HDFC vs ICICI vs SBI vs Axis Bank vs Union Bank vs PNB: Latest FD Rates Of Leading Banks Compared

Fixed deposits or FDs are safe investment options offered by banks and non-banking financial companies that allow the investor to invest funds for a fixed term. FDs are often known to be an investment option that guarantees consistent interest rates for the general public, special interest rates for senior citizens, various interest payment options and most importantly, no market risks with income tax deductions. However, when planning to open an FD, you should always compare the interest rates of different banks and NBFCs. Also, recently, the Reserve of India also announced a hike of 50 basis points in the repo rate, due to which many major banks have increased their interest rates.

In this article,, we will help you find the latest FD interest rates of leading banks like HDFC, ICICI, SBI, Axis, Union bank and PNB bank. Many of these have revised their interest rates to offer you the greatest returns on your investments. Let’s begin:

The leading private bank, HDFC, has hiked its FD interest rate a second time. Effective from October 26, 2022. HDFC bank has hiked FD interest rates by up to 50 basis points. The hiked rates are applicable on FDs under Rs 2 Crore. It is offering an interest rate ranging from 3% to 6.25% on FDs maturing in 7 days to 10 years to general customers. The senior citizen investors will receive an additional interest rate of 50 basis points over, that is 3.5% to 6.95%.

ICICI bank has increased its rates by 10 basis points on its ICICI Bank’s Golden Years FD. Now, senior citizens will get an extra interest rate of 0.20% over and above the existing additional rate of 0.50% per annum. The increased rates are applicable on investments under Rs 2 crore. Moreover, on FDs maturing in 7 days to 10 years, rates have been hiked ranging from 3% to 6.25% for the general public and 3.50% to 6.95% for senior citizens. The rates are applicable on investments under Rs 2 crore effective October 29, 2022. Also, in FDs above 2 Crore and less than 5 crores, the interest rates have been hiked from 3.75% to 6.25 for the general public and senior citizens effective October 31, 2022.

The public sector bank, SBI, has increased its FD rates by up to 80 basis points. The new interest rates are effective from October 22, 2022. The increased rates are applicable on investments under Rs 2 crore. The FDs maturing between 46 days to 10 years will offer interest rates from 4.50% to 6.10% for the general public and 5% to 6.90% for senior citizens.

Effective October 21, 2022, Axis bank is offering a 3.50% to 6.20% interest rate on 7 days to 10 years fixed term investment for the general public and 3.50 to 6.95% for senior citizens. The increased rates are applicable on investments under Rs 2 crore.

The Union Bank has also revised its FD interest rates for investments of below Rs 2 Crores. The rates for FDs maturing in 7 days to 10 years vary from 3% to 6.70%. Moreover, senior citizen investors will get an additional interest rate of 0.5%. The revised rates are effective from October 17, 2022.

Effective October 19, 2022, PNB has also hiked its interest rates on investments below Rs 2 crore. On FDs maturing in 7 days to 10 years, the investors will get 3% to 5.85% interest rates. The bank also offers an additional interest rate of 50 bps for senior citizens for deposits of up to 5 years. Also, senior citizens with an investment term of above 5 years will get an additional interest rate of 80 bps. Not only this, senior citizens above the age of 80 years, will get an additional FD rate of 80 bps.

Disclaimer: This article does not intend to pass on any financial advice and BQ Prime does not endorse any of the funds/schemes mentioned above. Please invest at your own discretion.