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Banks have been continuously increasing interest rates on fixed deposits (FDs) since May 2022. The State Bank of India (SBI), HDFC Bank, ICICI Bank and Axis Bank have raised their FD interest rates after the latest RBI repo rate hike. On September 30, the central bank announced a hike in the repo rate by 50 basis points (bps). Â As a result, banks increased their deposits interest rates further.
Let’s take a look at the latest FD interest rates offered by SBI, HDFC Bank, ICICI Bank and Axis Bank.
SBI latest FD rates
SBI has hiked fixed deposit interest rates by up to 20 bps. SBI is now offering an interest rate ranging from 3.00% to 5.85% for the general public and 3.50% and 6.65% for senior citizens on deposits maturing in 7 days to 10 years. The new rates are effective from 15 October.
HDFC Bank latest FD rates
HDFC Bank has hiked interest rates on fixed deposits for retail investors by up to 75 basis points. On deposits maturing in 7 days to 10 years, investors will now get interest rates ranging from 3.00% to 6.00% for the general public and 3.50% to 6.75% for senior citizens. As per the bank’s official website, the new rates are effective from 11 October.
ICICI Bank latest FD rates
ICICI Bank has hiked interest rates on fixed deposits. On deposits maturing in 7 days to 10 years, investors will now get interest rates ranging from 3% to 6.20% for the general public and 3.50% to 6.75% for senior citizens. As per the bank’s official website, the new rates are effective from 18 October.
Axis Bank latest FD rates
Axis Bank is now offering interest rates on fixed deposits maturing in 7 days to 10 years that range from 3.50% to 6.10% for the general public and 3.50% to 6.85% for senior citizens. The new rates are effective from 14 October.
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