State Bank of India
According to ET, SBI recently increased its FD interest rates on specific tenures, effective from December 27, 2023. Notable changes include a hike of 50 basis points for deposits maturing between 7 days to 45 days, taking the rate to 3.50%.
Similarly, the interest rate for the period from 46 days to 179 days was increased by 25 basis points to 4.75%. Additionally, SBI has increased the rates on deposits maturing between 180 days to 210 days, 211 days to less than 1 year and three years to less than five years.
SBI offers a range of interest rates, ranging from 3.50% to 7.10%, covering tenures ranging from 7 days to 10 years. The highest rate of 7.10% applies to a 400-day term.
HDFC bank
HDFC Bank has adjusted its FD interest rates on October 1, 2023. The bank offers interest rates between 3% to 7.20% for general citizens and 3.50% to 7.75% for senior citizens. A maximum interest rate of 7.20% is available for general citizens for a specific tenure – 4 years 7 months to 55 months.
ICICI Bank
ICICI Bank revised its FD rates on October 16, 2023. The bank offers interest rates ranging from 3% to 7.10% for general citizens and 3.50% to 7.65% for senior citizens. The highest interest rate of 7.10% is applicable for general citizens for a tenure of 15 months to 2 years.
axis Bank
Axis Bank has implemented changes in its FD rates on December 26, 2023. The bank offers FD rates between 3.50% to 7.10% for the general public and 3.50% to 7.75% for senior citizens, covering tenures ranging from 7 days to 10 years.
pnb
PNB offers FD rates ranging from 3.50% to 7.25% for the general public and 4% to 7.75% for senior citizens on deposits maturing in seven days to ten years. The highest rate of 7.25% is applicable for a period of 444 days.
Choosing the right FD involves considering not only the interest rate but also the tenure that suits your financial goals. As is clear from the comparison, each bank has its own unique offerings. Individuals should carefully assess their priorities and needs before deciding on where to invest their money for optimal returns.
How do banks decide FD rates?
Banks set fixed deposit (FD) rates based on the fixed repo rate. reserve Bank of India (RBI). Repo rate is the interest rate at which RBI lends money to commercial banks. Banks align their FD interest rates with the current repo rate. Investors can monitor changes in repo rates to identify the appropriate time to invest in FD schemes while optimizing potential returns.
(TagstoTranslate)Business News(T)Tenure(T)SBI(T)Returns(T)Reserve Bank of India(T)Punjab National Bank(T)Investments(T)ICICI Bank(T)HDFC Bank(T)Fixed Deposit Interest Rates (T)FD Rates