SBI vs HDFC Bank vs Axis Bank: Check latest FD rates

In the past few weeks many public and private sector banks revised interest rates on fixed deposits. Despite crashing rates, it is still one of the most popular debt instrument options in the country. Many consider it the safest instrument with guaranteed returns. FD interest rates of different banks vary by deposit amount, deposit tenure and type of depositor. All the three major lenders State Bank of India (SBI), HDFC Bank and Axis Bank offer fixed deposits for tenures ranging from 7 days to 10 years. Take a look.

SBI latest FD rates (below Rs 2 crore)

The State Bank of India (SBI), country’s largest commercial bank, offers interest rates ranging from 2.90% to 5.55% maturing between 7 days and 10 years to general customers. These rates are effective from January 8, 2021. Take a look at tenure-wise interest rates for general public:

7 days to 45 days: 2.90%

46 days to 179 days: 3.90 %

180 days to 210 days; &

211 days to less than 1 year: 4.40%

1 year to less than 2 year: 5.00%

2 years to less than 3 years: 5.10%

3 years to less than 5 years: 5.30%

5 years and up to 10 years: 5.40%

SBI special term deposits

To celebrate India’s 75th year of Independence, State Bank of India (SBI), the country’s largest lender, recently introduced a special deposit scheme called platinum term deposits for retail depositors. Under this scheme, customers can get additional interest benefit up to 15 bps or 0.15% on term deposits for 75 days, 75 weeks, and 75 months tenors. This scheme will remain open till September 14.

Take a look at SBI platinum term deposit interest rates for the general public:

Tenor: Platinum 75 days

Existing: 3.90%

Special: 3.95%

Tenor: Platinum 75 weeks

Existing: 5.00%

Special: 5.10%

Tenor: Platinum 75 months

Existing: 5.40%

Special: 5.55%

SBI offers up to 80 bps or 0.80 percentage point extra interest ranging from 3.40% to 6.20% on FDs maturing in 7 days to 10 years to senior citizens.

HDFC Bank latest FD rates (below Rs 2 crore)

HDFC Bank, the largest private bank of the country, offers interest ranging from 2.50% to 5.50% maturing between 7 days and 10 years to general customers. These rates are effective from May 21, 2021. Take a look on tenure-wise interest rates for general public:

7 to 14 days; 15 to 29 days: 2.50%

30 to 45 days; 46 to 60 days; 61 to 90 days: 3.00%

91 days to 6 months: 3.50%

6 months 1 days to 9 months; 9 months 1 day to < 1 Year: 4.40%

1 Year: 4.90%

1 year 1 day to 2 years: 4.90%

2 years 1 day to 3 years 5.15%

3 years 1 day to 5 years: 5.30%

5 years 1 day to 10 years: 5.50%

HDFC Bank offers up to 75 bps extra interest rates ranging from 3% to 6.25% on FDs maturing in 7 days to 10 years to senior citizens.

Axis Bank latest FD rates (below Rs 2 crore)

Axis Bank recently revised interest rates on fixed deposits (FDs) across different tenures, ranging from 7 days to 10 years. After the latest revision of deposits less than Rs 2 crores, this private sector lender is offering minimum 2.50% to maximum 5.75% interest rate to the general public. The new rates on term deposits were applicable from August 14, 2021.

Axis Bank has as many as 29 tenure slabs. Some are given here. These rates are applicable for the general public.

07 days to 14 days; 15 days to 29 days: 2.50%

30 days to 45 days; 46 days to 60 days; 61 days to < 3 months: 3.00%

03 months to < 04 months; 04 months to < 05 months; 05 months to < 06 months: 3.50%

06 months to < 07 months; 07 months to < 08 months; 08 months to < 09 months; 09 months to < 10 months; 10 months to < 11 months; 11 months to < 11 months 25 days; 11 months 25 days to < 1 year: 4.40%

1 year to < 1 year 5 days: 5.10%

1 year 5 days to < 1 year 11 days: 5.15%

1 year 11 days to < 1 year 25 days; 1 year 25 days to < 13 months; 13 months to < 14 months; 4 months to < 15 months; 15 months to < 16 months; 16 months to < 17 months; 17 months to < 18 months: 5.10%

18 months to < 2 years: 5.25%

2 years to < 30 months; 30 months to < 3 years; 3 years to < 5 years: 5.40%

5 years to 10 years: 5.75%

The rates of interest applicable to senior citizens are, however, a bit higher. It ranges from a low of 2.5% to 6.50% on deposits maturing in 7 days to 10 years.