HDFC Bank Vs SBI Vs ICICI Bank FD Rates: A Comprehensive Comparison

by Editor August 17, 2023

Banks FD Rates

As the economic landscape shifts and evolves, so do the options for making your money work for you. Fixed Deposits (FDs) have long been favored by risk-averse investors seeking stable returns.

In recent times, FD interest rates have witnessed fluctuations, particularly since the Reserve Bank of India (RBI) began raising policy rates in May of the previous year.

With this backdrop, several prominent banks, including HDFC Bank, State Bank of India (SBI), and ICICI Bank, have adjusted their FD rates to provide attractive opportunities for investors.

In this article, we delve into the details of FD rates offered by these three major banks, comparing their offerings and helping you make an informed decision.

Interest Rate Landscape: Banks Respond to Changing Times

The RBI’s decision to hike policy rates reverberated throughout the financial sector, leading to adjustments in deposit rates offered by banks. Investors seeking secure and rewarding options have been keeping a keen eye on these changes.

Banks have responded by offering competitive interest rates on fixed deposits, ranging up to an impressive 7.75%. This move is aimed at striking a balance between attracting deposits and providing appealing returns to depositors.

HDFC Bank: Navigating the Interest Rate Spectrum

HDFC Bank, a well-known name in the banking industry, has made strategic adjustments to its FD rates, catering to a diverse range of investors. Here’s a snapshot of the interest rates offered by HDFC Bank on deposits of less than Rs 2 crore:

7 days to 14 days: General public – 3.00%, Senior Citizen – 3.50%
15 days to 29 days: General public – 3.00%, Senior Citizen – 3.50%
30 days to 45 days: General public – 3.50%, Senior Citizen – 4.00%
46 days to 60 days: General public – 4.50%, Senior Citizen – 5.00%
61 days to 89 days: General public – 4.50%, Senior Citizen – 5.00%
90 days to the equivalent of 6 months: General public – 4.50%, Senior Citizen – 5.00%
6 months 1 day to less than 9 months: General public – 5.75%, Senior Citizen – 6.25%
9 months 1 day to less than 1 year: General public – 6.00%, Senior Citizen – 6.50%
1 year to less than 15 months: General public – 6.60%, Senior Citizen – 7.10%
15 months to less than 18 months: General public – 7.10%, Senior Citizen – 7.50%
18 months 1 day to less than 21 months: General public – 7.00%, Senior Citizen – 7.50%
21 months to 2 years: General public – 7.00%, Senior Citizen – 7.50%
2 years 1 day to less than 2 years 11 months: General public – 7.00%, Senior Citizen – 7.50%
2 Years 11 Months to 35 Months: General Public – 7.00%, Senior Citizen – 7.50%
2 years 11 months 1 day to 4 years 7 months: General public – 7.00%, Senior Citizen – 7.50%
Less than or equal to 4 years 7 months 1 day 5 years: General public – 7.00%, Senior Citizen – 7.50%
5 years 1 day to 10 years: General public – 7.00%, Senior Citizen – 7.75%

SBI: A Look into FD Rates

State Bank of India, a prominent public-sector bank, has also made calculated adjustments to its FD rates. Here’s an overview of the interest rates offered by SBI:

7 days to 45 days: General public – 3.00%, Senior Citizen – 3.50%
46 days to 179 days: General public – 4.50%, Senior Citizen – 5.00%
180 days to 210 days: General public – 5.25%, Senior Citizen – 5.75%
211 days to less than 1 year: General public – 5.75%, Senior Citizen – 6.25%
1 year to less than 2 years: General public – 6.80%, Senior Citizen – 7.30%
2 years to less than 3 years: General public – 7.00%, Senior Citizen – 7.50%
3 years to less than 5 years: General public – 6.50%, Senior Citizen – 7.00%
5 years to 10 years: General public – 6.50%, Senior Citizen – 7.50%

ICICI Bank: Examining the FD Rates

ICICI Bank, a prominent private-sector bank, has also tailored its FD rates to cater to the preferences of investors. Here’s a glimpse of the interest rates offered by ICICI Bank:

7 days to 14 days: General public – 3.00%, Senior Citizen – 3.50%
15 days to 29 days: General public – 3.00%, Senior Citizen – 3.50%
30 days to 45 days: General public – 3.50%, Senior Citizen – 4.00%
46 days to 60 days: General public – 4.25%, Senior Citizen – 4.75%
61 days to 90 days: General public – 4.50%, Senior Citizen – 5.00%
91 days to 120 days: General public – 4.75%, Senior Citizen – 5.25%
121 days to 150 days: General public – 4.75%, Senior Citizen – 5.25%
151 days to 184 days: General public – 4.75%, Senior Citizen – 5.25%
185 days to 210 days: General public – 5.75%, Senior Citizen – 6.25%
211 days to 270 days: General public – 5.75%, Senior Citizen – 6.25%
271 days to 289 days: General public – 6.00%, Senior Citizen – 6.50%
290 days to less than 1 year: General public – 6.00%, Senior Citizen – 6.50%
1 year to 389 days: General public – 6.70%, Senior Citizen – 7.20%
390 days to less than 15 months: General public – 6.70%, Senior Citizen – 7.20%
15 months to less than 18 months: General public – 7.10%, Senior Citizen – 7.60%
18 months to 2 years: General public – 7.10%, Senior Citizen – 7.60%
2 years 1 day to 3 years: General public – 7.00%, Senior Citizen – 7.50%
3 years 1 day to 5 years: General public – 7.00%, Senior Citizen – 7.50%
5 years 1 day to 10 years: General public – 6.90%, Senior Citizen – 7.50%

Conclusion: Making an Informed Decision

The choice of where to invest your hard-earned money is a crucial one, and it’s essential to consider the prevailing interest rates before making a decision.

As demonstrated by the comparison between HDFC Bank, SBI, and ICICI Bank FD rates, each bank has its unique offerings, tailored to varying investment horizons and financial goals.

While HDFC Bank offers competitive rates across a spectrum of tenures, SBI and ICICI Bank also present compelling options for investors seeking stable returns.

Ultimately, your decision should be guided by your individual financial objectives and risk appetite.

As interest rates continue to evolve in response to market dynamics, staying informed and up-to-date on the offerings of various banks will empower you to make the best investment choice for your financial future.

Tags: fd rates hdfc bank fd rates hdfc fd rates icici bank fd rates sbi fd rates