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SBI vs ICICI Bank vs HDFC Bank vs Axis Bank vs Kotak Bank: Which Bank Offers Higher FD Rates

Let’s take a look at the latest FD rates offered by ICICI Bank, SBI, Axis Bank, Kotak Mahindra Bank and HDFC Bank.

<div class="paragraphs"><p>Source: jcomp on Freepik</p></div>
Source: jcomp on Freepik

Fixed deposits (FDs) are regarded as one of the safest and most secure investment avenues as they provide capital protection and guaranteed returns. Moreover, certain FDs also offer income tax benefits and preferential rates of interest for senior citizens.

The FD interest rates offered by different banks may vary. Hence, you must compare the latest fixed deposit interest rates offered by various banks before opening a new FD or upgrading an existing one. Here are the latest FD interest rates offered by ICICI Bank, HDFC Bank, State Bank of India (SBI), Axis Bank and Kotak Mahindra Bank in November 2022.

FD Rates: ICICI Bank vs HDFC Bank vs SBI vs Axis Bank vs Kotak Mahindra Bank

  • ICICI Bank’s Latest FD Interest Rates

ICICI Bank has revised its fixed deposit interest rates for deposits of less than ₹2 Crore. The revised ICICI FD interest rates are effective from November 16, 2022. After the revision, the ICICI Bank FD interest rates now range from 3% to 6.60% for fixed deposits maturing in 7 days to 10 years. For deposits by senior citizens, the ICICI Bank FD rates will now range between 3.50% and 7.10% for tenures ranging from 7 days to 10 years.

  • HDFC Bank’s Latest FD Interest Rates

HDFC Bank has also revised its FD interest rates for deposits of less than ₹2 Crore. These revised HFDC Bank FD rates are effective from November 8, 2022. With this revision in interest rates, you can now earn interest at the rate of 3.00% to 6.50% on HDFC Bank fixed deposits with a tenure of 7 days to 10 years. Senior citizens can now earn HDFC Bank FD interest rates ranging from 3.50% to 7%. 

Also Read: HDFC Bank Hikes Fixed Deposit (FD) Interest Rates By Up To 35 Bps

  • State Bank of India’s Latest FD Interest Rates

The State Bank of India has revised their fixed deposit interest rates with effect from October 22, 2022. These new SBI FD interest rates will be applicable to deposits of up to ₹2 Crore. After the revision in SBI FD interest rates, you can now earn interest ranging from 3.00% to 6.25% whereas senior citizens can earn 3.50% to 6.90% on SBI FDs with a maturity of 7 days to 10 years.

  • Axis Bank’s Latest FD Interest Rates

Axis Bank has also revised its fixed deposit interest rates for deposits of less than ₹2 Crore. The revised Axis FD interest rates will be effective from November 22, 2022. After the revision, the Axis Bank FD rates will now range from 3.5% to 6.50% for fixed deposits maturing in 7 days to 10 years. For senior citizens, the Axis Bank FD rates will now range between 3.50% and 7.25% for FDs with tenures ranging from 7 days to 10 years.

  • Kotak Mahindra Bank’s Latest FD Interest Rates

With effect from November 14, 2022, Kotak Mahindra Bank has revised its fixed deposit interest rates for deposits of less than ₹2 Crore. Following the revision, the new Kotak Mahindra Bank FD rates now range from 2.75% to 6.50% for fixed deposits by non-senior citizens maturing in 7 days to 10 years. For senior citizens, the Kotak Mahindra Bank FD rates now range between 3.25% and 7.00% for FDs with tenures ranging from 7 days to 10 years.

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. Kindly invest at your own discretion.