FDs: These Banks Revised Their Fixed Deposit Rates; Check Details Inside
Following the central bank's 50 basis point increase in the repo rate to 4.90 percent, multiple banks and other financial institutions began increasing interest rates on fixed deposits.
In the face of increasing interest rates, debt investors with a low-risk profile should think about investing in fixed deposits, which are instruments that are not linked to market-based returns and provide you with regular or fixed income based on the tenure you choose, which ranges from 7 days to 10 years.
In the current volatile equity market, investors seeking guaranteed returns and other benefits such as liquidity, deposit safety, and so on may look to the leading banks listed below for good fixed deposit interest rates (FDs).
State Bank of India (SBI)
As of 15.02.2022, the country's largest lender, State Bank of India (SBI), offers fixed deposits maturing in 7 days to 10 years at a regular interest rate of 2.90% to 5.50% and 3.40% to 6.30% to senior citizens.
On fixed deposits of 5 years and up to 10 years, the bank offers a maximum interest rate of 5.50 percent to the general public and 6.30 percent to senior citizens, representing an added benefit of 80 basis points over the standard rate offered under the bank's "SBI Wecare" Deposit plan.
HDFC Bank
The country's largest private sector lender, HDFC Bank, last updated its fixed deposit interest rate on May 18, 2022, and as a result of the modification, the bank presently provides the general public a rate of interest varying from 2.50 percent to 5.75 percent and 3.00 percent to 6.50 percent to senior citizens on fixed deposits ranging from 7 days to 10 years.
On fixed deposits of less than 2 Cr maturing in 5 years 1 day - 10 years, the bank offers a maximum rate of 5.75 percent to regular customers and 6.50 percent to senior citizens.
Induslnd Bank
On June 1, 2022, IndusInd Bank revised its interest rates, and as a result, the bank now offers a standard rate of 2.75 percent to 6.00 percent and 3.25 percent to 6.50 percent on senior citizen deposits of 7 days to 61 months or more.
The bank offers a maximum interest rate of 6.50 percent to the general public on fixed deposits of 2 years to 61 months, and a rate of 7 percent to senior citizens.
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