Fixed Deposit (FD) Rates 2022: SBI vs HDFC vs ICICI vs Kotak vs PNB vs Axis Bank

There is no denying that fixed deposits provide capital protection and income security. In fact, it is regarded as one among the safest and most secure forms of investing. Besides ensuring constant interest rates and offering income tax deductions, an FD also offers different interest payment choices, preferential interest rates for seniors, etc.

In October 2022, many top banks have revised their fixed deposit interest rates for tenures starting from as little as 7 days to 10 years. Therefore, it is necessary to compare the most recent fixed deposit rates offered by the country’s top banks, before forming a new fixed deposit or upgrading an existing one.

Here are some leading banks that have increased their fixed deposit interest rate in 2022 –

As of 11th October 2022, HDFC bank has increased its FD rates. These rates are applicable to deposits under Rs 2 crore. According to the bank’s website, senior citizens with 6 to 9 months tenure will now earn 5.50% instead of 5.35%. The 5.50% rate will remain the same for the tenure of between nine months and a day to less than one year. The bank raised interest rates for terms ranging from three years and a day to five years, bringing the interest rate to 6.10% for general citizens and 6.60% for senior citizens.

Axis Bank raised the interest rates on fixed deposits for a select few tenures with effect from October 11, 2022 (for amounts under Rs 2 crore). The bank raised its fixed deposit interest rate to 6.15% for FDs with maturities of 17 months to less than 18 months for general citizens. For senior citizens, the interest rate is 6.90% for the same tenure. You can check out the interest rates for other FD tenures on the Axis Bank website.

SBI has increased the interest rates on certain fixed deposit (FD) tenures by up to 15 basis points. The updated rates have gone effective in October 2022 and will be used for FDs under Rs 2 crore. The terms might be anything from seven days to ten years. In that effect, SBI has increased the fixed deposit rates for regular people from 2.90% to 5.56% as of October 2022. The interest rate for senior folks has raised from 3.40% to 6.45%.

Additionally, ICICI bank has also raised interest rates on selected tenors of fixed deposits for sums under Rs. 2 crores. On September 30, 2022, the new rates went into effect. For maturities ranging from 7 days to 10 years, ICICI Bank has increased the interest rates for regular people from 2.75% to 5.75%. As for senior citizens, the rate has increased to 6.50%.

With effect from October 3, 2022, Kotak Mahindra Bank has increased the interest rate on fixed deposits for maturities between 2 years and less than 3 years to 6.20%. Interest rates on fixed deposits with maturities between 365 and 389 days have further grown to 6.00%. FD interest rates for 390 days (i.e.,12 months and 25 days) were further increased to 6.10%. Nevertheless, the interest rate for maturities of three to ten years remains at 6.10%.

PNB also raised their interest rates on fixed deposits for sums under Rs 2 crore. According to the PNB website, the higher interest rates has already gone into effect from October 2022. For general citizens, the bank has increased the fixed deposit interest rate from 3.00% to a 6.10% for a tenure ranging from 7 days to 14 days.

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.