personal finance

SBI VS HDFC Bank FD interest rate: Which bank is offering higher rate?


After lamenting about decadal low interest rates on fixed deposits (FDs), the tide looks to be finally turning for FD investors. The big boys of the banking sector, the State Bank of India (SBI) and HDFC Bank announced last week that they have increased interest rates on fixed deposits (FDs). For HDFC Bank in fact, this is the second time the private sector lender has hiked FD rates in the past one month. Other banks like Bank of Baroda and Kotak Mahindra Bank have also hiked interest rates on FDs in the last one month.

Here is a look at how the FD interest rates of SBI, HDFC Bank and Kotak Mahindra Bank compare.

HDFC Bank

HDFC Bank has increased interest rates on fixed deposits (FDs) for select tenors. These rates will be effective from January 12, 2021. According to the bank’s website, it has raised interest rates on FDs worth less than Rs 2 crore with maturities of above two by five-10 basis points. According to the website, now FDs with tenure between 2 years 1 day and 3 years will earn 5.2%, 3 year 1 day and 5 years will fetch 5.4% and 5 years 1 day and 10 years will fetch 5.6%.

HDFC-bank-Interest-rate-SS

Also read:
HDFC Bank hikes FD interest rates by 5-10 bps for these tenures: Check details

SBI

According to the SBI website, the interest rate for FDs under Rs 2 crore with a duration of 1 year to less than 2 years has been increased by 10 basis points. With effect from January 15, 2022, these FDs will now earn 5.1 percent, up from 5 percent). Senior citizens will receive 5.6 percent of the total income, up from 5.5 percent.

SBI-FDSS

Also read:
SBI hikes short-term FD interest rate: Check details here

Kotak Mahindra Bank

Kotak Mahindra Bank revised interest rates with effect from January 6, 2022.

kotak-ss



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