Home Interest rate HDFC Bank Raises FD Rates: Interest Rates on Fixed Deposits vs. SBI, PNB and ICICI Bank Rates

HDFC Bank Raises FD Rates: Interest Rates on Fixed Deposits vs. SBI, PNB and ICICI Bank Rates

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Following the trend after the Reserve Bank of India (RBI) policy rate hikes, HDFC Bank – one of the largest private sector banks in the country – increased the interest offered on its fixed deposits (FD).

HDFC Bank is now offering the highest interest rate of 6.10% on deposits below Rs 2 crore for a period of 3 years 1 day to 5 years to investors under 60 years of age, while senior citizens will receive 6.60% on the same deposit.

Comparison with other major banks

While 6.10% is the highest interest rate offered by major banks for the period of 3 to 5 years on deposits below Rs 2 crore, here is the comparison of the highest interest rates offered by State Bank of India (SBI), Punjab National Bank (PNB), HDFC Bank and ICICI Bank:

State Bank of India (SBI)

Over the given deposit period of 3 years and above to 5 years, the SBI offers investors an interest rate of 5.60% on deposits below Rs 2 crore, while for seniors the rate is 6.10%.

However, the highest rate offered by the SBI is 5.65% (6.45% for seniors) on a deposit of less than Rs 2 crore for a period of 5 to 10 years.

Punjab National Bank (PNB)

Over the given deposit period of 3+ to 5 years, PNB offers investors an interest rate of 5.75% on deposits below Rs 2 crore, while for seniors the rate is 6.25%.

This is the highest interest rate offered by the bank among all deposit periods.

ICICI Bank

Over the given deposit period of 3+ to 5 years, ICICI Bank also offers investors an interest rate of 6.10% on deposits below Rs 2 crore, while for seniors, the rate is 6.60%.

Like HDFC Bank, it is also the highest interest rate offered by ICICI Bank among all deposit periods.