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- Published: May 2, 2023 16:28
New Delhi: In the past few months, various top Indian lending banks have hiked their fixed deposit interest rates. These include SBI Bank, ICICI Bank, HDFC Bank, YES Bank, and Kotak Mahindra Bank, who have set their interest rates at 7 percent for fixed deposits.
FDs are often a backup plan for most average middle class families to survive. Thus, a change in its interest rate automatically gets the public eyes hooked up. So, if you are also planning to drive your money into FDs, here are the interest rates of each mentioned bank.
SBI’s interest rate on fixed deposits
The State Bank of India offers 7 percent interest rate on fixed deposits that mature between 2 years or less than 3 years. For the same time period, senior citizens are provided with an added 0.5 percent rate. However, it will only be applicable on deposits that are below Rs. 2 crore.
ICICI Bank’s interest rate
This Mumbai-headquartered bank planned to offer a 7.1 percent interest rate for deposits maturing between 15 months and 2 years. However, senior citizens will get 7.6 percent for the same tenure. On the other hand, it will offer a 7 percent interest rate for fixed deposits maturing between 2 years to 1 or 5 years. These rates by ICICI bank will only be applied below Rs. 2 crore deposits.
HDFC Bank interest rates
The Housing Development Finance Corporation Limited (HDFC) offers an increased interest rate of 7.10 percent for deposits maturing between 15 months and 18 months. However, senior citizens can get 7.6 percent for the same time frame. Just like others, these are also applicable below Rs. 2 crore deposits.
YES Bank fixed deposit interest rates
The Rana Kapoor and Ashok Kapur founded bank offers an interest rate of 7.5 percent for deposits maturing between the tenure of 15 months and 36 months. However, it will provide a distinguished rate of 7.25 percent for the maturing tenure of one year and 15 months. Meanwhile, senior citizens will be served with an added 0.5 percent rate on FDs. These will also be available for less than Rs. 2 crore deposits.
Kotak Mahindra Bank interest rates
The Uday Kotak founded bank offers an interest rate of 7.2 percent for the deposit’s maturing time period of 390 days to less than 2 years. Meanwhile, it offers 7 percent for the time frame of 365 days and 389 days. However, senior citizens will receive an additional 0.5 percent rate. These will only be applied for deposits below Rs. 2 crore.
For the unversed, fixed deposit is a safe investment option with guaranteed interest rates. It also extends advantage rates for senior citizens. However, it is crucial for people to compare the interest rates of various banks before making any investment decision, apparently because it is often the after-retirement survival plan for many people.