The Reserve Bank of India (RBI) started increasing the repo rate in May 2022 last year. Along with this, banks have also started increasing the interest rates of Fixed Deposits (FD). Almost a year later, RBI did not change the repo rate in April 2023, yet banks are changing their FD interest rates. This list includes from SBI to Axis Bank.
The country’s largest bank SBI along with big private sector banks HDFC Bank, Axis Bank and ICICI Bank have announced their new FD interest rates. Whereas in the last 11 months, there has been an increase of 2.5 percent in the repo rate in the country. Now it is at 6.5 per cent. RBI last changed the repo rate in February 2023.
Axis bank is paying more interest
Interest is being received from 3.50 percent to 7.20 percent on Axis Bank’s FD these days. Whereas for senior citizens, this interest rate ranges from 3.50 per cent to 7.95 per cent. The bank’s new interest rates are applicable from April 21, which are available on FDs ranging from 7 days to 10 years.
ICICI Bank FD Interest Rate
ICICI Bank FD interest rates range from 3 per cent to 7.10 per cent. This includes FDs ranging from 7 days to 10 years. Not only this, the bank also gives 0.50 percent additional interest to senior citizens. In these interest rates applicable from February 24, senior citizens get interest ranging from 3.50 per cent to 7.60 per cent on FDs.
hdfc bank fd rates
HDFC Bank will get interest ranging from 3% to 7.10% on getting FDs ranging from 7 days to 10 years. Like ICICI Bank, HDFC Bank is also giving 0.50 per cent additional interest to senior citizens. The bank’s new FD interest rates are applicable from February 21.
FD interest rate of SBI
State Bank of India is paying 3 to 7.10 percent interest on FDs ranging from 7 days to 10 years. For senior citizens, it ranges from 3.50 per cent to 7.60 per cent. There has been no change in the bank’s FD interest rates since February 15.
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