HDFC Bank vs
Equitas SFB vs Axis Bank: Top bank fixed deposit interest rates compared. Check details
Most banks have revised their FD interest rates since the Reserve Bank of India (RBI) raised its repo rate to 6.5% in February 2023.
Bank Fixed Deposit
interest rates
Whenever RBI increases the repo rate, interest rates on bank fixed deposits go up, thereby making it an attractive savings option.
RBI repo rate hike
All major banks, starting from the State Bank of India, HDFC Bank Limited, PNB, ICICI Bank, Kotak Mahindra Bank, Axis Bank, have revised their interest rates. Even small finance banks like Suryoday, Equitas SFB have revised their FD rates.
Bank FD rate revision
HDFC Bank Ltd, Suryoday Small Finance Bank Ltd and Equitas Small Finance Bank Ltd are the latest banks to hike their fixed deposit rates effective from March 1, 2023.
Latest FD interest
rate hike
HDFC has revised the deposit rates by
10-20 basis points and will pay 7.7% interest for a 45-month deposit. For senior citizens, a new product called Diamond Deposits has been launched, which will pay 8% for a tenure of 75 months.
HDFC Bank FD rates
Suryoday Small Finance Bank has revised interest rates by 75 to 125 basis points. The bank’s FD rates range between 4% and 8.51% for general investors. For senior citizens, the interest rates are between 4.5% and 8.76%.
Suryoday Small Finance
Bank FD rates
Suryoday Small Finance Bank is offering an 8.51% interest rate on 999-day deposit. Senior citizens can get an 8.76% interest rate on the same scheme.
Suryoday's FD rate
for 999-day deposit
Equitas Small Finance Bank is offering 8.20% interest on investing less than Rs 2 crore for a tenure of 888 days.
Senior citizens will receive 0.50% extra on the FD rates.
Equitas Small Finance Bank FD rates
The State Bank of India (SBI) has introduced a special term deposit of 400 days and will be offering a 7.10% rate. This scheme is valid till March 31, 2023.
SBI FD rates for 400 days
SBI has a special SBI WeCare FD scheme for senior citizens where it offers an interest rate of 7.5% for fixed deposits maturing between five years and 10 years for senior citizens.
SBI WeCare FD scheme
Axis Bank is offering interest rates from 3.5% to 7% for general investors and 3.5% to 7.75% for senior citizens.
Axis Bank FD rates
Bank of India is offering a 7.05% interest rate for the term deposit of 444 days for general investors. For senior citizens, the new interest rate will be 7.55%.