FD Rates: Many major banks in India have revised the interest rates on their Fixed Deposit (FD) in October 2023. All the big banks like HDFC Bank, ICICI Bank, Canara Bank and Bank of Baroda are included in the count of banks that have revised interest rates on FD.
FD Rates : Many major banks in India have revised the interest rates on Fixed Deposit (FD) in October 2023. All the big banks like HDFC Bank, ICICI Bank, Canara Bank and Bank of Baroda are included in the count of banks that have revised interest rates on FD. However, till now the country’s largest public sector bank, State Bank of India (SBI) has not revised the FD interest rates till 15 February 2023. Even after the monetary review meeting of Reserve Bank of India in October, FD interest rates have not been revised.
HDFC Bank has launched two special FD schemes. In these new offers, interest is available at the rate of 7.15% for FD with a period of 35 months and 7.2% for FD with a period of 55 months. Both these rates are also applicable on HDFC Senior Citizen Care FD. Apart from this, the bank has fixed the interest rate at 7.1% on FDs maturing between 15 months to 18 years from October 1.
ICICI Bank has changed its interest rates from October 16. The bank is now offering interest rates on FD ranging from 3% to 7.1% for regular customers and 3.5% to 7.6% for senior citizens. The highest interest is being given on FDs of 15 months to less than two years.
Bank of Baroda has also revised its FD rates. The bank has offered interest rates of up to 7.25% for the general public and up to 7.75% for senior citizens under the Baroda Tricolor Plus deposit schemes starting from October 9, 2023. Canara Bank has revised the interest rates. The bank is offering 4% to 7.25% interest on FD to the general public and 4% to 7.75% to senior citizens.
In contrast, SBI’s FD rates have been fixed since February this year. No changes have been made in these. The bank is offering FD interest rate of 3% – 7.1% to general citizens and 7.60% to senior citizens on its 400 day special FD Amrit Kalash scheme. This scheme will continue till 31 December 2023.
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