Highlights

  • Deposit rates are rising as lenders are following non-banking financial companies
  • SBI is taking inspiration from private lenders HDFC Bank, Axis Bank and ICICI Bank

Latest news

To win against Thackeray, ex-CM Fadnavis calls up the rebel Thackeray

To win against Thackeray, ex-CM Fadnavis calls up the rebel Thackeray

Sony launches Inzone accessories for PC gaming

Sony launches Inzone accessories for PC gaming

Spotify Supergrouper lets you form artist-based custom playlists

Spotify Supergrouper lets you form artist-based custom playlists

Get iPhone 13 for under Rs 44,000 on Croma

Get iPhone 13 for under Rs 44,000 on Croma

Mahesh Babu and Namrata Shirodkar meet Bill Gates in New York: 'Truly an inspiration!'

Mahesh Babu and Namrata Shirodkar meet Bill Gates in New York: 'Truly an inspiration!'

FD rate hike: Time to start saving - get all the details here

The interest rate on fixed deposits for tenure 1 year to less than 2 years has been increased to 5.1% from 5.0%. For senior citizens the rate is increased from 5.50% to 5.60%

Though Union Budget 2022 disappoints majority of taxpayers but this might be a good news for savers.

Lenders such as State Bank of India (SBI) and HDFC Bank have revised interest rates on fixed deposits (FDs), enabling higher returns for depositors on maturity. The rising rate comes as a good news for depositors who have been earning one of the lowest rates of interest in almost 20 years.

Also read: Forgot it ...then fix it! Tax payers get 2 years to report 'overlooked' income

Here Editorji lists down the latest FD rates for you:

The State Bank of India, which is the largest lender in India, has increased deposit rates on fixed deposits two times earlier in this week. There is a chance of a change in the interest-rate cycle, SBI is taking inspiration from private lenders HDFC Bank, Axis Bank and ICICI Bank.

HDFC Bank
According to its website, now FDs with tenure between 2 years 1 day and 3 years will earn 5.2%, 3 year 1 day and 5 years will fetch 5.4% and 5 years 1 day and 10 years will fetch 5.6%.

Compared to this, for deposits below Rs 2 crore, State Bank of India (SBI) is offering interest rates in the range of 2.9-5.4% on FDs with various tenors ranging from 7 days to 10 years.

In the case of ICICI Bank, the interest rates are applicable for new deposits and renewal of existing fixed deposits. The bank gives interest rates ranging from 2.5 per cent to 5.50 per cent on deposits maturing in 7 days to 10 years. Senior citizens continue to get a 50 basis points (bps) higher interest rate than others.

Kotak Mahindra Bank has hiked the interest rate on fixed deposits (FD) across various tenors. After the latest revision, for FDs maturing in 3 years, 5 years and 10 years, Kotak Mahindra Bank offers an interest rate of 5.15%, 5.3% respectively.

Up Next

FD rate hike: Time to start saving - get all  the details here

FD rate hike: Time to start saving - get all the details here

Sovereign Gold Bond Scheme open: Get gold at a discount

Sovereign Gold Bond Scheme open: Get gold at a discount

Big hit to EMI: ICICI Bank hikes lending rates sharply

Big hit to EMI: ICICI Bank hikes lending rates sharply

EMIs soar: Banks don't wait for RBI, raise loan rates ahead of policy meet

EMIs soar: Banks don't wait for RBI, raise loan rates ahead of policy meet

Loans get more expensive, rates hiked again by banks

Loans get more expensive, rates hiked again by banks

Buying home in India to get costlier; checkout the price in major cities

Buying home in India to get costlier; checkout the price in major cities

More videos

Fake Rs 500 notes! RBI warns of big surge, here is how to check if your note is fake

Fake Rs 500 notes! RBI warns of big surge, here is how to check if your note is fake

Masked Aadhaar, photocopy warning, then withdrawal: UIDAI advisory, govt clarification explained

Masked Aadhaar, photocopy warning, then withdrawal: UIDAI advisory, govt clarification explained

SBI’s launches instant loan via YONO app; here's how you can apply

SBI’s launches instant loan via YONO app; here's how you can apply

Another big expense drives in, insurance premiums raised

Another big expense drives in, insurance premiums raised

Beware of online lending apps! RBI cancels licenses of instant loan providers

Beware of online lending apps! RBI cancels licenses of instant loan providers

Tomatoes hit a century! Prices turn consumers red in anger

Tomatoes hit a century! Prices turn consumers red in anger

Banks start to raise lending rates, check what happens to your EMIs

Banks start to raise lending rates, check what happens to your EMIs

RBI's new credit card rules | Here's all you need to know

RBI's new credit card rules | Here's all you need to know

SBI hikes rates, loans & EMIs get more expensive

SBI hikes rates, loans & EMIs get more expensive

Explained: How to withdraw cash at ATM without a card

Explained: How to withdraw cash at ATM without a card

Editorji Technologies Pvt. Ltd. © 2022 All Rights Reserved.