Bank Fd Rate Hike- Fixed Deposit is a popular instrument of investment. Many people invest in it to make a big corpus in the long term. The interest rates of FDs have also been increasing since the RBI increased the repo rate. We are telling which bank is the most beneficial to keep money in right now.
New Delhi. The year 2022 has been very good for investors who have fixed deposits (FD) in banks. This is because banks are continuously increasing FD interest rates from May 2022 (Bank FD Rate Hike). The Reserve Bank of India is also increasing the repo rate continuously. On September 30, 2022 also, the central bank had increased the repo rate by 0.5%.
After increasing the interest rates of RBI, many banks have also revised their FD interest rates. State Bank of India, HDFC Bank, Axis Bank and ICICI Bank have recently increased the interest rates of fixed deposits. Fixed deposits are a popular instrument of investment. Due to guaranteed returns and no risk of losing money, a large number of people opt for bank FDs. Let us know which among SBI, HDFC Bank, ICICI Bank and Axis Bank is paying the highest interest on FD.
SBI FD Interest Rate
The country’s largest bank has increased FD interest rates by up to 20 basis points. SBI is paying interest from 3.00% to 5.85% for common customers and 3.50% to 6.65% for senior citizens on FDs maturing in 7 days to 10 years from now. The new rates have come into effect from October 15.
HDFC bank
HDFC Bank has increased FD interest rates by up to 75 basis points for retail investors. The bank will now give interest from 3.00% to 6.00% for common customers and 3.50% to 6.75% for senior citizens on FDs that are completed in 7 days to 10 years. According to the bank’s official website, the new rates have come into effect from October 11.
ICICI Bank
ICICI Bank has also increased the interest rates on fixed deposits of various tenors. The bank will now pay 3% to 6.20% interest to common citizens on bank FDs maturing in 7 days to 10 years. At the same time, the bank is offering interest from 3.50% to 6.75% for senior citizens. The new rates have come into effect from October 18.
Axis Bank
Axis Bank has also increased FD interest rates. The increased interest rate has come into effect from October 14. Axis Bank is now offering interest on fixed deposits maturing in 7 days to 10 years from 3.50% to 6.10% for general public and 3.50% to 6.85% for senior citizens.
Union Bank of India
Union Bank of India has also increased FD interest rates. The new interest rates have come into effect from October 17. Now the bank will provide interest ranging from 3% to 7% on FDs with maturities ranging from 7 days to 10 years.
