Several banks, including Axis Bank, ICICI Bank, HDFC Bank and SBI, have raised their interest rates on deposits and loans several times in recent times. They are raising interest rates from early 2022 as RBI has been continuously increasing the key repo rate to control inflation in the country. Last month, RBI raised the MPC key repo rate by 25 basis points to 6.50 percent. Thus, it has raised the repo rate six times by a total of 250 basis points from May 2022.
Here’s a comparison of the current fixed deposit (FD) interest rates offered by three lenders Axis Bank, HDFC Bank and ICICI Bank on deposits below Rs 2 lakh:
Latest Interest Rates on HDFC Bank Term Deposits below Rs 2 Lakh (Annual) from 21 February 2023:
From 7 days to 14 days: General – 3.00 percent; For the elderly – 3.50 percent
From 15 to 29 days: General – 3.00 percent; For the elderly – 3.50 percent
From 30 days to 45 days: General – 3.50 percent; For the elderly – 4.00 percent
From 46 to 60 days: General – 4.50 percent; For the elderly – 5.00 percent
From 61 to 89 days: General – 4.50 percent; For the elderly – 5.00 percent
From 90 days to 6 months: General – 4.50 percent; For the elderly – 5.00 percent
6 months from 1 day to 9 months: General – 5.75 percent; For the elderly – 6.25 percent
9 months from 1 day to 1 year: General – 6.00 percent; For the elderly – 6.50 percent
From 1 year to 15 months: General – 6.60 percent; For the elderly – 7.10 percent
From 15 to 18 months: General – 7.10 percent; For the elderly – 7.60 percent
18 months from 1 day to 21 months: General – 7.00 percent; For the elderly – 7.50 percent
From 21 months to 2 years: General – 7.00 percent; For the elderly – 7.50 percent
From 2 years to 1 day to 3 years: General – 7.00 percent; For the elderly – 7.50 percent
From 3 years to 1 day to 5 years: General – 7.00 percent; For the elderly – 7.50 percent
From 5 years to 1 day to 10 years: General – 7.00 percent; For the elderly – 7.50 percent.
Here are the latest interest rates on fixed deposits below Rs 2 lakh with ICICI Bank (with effect from 24 February 2023):
From 7 days to 14 days: General – 3.00 percent; For the elderly – 3.50 percent
From 15 to 29 days: General – 3.00 percent; For the elderly – 3.50 percent
From 30 days to 45 days: General – 3.50 percent; For the elderly – 4.00 percent
From 46 to 60 days: General – 4.25 percent; For the elderly – 4.75 percent
From 61 days to 90 days: General – 4.50 percent; For the elderly – 5.00 percent
From 91 days to 120 days: Common – 4.75%; For the elderly – 5.25 percent
From 121 days to 150 days: Common – 4.75%; For the elderly – 5.25 percent
From 151 days to 184 days: Common – 4.75%; For the elderly – 5.25 percent
From 185 days to 210 days: Common – 5.75%; For the elderly – 6.25 percent
From 211 days to 270 days: Common – 5.75%; For the elderly – 6.25 percent
From 271 days to 289 days: General – 6.00 percent; For the elderly – 6.50 percent
From 290 days to 1 year: General – 6.00 percent; For the elderly – 6.50 percent
From 1 year to 389 days: General – 6.70 percent; For the elderly – 7.20 percent
From 390 days to 15 months: General – 6.70 percent; For the elderly – 7.20 percent
From 15 to 18 months: General – 7.10 percent; For the elderly – 7.60 percent
From 18 months to 2 years: General – 7.10 percent; For the elderly – 7.60 percent
From 2 years to 1 day to 3 years: General – 7.00 percent; For the elderly – 7.50 percent
From 3 years to 1 day to 5 years: General – 7.00 percent; For the elderly – 7.50 percent
From 5 years to 1 day to 10 years: General – 6.90 percent; For the elderly – 7.50 percent.
Revised interest rates on fixed deposits below Rs 2 lakh with Axis Bank from March 10, 2023:
From 7 to 14 days: 3.50 percent for the general public; 3.50 percent for senior citizens
From 15 to 29 days: 3.50 percent for general public; 3.50 percent for senior citizens
From 30 days to 45 days: 3.50 percent for general public; 3.50 percent for senior citizens
From 46 days to 60 days: 4.00 percent for general public; 4.00 percent for senior citizens
From 61 days to 3 months: 4.50 percent for general public; 4.50 percent for senior citizens
3 to 4 months: 4.75% for general public; 4.75 percent for seniors
4 to 5 months: 4.75 percent for general public; 4.75 percent for seniors
From 5 to 6 months: 4.75 percent in general; 4.75 percent for seniors
6 to 7 months: 5.75% for general public; 6.00 percent for senior citizens
From 7 to 8 months: 5.75 percent in general; 6.00 percent for senior citizens
From 8 to 9 months: 5.75 percent in general; 6.00 percent for senior citizens
From 9 to 10 months: 6.00 percent in general; 6.25 percent for senior citizens
From 10 to 11 months: 6.00 percent in general; 6.25 percent for senior citizens
25 days from 11 months to 11 months: General 6.00 percent; 6.25 percent for senior citizens
From 11 months to 25 days to 1 year: 6.00 percent for general public; 6.25 percent for senior citizens
4 days from 1 year to 1 year: 6.75% for general public; 7.50 percent for senior citizens
From 1 year to 5 days to 1 year to 11 days: General 6.75 percent; 7.50 percent for senior citizens
From 1 year 11 days to 1 year 24 days: General 6.75 percent; 7.50 percent for senior citizens
1 year 25 days to 13 months: 7.10 percent for general public; 7.85 percent for senior citizens
From 13 to 14 months: 7.15 percent in general; 7.90 percent for senior citizens
14 to 15 months: 7.15% for general public; 7.90 percent for senior citizens
From 15 to 16 months: 7.15 percent in general; 7.90 percent for senior citizens
From 16 to 17 months: 7.15 percent in general; 7.90 percent for senior citizens
From 17 to 18 months: 7.15 percent in general; 7.90 percent for senior citizens
From 18 months to 2 years: 7.15 percent in general; 7.90 percent for senior citizens
From 2 years to 30 months: 7.26% in general; 8.01 percent for seniors
From 30 months to 3 years: 7.00 percent in general; 7.75 percent for seniors
From 3 to 5 years: 7.00 percent in general; 7.75 percent for seniors
From 5 to 10 years: 7.00 percent in general; 7.75 percent for senior citizens.
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