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Top 3 Banks FD Rates May 2023: SBI Vs ICICI Bank Vs HDFC Bank Compared
In May 2023, several banks increased, decreased, and altered their interest rates on Fixed Deposits (FDs). These include banks from private, as well as public sector. Recently, India's largest private sector lender HDFC Bank has revised its FD interest rates and also introduced some special FD tenure with high-interest rates. Here is a comparison of India's top 3 banks, SBI, HDFC Bank, and ICICI Bank FD rates.
1. State Bank Of India (SBI)
SBI, India's largest bank is a public sector bank. The bank offers interest rates between 3% to 7.10% to General Public below Rs 2 Cr. For senior citizens, the bank offers interest rates between 3.50% to 7.60% for the deposit period of 7 days to 10 years (including 400 days Special Scheme i.e. Amrit Kalash). The above interest rates are effective from 15 February 2023, according to the bank's official website.
Under the 400 days Special Scheme i.e. "Amrit Kalash", the bank offers the highest 7.10% interest to the General public and 7.60% to Senior Citizens.
According to the SBI website, "The specific tenor scheme of "400 days" (Amrit Kalash) at Rate of Interest of 7.10 % w.e.f. 12- April- 2023. Senior Citizens are eligible for a rate of interest of 7.60%. The Scheme will be valid till 30-June-2023."
Interest Rates on Retail Domestic Term Deposits (Below Rs. 2 crore)
| SBI | General Public Rates | Senior Citizen Rates |
|---|---|---|
| 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@ |
Source - sbi.co.in
2. HDFC Bank
HDFC Bank revised the FD interest rates on May 29, 2023. The bank also introduced two new special edition FDs of 35 months and 55 months with higher interest rates. Senior people will receive an additional 0.50% interest rate over and above the general public FD rates. For other deposits. The bank is providing interest rates between 3% to 7.25% to the general public and 3.50% to 7.75%* to senior citizens for the deposit period of 7 days to 10 years (including Special Edition FDs).
Domestic/NRO/NRE Fixed Deposit Rate (Less than Rs. 2 Crore)
| Tenor Bucket | Interest Rate (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 to | 7.00% | 7.50% |
| 2 Years 11 Months (Special Edition FD - 35 Month) | 7.20% | 7.70% |
| 2 Years 11 Months 1 day | 7.00% | 7.50% |
| 3 Years 1 day to | 7.00% | 7.50% |
| 4 Year 7 Months (Special Edition FD - 55 month) | 7.25% | 7.75% |
| 4 Year 7 Months 1 day | 7.00% | 7.50% |
| 5 Years 1 day to 10 Years | 7.00% | 7.75%* |
Source - HDFCBank.com
*Senior Citizen Care FD (w.e.f 18th May'20)
According to HDFC Bank, An Additional Premium of 0.25% (over and above the existing premium of 0.50%) shall be given to Senior Citizens who wish to book the Fixed Deposit less than 5 crores for a tenure of 5 (five) years One Day to 10 Years, during special deposit offer commencing from 18th May'20 to July 7, 2023.. This special offer will be applicable to new Fixed Deposit booked as well as for the Renewals, by Senior Citizens during the above period. This offer is not applicable to Non-Resident Indian.
3. ICICI Bank
ICICI Bank offers interest rates on FD ranging from 3% to 7.10% to General Public, while, for senior citizens, it offers interest rates ranging from 3.50% to 7.59%. The above rates are applicable for the deposit period that ranges from 7 days to 10 years (including 5 years tax saver FD). According to the bank, Senior Citizens' FD Interest rates are only applicable for domestic term deposits. Also, NRE rates are applicable for the tenure of 1 year and above only. The interest rates on Fixed Deposits below Rs. 2 crore are effective from February 24, 2023.
FD Interest Rates on Domestic, NRO & NRE deposits (Less than Rs. 2 Crore)
| Maturity Period | General | **Senior Citizen |
|---|---|---|
| 7 days to 14 days | 3.00% | 3.50% |
| 15 days to 29 days | 3.00% | 3.50% |
| 30 days to 45 days | 3.50% | 4.00% |
| 46 days to 60 days | 4.25% | 4.75% |
| 61 days to 90 days | 4.50% | 5.00% |
| 91 days to 120 days | 4.75% | 5.25% |
| 121 days to 150 days | 4.75% | 5.25% |
| 151 days to 184 days | 4.75% | 5.25% |
| 185 days to 210 days | 5.75% | 6.25% |
| 211 days to 270 days | 5.75% | 6.25% |
| 271 days to 289 days | 6.00% | 6.50% |
| 290 days to less than 1 year | 6.00% | 6.50% |
| 1 year to 389 days | 6.70% | 7.20% |
| 390 days to | 6.70% | 7.20% |
| 15 months to | 7.10% | 7.60% |
| 18 months to 2 years | 7.10% | 7.60% |
| 2 years 1 day to 3 years | 7.00% | 7.50% |
| 3 years 1 day to 5 years | 7.00% | 7.50% |
| 5 years 1 day to 10 years | 6.90% | #7.50% |
| 5 Years (80C FD) - Max to 1.50 lac | 7.00% | 7.50% |
Source - ICICIBank.com
Note - Minimum amount to open domestic FD is Rs 10000 and NRO / NRE term deposits is Rs 25000
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