SBI Vs HDFC Bank Vs ICICI Bank Vs Canara Bank Vs Yes Bank fixed deposits: Which bank is offering best FD rates?
The fixed deposit rates of small and large banks as well as non-bank lenders keep changing periodically, depending on various factors including the interest rate regime guided by the Reserve Bank. Many major banks including, SBI and Yes Bank, have revised their fixed deposit interest rates recently.
The country’s largest lender in terms of customer base, SBI last month revised its FD rates to offer the highest 7.5% interest rate per annum on a select tenure. Through its special FD schemes, Amrit Kalash (400 days) offers even better returns. Likewise, Yes Bank too has revised rates on its FD products, offering up to 8.5% interest rate per annum on select tenures.
Take a look at the revised fixed deposit rates of these major banks in June 2024:
State Bank of India fixed deposit rates
SBI has revised FD interest rates, including that of ‘Sarvottam’. Its interest rates now are ranging from 3.5% to 7.9% for tenures of up to 10 years. The new deposit rates became applicable from May 15, 2024.
Under the bank’s Sarvottam (non-callable) domestic retail term deposits of above Rs 1 crore and below Rs 2 crore, the lender is offering general customers 7.40% per annum on FDs on 2-year tenure. On one-year FDs, SBI offers 7.1% to general subscribers. While senior citizens get 7.9% interest rate per annum on FDs of 2 year-tenure and 7.6% rate on 1-year FDs.
Also read: FD rates up to 8%: Last chance! These 3 special fixed deposit schemes by major banks closing soon
HDFC Bank fixed deposit rates
India’s largest lender, HDFC Bank is offering an interest rate of 7.25% per annum for tenures ranging 18 to 21 months. This rate is applicable on deposits of less than Rs 2 crore. For senior citizens, the bank is offering 0.5% extra interest
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