customers between 7 days to 10 years. Senior citizens will get an additional 50 basis points (bps) on these deposits ranging from 3.4% to 6.30%. These rates are effective from 15 February 2022.SBI Latest FD Interest Rates (Below 2 Crore)
7 days to 45 days : 2.90%
For 46 days to 179 days : 3.90%
180 days to 210 days : 4.40%
211 days to less than 1 year : 4.40%
For 2 years to less than 3 years : 5.20 %
For 3 years to less than 5 years : 5.45%
For 5 years and up to 10 years : 5.50%
ICICI Bank Latest FD Interest Rates
ICICI Bank is offering an interest rate of 2.50% to 5.60% on FDs maturing in 7 days to 10 years. These rates are effective from 20 January 2022.
ICICI Bank Latest FD Interest Rates (Below 2 Crore)
15 days to 29 days : 2.50%
For 30 days to 45 days : 3.00%
46 days to 60 days : 3.00%
61 days to 90 days : 3.00%
91 days to 120 days : 3.50%
121 days to 150 days : 3.50%
For 151 days to 184 days : 3.50%
185 days to 210 days : 4.40%
For 211 days to 270 days : 4.40%
For 271 days to 289 days : 4.40%
290 days to less than 1 year : 5%
390 days to less than 15 months : 5%
For 15 months to less than 18 months : 5%
For 18 months to 2 years : 5%
2 years 1 day to 3 years : 5.20%
3 Years 1 Day to 5 Years : 5.45%
5 Years 1 Day to 10 Years : 5.60%
Why are banks increasing FD interest rates?
Inflation is one of the major factors that affect the level of interest rates. The higher the rate of inflation, the more likely the interest rates to rise. This happens because lenders will demand higher interest rates as compensation for the reduction in the purchasing power of the money paid in the future. Ravi Singhal of GCL Securities said, Since the rate of inflation in India is at a high tempo, most of the banks are increasing the FD rates to protect the consumer from the rise in inflation in future.