Fixed Deposit Rates After RBI Repo Hike: From SBI To ICICI Bank, Check FD Rates Comparison

Fixed deposits have remained a preferred choice of investments for conservative investors. Check FD rates offered by the banks before you lock in money with the bank

Some banks have increased the interest rates on fixed deposits on select tenors. ( Image Source :Getty )

The Reserve Bank of India (RBI) raised the repo rate by 25 basis point (bps) after its Monetary Policy Committee (MPC) review on February 8. The rate hike was in line with the expectations of the economists. Several banks have raised their lending rates which in turn has made home loans and personal loans costlier while some banks have increased the interest rates on fixed deposits on select tenors.

Fixed deposits have remained a preferred choice of investments for conservative investors looking for liquidity and guaranteed returns. However, it is important to compare FD rates offered by the banks before you decide to lock in money with the bank.

State Bank of India (SBI) has raised interest rates on select FDs by up to 25 basis points besides introducing a new tenor of 400 days with an interest rate of 7.10 per cent effective February 15. We have listed the FD interest rates of several major banks, including Punjab National Bank, HDFC Bank, and ICICI Bank (PNB). This will help you take an informed decision with regard to investing money in an FD.

SBI FD Rates

SBI FD interest rates vary between 3 per cent to 6.50 per cent for regular citizens for tenure ranging from 7 days to 10 years. For senior citizens, the interest rate offered is 3.5 per cent to 7.50 per cent. These rates are effective from 15^th February, 2023.

HDFC Bank FD rates

For tenure ranging from 7 days to 10 years, the interest rates for regular residents are from 3% to 7%. The interest rates range for senior citizens is between 3.5 per cent to 7.75 per cent (including special care FD). These interest rates are effective from January 24, 2023.

ICICI Bank FD rates

The interest rates for regular residents ranges from 3 per cent to 7 per cent for tenures of seven days to ten years. Interest rates for senior citizens range from 3.5 per cent to 7.50 per cent. These rates are with effect from December 16, 2022.

PNB FD rates

PNB FD interest rates ranges between 3.50 per cent to 7.25 per cent for regular citizens for tenure starting from 7 days to 10 years. Senior citizens can avail interest rates in the range of 4 per cent to 7.75 per cent and for super senior citizens the interest rate offered is 4.30 per cent to 8.05 per cent. These rates are effective from January 1, 2023.

Yes Bank FD rates

For tenure ranging from 7 days to 10 years, Yes Bank offers interest rates from 3.25 per cent to 7 per cent. The interest rates range for senior citizens is between 3.75 per cent to 7.75 per cent. These rates are effective from January 12, 2023.