HDFC vs Suryoday vs Equitas Small Finance Bank: Fixed Deposits revised from March 1; check out FD details

Most banks have revised their FD interest rates since the Reserve Bank of India (RBI) raised its repo rate to 6.5 per cent in February 2023. Cumulatively, the Central Bank has raised rates by 250 basis points from the lows of 4 per cent in May 2022. Whenever RBI increases the repo rate, interest rates on fixed deposits also go up, thereby making it an attractive savings option.

HDFC fixed deposit rate

HDFC Bank Ltd, Suryoday Small Finance Bank Ltd (SSFB) and Equitas Small Finance Bank Ltd have increased fixed deposit rates effective from March 1, 2023. Consider this: HDFC has revised the deposit rates by 10-20 basis points and will pay 7.70 per cent for a 45-month deposit. For senior citizens, a new product called Dimond Deposits will pay 8 per cent for the tenure of 75 months. An additional rate of 0.05 per cent p.a. will be applicable on individual deposits placed or renewed online.

Suryoday Small Finance Bank FD rate

Similarly, Suryoday Small Finance Bank (SSFB) has revised interest rates on fixed deposits from March 01, 2023. Interest rates in 5 to 10 year tenor was revised by 75 to 125 basis points (bps). Following the revision, the bank is now accepting deposits of less than Rs 2 crore maturing in 7 days to 10 years at an interest rate of 4.00 per cent to 8.51 percent to the general public and 4.50 percent to 8.76 percent to senior persons. You can now earn an 8.51 percent interest rate on 999 days deposit, while senior citizen can get 8.76 percent interest rate.

Equitas Small Finance Bank FD rate

Equitas Small Finance Bank Limited has also announced the revised interest rates for fixed deposits. The hike in interest rates will be effective from March 1, 2023. The hike will allow FD customers to earn 8.20 per cent interest on investing less than Rs 2 crore for a tenure of 888 days. The bank has also increased interest rates on investments for tenures ranging from 12 months to 24 months. This is applicable to both domestic accounts as well as NRE/NRO accounts. Moreover, senior citizens will receive 0.50 per cent extra on the FD and RD rates.

"We are happy to announce that customers of Equitas Small Finance Bank will earn better interest on fixed deposit and recurring deposit. This meets the key agenda of the bank to encourage the customers’ habit of saving and maximize their benefits through a hike in interest rates and help people’s money grow," said Murali Vaidyanathan, senior president and country head, Equitas Small Finance Bank.

"As a matter of fact, locking money for a determined period through lump-sum or recurring deposits also ensures meeting certain goals in life. Besides, to boost the saving drive amongst senior citizens in India, Equitas offers an additional 0.5 per cent on their fixed deposit and recurring deposit which enhances capital creation and suits their requirement of investment at the same time," Vaidyanathan added.

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