Fixed deposit interest rates are steadily going up across most lenders with the recent increase in repo rates by the RBI (Reserve Bank of India) which has also made loans costlier for borrowers. This is one of the best times to make investments in fixed deposits. The State Bank of India (SBI) has already hiked rates by 5-10 basis points prior to the announcement of the RBI monetary policy. HDFC has also taken a cue from SBI and increased FD rates to the tune of 60 basis points.
State Bank of India offers 6.7-6.35% of interest annually for a 3-year regular FD in case of non-senior citizens. For 3-5 year tenors, 6.80% is offered as interest while the rates are 6.85% for 5-10 years. Bank of Baroda offers 6.70% as the interest rate on deposits between 1-5 years. PNB (Punjab National Bank) offers 6.75% as the FD interest for 1-3 years on FDs. HDFC Bank now offers 7.25% interest on deposits for 1-2 years. ICICI Bank offers 7% as the interest rate on FDs for 2-10 years. Axis Bank offers 7.10% interest on deposits for 12-14 months.
Standard Chartered Bank has 7.40% as the interest rate on deposits between 18-24 months. HSBC offers 7% interest on deposits for a period of 731 days. 7.5% interest is offered by DBS on deposits between 2 years and 6 months. RBL offers 7.75% interest on deposits for 12-24 months. Jana Bank offers 8.5% on FDs as the interest rate for 366 days. Bandhan Bank offers 8.15% as the interest rate on FDs for 2-5 years while AU Bank offers 8% interest on FDs for 45-60 months. The Post Office has 7.4% as the interest rate on FDs for 5 years.