Bank FD Rates Showdown: ICICI vs HDFC vs Axis vs SBI Which Offers the Best Interest Rates?
High (FDs) Rate Bank Details: Fixed deposits (FDs) have always been a popular investment option in India, thanks to their guaranteed returns and low-risk nature. In recent times, with the consecutive repo rate hikes by the Reserve Bank of India (RBI), the interest rates on FDs have become more attractive. Banks like ICICI, HDFC, Axis, and SBI are offering competitive FD rates to lure investors.
Let's take a deeper look at the FD rates offered by these banks.
ICICI Bank FD rates
ICICI Bank provides various Fixed Deposit (FD) options with interest rates between 3.00% and 7.10% per annum, for a duration ranging from 7 days to 10 years. For senior citizens, there is an additional interest rate available, ranging from 3.50%
to 7.60% per annum. These rates have been applicable since February 24th. ICICI Bank's FD rates are highly competitive and can offer profitable returns for investors.
HDFC Bank FD rates
HDFC Bank offers Fixed Deposit (FD) options with interest rates ranging from 3% to 7.1% per annum, depending on the deposit tenure, which can vary between 7 days to 10 years. Senior citizens are eligible for an extra interest rate of 0.50% per annum, applicable for deposit tenures ranging from 7 days to 5 years. These interest rates have been in effect since February 21st. HDFC Bank's FD rates are also competitive, and they have the potential to generate favorable returns for investors.
Axis Bank FD rates
Axis Bank presents Fixed Deposit (FD)
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options with interest rates that fluctuate between 3.50% to 7.20% per annum for the general public and 3.50% to 7.95% per annum for senior citizens. The deposit's tenure can range from 7 days to 10 years, and these interest rates have been active since April 21st. Axis Bank's FD rates are highly competitive and offer the potential for investors to earn decent returns.
SBI FD rates
SBI offers attractive interest rates on FDs for tenures ranging from 7 days to 10 years. The interest rates for the general public range from 3.00% to 7.10% p.a., while for senior citizens, the rates range from 3.50% to 7.60% p.a. These rates are effective from February 15. SBI's FD rates are competitive and can
provide decent returns for investors.
Investors should keep in mind that the interest rates on FDs are subject to change from time to time. They should also consider factors like inflation, taxation, and their own investment goals before investing in FDs. It is always advisable to compare the FD rates offered by different banks and choose the one that provides the best returns based on one's financial goals and risk appetite.
Overall, FDs can be a good investment option for risk-averse investors looking for guaranteed returns. The consecutive repo rate hikes by the RBI have made the returns on FDs quite attractive. Banks like ICICI, HDFC, Axis, and SBI are offering competitive FD rates, and investors should compare them before investing.