Fixed deposit (FD) interest rate: Did you know what kind of interest rates top lenders such as SBI, HDFC Bank and ICICI Bank offer on the fixed deposit (FD) now? Here’s a lowdown on the interest rates offered on fixed deposits up to Rs 2 crore by some of the biggest banks in the country.
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ixed deposit (FD) interest rate SBI, ICICI Bank, HDFC Bank: You may be aware of the rapid increase in benchmark interest rates in the post-pandemic era, but do you know the exact return you are getting on your fixed deposit (FD)? SBI, HDFC Bank, ICICI Bank and some of the other biggest banks in the country currently offer FD interest rates to the tune of 3-7.75 per cent on domestic deposits up to Rs 2 crore.
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Most of these lenders pay slightly better returns to senior citizen depositors.
Here’s your lowdown on the FD interest rate applicable to term deposits up to Rs 2 crore in March 2023:
SBI interest rate on FD
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| SBI FD term (maturity period) | SBI interest rate with effect from February 15, 2023 | |
| General public | Senior citizen | |
| 7 days to 45 days | 3% | 3.5% |
| 46 days to 179 days | 4.5% | 5% |
| 180 days to 210 days | 5.25% | 5.75% |
| 211 days to less than 1 year | 5.75% | 6.25% |
| 1 Year to less than 2 years | 6.8% | 7.3% |
| 2 years to less than 3 years | 7% | 7.5% |
| 3 years to less than 5 years | 6.5% | 7% |
| 5 years and up to 10 years | 6.5% | 7.50%* |
| *Including additional premium of 50 bps under “SBI We-care” deposit scheme | ||
| Source: SBI website |
ICICI Bank FD interest rate
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| ICICI Bank FD maturity period | FD interest rate with effect from February 24, 2023 | |
| General public | Senior citizen | |
| 7 days to 14 days | 3.00% | 3.50% |
| 15 days to 29 days | 3.00% | 3.50% |
| 30 days to 45 days | 3.50% | 4.00% |
| 46 days to 60 days | 4.25% | 4.75% |
| 61 days to 90 days | 4.50% | 5.00% |
| 91 days to 120 days | 4.75% | 5.25% |
| 121 days to 150 days | 4.75% | 5.25% |
| 151 days to 184 days | 4.75% | 5.25% |
| 185 days to 210 days | 5.75% | 6.25% |
| 211 days to 270 days | 5.75% | 6.25% |
| 271 days to 289 days | 6.00% | 6.50% |
| 290 days to less than 1 year | 6.00% | 6.50% |
| 1 year to 389 days | 6.70% | 7.20% |
| 390 days to < 15 months | 6.70% | 7.20% |
| 15 months to < 18 months | 7.10% | 7.60% |
| 18 months to 2 years | 7.10% | 7.60% |
| 2 years 1 day to 3 years | 7.00% | 7.50% |
| 3 years 1 day to 5 years | 7.00% | 7.50% |
| 5 years 1 day to 10 years | 6.90% | 7.50% |
| Source: ICICI Bank website |
HDFC Bank FD interest rate
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| HDFC Bank FD maturity period | FD interest rate with effect from February 21, 2023 | |
| General public | Senior citizen | |
| 7 – 14 days | 3.00% | 3.50% |
| 15 – 29 days | 3.00% | 3.50% |
| 30 – 45 days | 3.50% | 4.00% |
| 46 – 60 days | 4.50% | 5.00% |
| 61 – 89 days | 4.50% | 5.00% |
| 90 days < = 6 months | 4.50% | 5.00% |
| 6 mnths 1 days <= 9 mnths | 5.75% | 6.25% |
| 9 mnths 1 day to < 1 year | 6.00% | 6.50% |
| 1 year to < 15 months | 6.60% | 7.10% |
| 15 months to < 18 months | 7.10% | 7.60% |
| 18 months to < 21 months | 7.00% | 7.50% |
| 21 months – 2 years | 7.00% | 7.50% |
| 2 years 1 day – 3 years | 7.00% | 7.50% |
| 3 year 1 day to – 5 years | 7.00% | 7.50% |
| 5 year 1 day – 10 years | 7.00% | 7.75%* |
| *An additional premium of 0.25% (over and above the existing premium of 0.5 per cent) for senior citizens booking a fixed deposit during the special deposit offer from May 18, 2020 to March 31, 2023 | ||
| Source: HDFC Bank website |
Bank FD: Special rates for senior citizens
Currently, these lenders offers interest rates to the tune of 3.5-7.75 per cent to senior citizens, as against 3-7.1 per cent to the general public.
The benchmark interest rates are next due for a review next month when the RBI’s rate-deciding panel, the MPC, meets from April 6 to April 8.
