HDFC Bank Vs ICICI Bank vs SBI: Latest Fixed Deposit Interest Rates Comparison

Since the Reserve Bank of India (RBI) has begun raising the repo rate in May 2022, banks across the size and categories have begun transferring the raised interest to their customers. In a recent development, the RBI hiked the repo rate in February, which further encouraged the banks to raise the interest rates of various banking products such as FD, Savings and Loans. FDs are now one of the most attractive investment products, all thanks to high-interest rates.

Here we have compared the latest interest rates provided by SBI, HDFC Bank, and ICICI Bank.

State Bank Of India (SBI)

SBI, India's biggest bank, has also followed the interest rate hike. The bank hiked the interest rates on 15 February 2023. Post the interest rate hike, on regular FD the bank offers minimum 3% and maximum 7.10% (400 days- Special Scheme). Whereas, on Senior Citizens FD, the banks offer minimum 3.50% and maximum 7.50% for the tenure between 7 days to 10 years including special tenure of 400 days.

Interest Rates on Retail Domestic Term Deposits (Less Than Rs. 2 crore)

Tenors	General Interest Rtaes (p.a)	Senior Citizen Rates (p.a.)
7 days to 45 days	3	3.5
46 days to 179 days	4.5	5
180 days to 210 days	5.25	5.75
211 days to less than 1 year	5.75	6.25
1 Year to less than 2 years	6.8	7.3
2 years to less than 3 years	7	7.5
3 years to less than 5 years	6.5	7
5 years and up to 10 years	6.5	7.50@
400 days (Special Scheme i.e. " Amrit Kalash")	7.1	7.6

Source - sbi.co.in

Please Note - #Compounded Quarterly
@ Including additional premium of 50 bps under "SBI We-care" deposit scheme.

HDFC Bank

HDFC Bank is India's largest private-sector bank. It also hiked the interest rates on FD below Rs 2 crore on February 21, 2023, post repo rate hike. According to the bank, it offers interest rates for FD tenure ranging from 7 days to 10 years. The bank offers minimum 3% and maximum 7% interest rates on Regular FD, whereas, for Senior Citizens, the bank offers minimum 3.50% and maximum 7.75% interest.

Domestic / NRO / NRE Fixed Deposit Rates (Less than Rs 2 Crore)

Tenor Bucket	General Interest Rtaes (p.a)	**Senior Citizen Rates (p.a.)
7 - 14 days	3.00%	3.50%
15 - 29 days	3.00%	3.50%
30 - 45 days	3.50%	4.00%
46 - 60 days	4.50%	5.00%
61 - 89 days	4.50%	5.00%
90 days	4.50%	5.00%
6 mnths 1 days	5.75%	6.25%
9 mnths 1 day to	6.00%	6.50%
1 year to	6.60%	7.10%
15 months to	7.10%	7.60%
18 months to	7.00%	7.50%
21 months - 2 years	7.00%	7.50%
2 years 1 day - 3 years	7.00%	7.50%
3 year 1 day to - 5 years	7.00%	7.50%
5 year 1 day - 10 years	7.00%	7.75%*

Source - hdfcbank.com

ICICI Bank

ICICI Bank is India's Second largest private sector bank with pan-India reach. It has recently hiked the interest rates on FD. According to the bank's official website, the new rates are effective from February 24, 2023, for the FD amounting below Rs 2 Crore. The Bank offers minimum 3% and maximum 7.10% interest rates on the regular FD. The bank on Senior Citizens FD offers a minimum 3.50% and maximum 7.60% interest rates.

FD Interest rates on Domestic, NRO & NRE deposits (Less than Rs 2 Crore)

General Interest Rtaes (p.a.)	**Senior Citizen Rates (p.a.)
3.00%	3.50%
3.00%	3.50%
3.50%	4.00%
4.25%	4.75%
4.50%	5.00%
4.75%	5.25%
4.75%	5.25%
4.75%	5.25%
5.75%	6.25%
5.75%	6.25%
6.00%	6.50%
6.00%	6.50%
6.70%	7.20%
6.70%	7.20%
7.10%	7.60%
7.10%	7.60%
7.00%	7.50%
7.00%	7.50%
6.90%	#7.50%
7.00%	7.50%

Source - icicibank.com

Please Note -
*NRE rates applicable for tenure of 1 year and above only.
**Senior Citizens FD Interest rate are only applicable for domestic term deposits.