Highlights:
- Following the central bank’s 50 basis point hike in the repo rate to 4.90 percent
- Other financial institutions began raising fixed deposit interest rates
Fixed deposits, which are instruments that are not linked to market-based returns and provide you with regular or fixed income based on the tenure you choose, which ranges from 7 days to 10 years, are a good option for debt investors with a low risk profile in the face of rising interest rates.
Investors seeking guaranteed returns and other benefits such as liquidity, deposit safety, and so on in the current volatile equity market should look to the leading banks listed below for good fixed deposit interest rates (FDs).
India’s State Bank (SBI)
As of 15.02.2022, State Bank of India (SBI), the country’s largest lender, offers senior citizens fixed deposits maturing in 7 days to 10 years at a regular interest rate of 2.90 percent to 5.50 percent and 3.40 percent to 6.30 percent.
The bank offers a maximum interest rate of 5.50 percent to the general public and 6.30 percent to senior citizens on fixed deposits of 5 years and up to 10 years, representing an additional 80 basis points over the standard rate offered under the bank’s “SBI Wecare” Deposit plan.
HDFC Bank
HDFC Bank, the country’s largest private sector lender, last updated its fixed deposit interest rate on May 18, 2022, and as a result of the change, the bank now offers the general public a rate of interest ranging from 2.50 percent to 5.75 percent on fixed deposits ranging from 7 days to 10 years, and senior citizens a rate of interest ranging from 3.00 percent to 6.50 percent on fixed deposits ranging from 7 days to 10 years.
The bank offers a maximum rate of 5.75 percent to regular customers and 6.50 percent to senior citizens on fixed deposits of less than 2 crore maturing in 5 years 1 day – 10 years.
IndusInd Bank
IndusInd Bank changed its interest rates on June 1, 2022, and now offers a standard rate of 2.75 percent to 6.00 percent and a 3.25 percent to 6.50 percent on senior citizen deposits of seven days to 61 months or more.
On fixed deposits of two years to 61 months, the bank offers a maximum interest rate of 6.50 percent to the general public, and a rate of 7% to senior citizens.
