After the Reserve Bank of India (RBI) increased its repo rate by 35 basis points last week, the State Bank of India has now raised its interest rates for domestic retail term deposits and fixed deposits (FD). According to SBI’s website, the bank has increased the FD rates up to 65 basis points on selected tenors. This change is effective as of December 13.
When the central bank raises its policy repo rate, fixed deposit and lending rates are usually higher. Most banks have aggressively adjusted their FD rates in accordance with RBI’s policy outcomes since May, which has attracted more investors to this investment option.
When we compare the FD rates offered by SBI, HDFC Bank, and ICICI Bank, ICICI Bank offers the highest interest rate at 6.50 percent for the 5-years to the 10-year scheme. SBI offers 6.10 percent, while HDFC offers 6.25 percent.
State Bank of India’s FDR rates
SBI has increased fixed deposit rates to 65 basis points for different tenors. These rates will be effective today, December 13th. Retail domestic term deposits of less than Rs 2 crore are exempted from the rate hike.
The maximum increase is for the scheme of 1 year to less than two years. This has been raised to 6.75 percent from 6.10%. The retail term deposit with a maturity bucket of 2 years to less than three years has the same interest rate. It has increased to 6.75 percent from 6.25 percent. The current interest rate for SBI FDs is 3%. The interest rate for FDs between 46 and 179 days is 3.9%. For FDs 180 to less than 220 days, it is 5.25 percent. The interest rate for FDs less than 1 year and 211 days is 5.75 percent. Interest rates for FDs that mature in less than one year will be 6.75 percent. Fixed deposits of 2 to 3 years will earn 6.75 percent interest. Schemes that mature in less than five years, five years, and up to ten years will receive a 6.25 percent interest rate.
Here is the most recent interest rate for all tenors:
|Tenors||Old Rates||New rates||Old rates for senior citizens||New rates for senior citizens|
|7 days to 45 days||3.00||3.00||3.50||3.50|
|46 days to 179 days||4.50||4.50||5.00||5.00|
|180 days to 210 days||5.25||5.25||5.75||5.75|
|211 days to less than 1 year||5.50||5.75||6.00||6.25|
|1 year to less than 2 years||6.10||6.75||6.60||7.25|
|2 years to less than 3 years||6.25||6.75||6.75||7.25|
|3 years to less than 5 years||6.10||6.25||6.60||6.75|
|5 years and up to 10 years||6.10||6.25||6.90||7.25|
According to the public lender, its SBI Wecare special deposit scheme for seniors will earn 7.25 percent interest on retail term deposits of 5 years and more. SBI staff and SBI pensioners will receive an interest rate of 1.00 percent above and beyond the applicable rate. This was highlighted by the bank on its website.
Customers can still use the SBI Wecare Deposit Scheme until March 31, 2023.
HDFC Bank FD Rates
Private sector lenders offer fixed deposits and term deposits with tenures that range from 7 days up to 10 years. General customers can expect an interest rate of 3 to 6 percent. Senior citizens can get interest rates ranging from 3.5 percent to 7.00% for schemes that last 7 days to 10 years.
Senior citizens are eligible for an extra rate of interest of 0.50 percent per annum for tenures between 7 and 5 years. Senior citizens can get an additional 0.75 percent per year for a tenure exceeding 5 years. For both senior and general customers, the applicable interest rates will be determined based on when the bank receives the funds. The bank updated its interest rates on November 8, 2022.
|Tenor Bucket||Interest Rate (per annum)||Senior Citizen Rates (per annum)|
|7 – 14 days||3.00%||3.50%|
|15 – 29 days||3.00%||3.50%|
|30 – 45 days||3.50%||4.00%|
|46 – 60 days||4.00%||4.50%|
|61 – 89 days||4.50%||5.00%|
|6 months 1 days||5.25%||5.75%|
|9 months 1 day to||5.50%||6.00%|
|1 year to||6.10%||6.60%|
|15 months to||6.40%||6.90%|
|18 months to||6.50%||7.00%|
|21 months – 2 years||6.50%||7.00%|
|2 years 1 day – 3 years||6.50%||7.00%|
|3 year 1 day to – 5 years||6.50%||7.00%|
|5 year 1 day – 10 years||6.25%||7.00%|
ICICI Bank FD Rates
The private sector lender ICICI Bank offers different interest rates, ranging from 3.00% to 6.60% per annum for different schemes, seven days a year, to ten years. Senior citizens can receive an additional interest rate. On November 16, 2022, the bank changed its interest rates for FDs less than Rs 2 crore.
|Tenure||Interest Rate for General Citizens (p.a.)||Interest Rate for Senior Citizens (p.a.)|
|7 days to 14 days||3.00%||3.50%|
|15 days to 29 days||3.00%||3.50%|
|30 days to 45 days||3.50%||4.00%|
|46 days to 60 days||3.75%||4.25%|
|61 days to 90 days||4.25%||4.75%|
|91 days to 120 days||4.50%||5.00%|
|121 days to 184 days||4.50%||5.00%|
|185 days to 210 days||5.25%||5.75%|
|211 months to 270 days||5.25%||5.75%|
|271 days to less than 289 days||5.25%||5.75%|
|290 days to less than 1 year||5.50%||6.00%|
|1 year to 389 days||6.10%||6.60%|
|390 days to less than 15 months||6.10%||6.60%|
|15 months to less than 18 months||6.40%||6.90%|
|18 months to 2 years||6.40%||6.90%|
|2 years 1 day to 3 years||6.50%||7.00%|
|3 years 1 day to 5 years||6.60%||7.10%|
|5 years 1 day to 10 years||6.50%||7.10%|
|5 years (80C FD) – Max to Rs.1.50 lakh||6.60%||7.10%|
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