FD rate hikes: Latest fixed deposit rates by 6 major lenders including SBI, HDFC Bank and ICICI Bank

 

Banks, which have recently raised their term deposit interest rates, include Bank of Baroda (BOB), State Bank of India (SBI), DCB Bank, HDFC Bank, ICICI Bank, and Axis Bank.

SBI has raised the FD rates to 6 percent from 5.75 percent (for 211 days to less than one year).

A number of banks have raised their fixed deposit (FD) interest rates while a few have introduced special schemes for offering higher rates of interest.

Bank of India, for instance, has introduced Super Special Fixed Deposit with an interest rate of 7.5 percent per annum for deposits ranging from ₹2 to ₹50 crore and has a fixed maturity period of 175 days starting Jan 1, 2024

Other banks, which have recently raised their term deposit interest rates, include Bank of Baroda (BOB), State Bank of India (SBI), DCB Bank, HDFC Bank, ICICI Bank, and Axis Bank.

Banks offer high interest rates on their fixed deposits:

State Bank of India (SBI): SBI has raised the FD rates to 6 percent from 5.75 percent (for 211 days to less than one year). Other durations for which interest rates were raised include 7 days to 45 days (3 to 3.5 percent), 46 days to 179 days (4.5 to 4.75 percent), 180 days to 210 days (5.25 to 5.75 percent).

For one year to less than two years, the rate of interest offered by SBI is unchanged i.e., 6.80 percent; for 2-3 years, it is 7 percent; for 3-5 years, the rate of interest is 6.75 percent.

Bank of Baroda: The state lender — with effect from Dec 29, 2023 — has been offering an interest rate of 6.85 percent for one-year to 2 years. For deposits between 2 and 3 years, the bank offers 7.25 percent interest rate. The interest rate falls to 6.5 percent for deposits between 3 and 10 years.

The bank, meanwhile, offers 7.15 percent on 399 days deposits known as Baroda Tiranga Plus Deposit Scheme.

HDFC Bank: The largest private lender, with effect from October, offers 6.6 percent to its depositors on FDs of one year to 15 months duration. For 15 months to 18 months, the interest rate is 7.10 percent; for 18 months to 21 months, the rate of interest is 7 percent, and for 21 months to 2 years, it is 7 percent.

The highest rate of interest i.e., 7.20 percent is offered on FDs with duration of 4 years and 7 months to 55 months.

ICICI Bank: The second-largest private sector bank offers 7.25 percent (from 6.7 percent earlier) to depositors on tenure of one year to 389 days with effect from Jan 3.

Other tenures for which the lender has raised its interest rates include 61 days to 90 days (from 4.5 percent to 6 percent), 91 days to 184 days (4.75 percent to 6.5 percent), 185 days to 270 days (5.75 to 6.75 percent), 390 days to 15 months (6.7 percent to 7.25 percent) and 5 years to 10 years (6.9 to 7 percent)

Axis Bank: With effect from Dec 26, 2023, Axis Bank has been offering 6.7 percent on fixed deposits of one year to 15 months. On deposits of 15 months to five years, interest rate is 7.10 percent. The short duration FDs give interest rate that ranges between 4.75 percent and 6 percent.

DCB Bank: With effect from Dec 13, 2023, the private lender has been offering 7.15 percent per annum. When the tenure is 12 months to 12 months and 10 days, the interest rate rises to 7.85 percent.

The highest rate of 8 percent is offered to deposits of tenure between 25 months and 26 months.