Which bank offers highest FD interest rates: SBI vs HDFC Bank vs ICICI Bank

The hike in repo rates has forced banks and NBFCs to lift their deposit rates. Five-year fastened deposits in some banks currently supply 7-7.5% interest, up from 5.5% a few year agone, in step with a recent ET Wealth account.

SBI vs HDFC Bank vs ICICI Bank Here is a look at the FD interest rates of three of the country's biggest banks.

With result from August thirteen, 2022, the bank has hiked the rate of interest for FD tenure of a hundred and eighty days to 210 days to four.55 percent. For tenure one year to but a pair of year, rate of interest has been hiked to five.45 p.c from five.30 percent. SBI has hiked the rate of interest of two years to but three year tenure to five.50 percent. For three years to but five years, the speed has been hiked to five.60%. For the five year and up to ten year tenure, the bank can currently supply five.65 percent. SBI offers interest rates between three.40 p.c to six.45 p.c for senior voters for tenure locomote between seven days to ten years.


According to the HDFC Bank web site, effective Gregorian calendar month seventeen, 2022, seven days to twenty nine days FD can currently earn two.75 percent, up from 2.50 percent. For tenor thirty days to ninety days, the bank can currently provide three.25 percent, up from three %. For tenure ninety one days to six months FDs can earn three.75 percent, up from 3.50 percent, and one year to two years FDs can earn five.35 percent, up from 5.10 percent. currently the charge per unit offered on two years one day to three years is five.50 % from earlier five.40 percent. The charge per unit is inflated to five.70 % for deposit tenure three years one day- five years from five.60 percent.


According to the bank web site, effective from June twenty two, 2022, term deposits with a maturity of 185 to but one year currently pay four.65 % from earlier four.60, a rise of five basis points, whereas those with a maturity of 1 year to 2 years can fetch five.35 % interest from five.30 percent. ICICI Bank can currently provide a five.50 % charge per unit on biennial and one-day to three-year mounted deposits, and a 5.70 % charge per unit on three-year, one-day to five-year mounted deposits. For tenor 5 years someday to 10 years, the charge per unit offered is five.75 percent.


Before you lock in your cash in a very fastened deposit, confine mind that the repo rate can be hiked more. "Investors ought to thus opt for short-run deposits of 12-15 months rather than lockup sure the long run. additional significantly, assess the basics of the establishment before you invest. If investment in a very fund, ensure the bank contains a sound backing. Some banks, particularly cooperative banks, supply terribly high interest however might not be able to repay your cash," expressed the ET Wealth news.

Making hay while the sun shines

If you're wanting to book associate degree FD for the future or a giant FD is due for renewal, this could not be the correct time to try to to therefore. during a growing rate situation, it's higher to book FDs with short tenure so it will take pleasure in the hike throughout the investment amount. So, booking associate degree FD with a tenure of six months to at least one year may be a much better strategy. Once these FDs mature and you get a much better rate at the time of renewal you'll book long run FDs.

Should one wait for rates to cross 8% for booking long term FDs?