SBI & HDFC Bank Revise Their Fixed Deposit Rates: Check Full Details Here
State Bank of India and HDFC Bank have hiked the interest rates on their fixed deposits.
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Both the State Bank of India (SBI) and the HDFC Bank have hiked the interest rates on their fixed deposits (FD), days after the Reserve Bank of India (RBI) decided to keep the repo and reverse repo rates unchanged.
In January this year, the SBI and HDFC had revised the interest rates on term deposits. However, the hike in interest rates on FDs came as a surprise, considering the RBI's decision to keep repo and reverse repo rates the same in its bi-monthly monetary policy review.
Let's take a look at the revised interest rates on FDs of the SBI and HDFC Bank.
SBI Revised FD Interest Rates
To general customers, SBI FDs between 7 days and 10 years will now give 2.9% to 5.5% interest rates.
As for senior citizens, they will get 50 basis points (bps) extra on these deposits – 3.4% to 6.30%.
Readers must note that these rates are in effect from 15 February 2022.
Check the interest rates mentioned below for the given time periods:
7 days to 45 days: 2.9%
46 days to 179 days: 3.9%
180 days to 210 days: 4.4%
211 days to less than 1 year: 4.4%
1 year to less than 2 years: 5.1%
2 years to less than 3 years: 5.2%
3 years to less than 5 years: 5.45%
5 years and up to 10 years: 5.5%
HDFC Bank Revised FD Interest Rates
HDFC Bank will now offer interest rates ranging from 2.50% to 5.60% on deposits maturing between 7 days and 10 years.
As for FDs maturing in 7 days to 10 years to senior citizens, the bank will offer interest rates from 3% to 6.35%.
Please check the interest rates mentioned below for the given time periods.
7 - 14 days: 2.50%
15 - 29 days: 2.50%
30 - 45 days: 3%
61 - 90 days 3%
91 days - 6 months: 3.5%
6 months 1 day - 9 months: 4.4%
9 months 1 day < 1 Year: 4.4%
1 year: 4.9% 5%
1 year 1 day: 2 years 5%
2 years 1 day: 3 years 5.20%
3 year 1 day- 5 years: 5.45%
5 years 1 day: 10 years 5.60%
Earlier, the FD interest rates for amounts below Rs 2 crore were also revised, which are in effect from 10 February 2022.
For more updates, please stay tuned to The Quint
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