Fixed Deposits (FDs) are a popular investment option for those looking for safe and steady returns. The interest rates offered by banks on FDs vary, and with the upcoming RBI Monetary Policy Committee meeting, interest rates may be revised soon. If you’re looking to invest in an FD, it’s essential to know the latest rates offered by major banks like SBI, HDFC Bank, and ICICI Bank.
Here’s a comparison of FD rates offered by these three leading banks.
SBI FD Interest Rates (October 2024)
SBI offers interest rates for general and senior citizens, with higher returns for senior citizens. Here’s a quick look at SBI’s latest FD interest rates:
| Tenure | General Public | Senior Citizens |
| 7 days to 45 days | 3.50% | 4.00% |
| 46 days to 179 days | 5.50% | 6.00% |
| 180 days to 210 days | 6.25% | 6.75% |
| 211 days to less than 1 year | 6.50% | 7.00% |
| 1 year to less than 2 years | 6.80% | 7.30% |
| 2 years to less than 3 years | 7.00% | 7.50% |
| 3 years to less than 5 years | 6.75% | 7.25% |
| 5 years to 10 years | 6.50% | 7.50% |
HDFC Bank FD Interest Rates (October 2024)
HDFC Bank offers competitive FD interest rates with the maximum rate being 7.90% for senior citizens. Below is the detailed breakdown:
| Tenure | General Public | Senior Citizens |
| 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 | 4.50% | 5.00% |
| 61 days to 89 days | 4.50% | 5.00% |
| 90 days to 6 months | 4.50% | 5.00% |
| 6 months 1 day to less than 9 months | 5.75% | 6.25% |
| 9 months 1 day to less than 1 year | 6.00% | 6.50% |
| 1 year to less than 15 months | 6.60% | 7.10% |
| 15 months to less than 18 months | 7.10% | 7.50% |
| 18 months to less than 21 months | 7.25% | 7.75% |
| 21 months to 2 years | 7.00% | 7.50% |
| 2 years 11 months to 35 months | 7.35% | 7.85% |
| 4 years 7 months to 55 months | 7.40% | 7.90% |
ICICI Bank FD Interest Rates (October 2024)
ICICI Bank offers similar rates to HDFC Bank, with the highest interest rate for senior citizens being 7.80%. Here’s a detailed breakdown of ICICI Bank FD rates:
| Tenure | General Public | Senior Citizens |
| 7 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 184 days | 4.75% | 5.25% |
| 185 days to 270 days | 5.75% | 6.25% |
| 271 days to less than 1 year | 6.00% | 6.50% |
| 1 year to less than 15 months | 6.70% | 7.20% |
| 15 months to less than 18 months | 7.25% | 7.80% |
| 18 months to 2 years | 7.25% | 7.75% |
| 2 years 1 day to 5 years | 7.00% | 7.50% |
| 5 years 1 day to 10 years | 6.90% | 7.40% |
Who Offers the Best FD Rates?
Based on the comparison of interest rates from SBI, HDFC Bank, and ICICI Bank:
- For General Public:
- HDFC Bank offers the highest rate of 7.40% for FDs between 4 years 7 months to 55 months.
- For Senior Citizens:
- HDFC Bank offers the highest rate of 7.90% for FDs of 4 years 7 months to 55 months.
It’s clear that HDFC Bank offers the highest interest rates among the three banks, followed closely by ICICI Bank. SBI, while slightly lower, remains a strong contender due to its widespread reach and trustworthiness among the Indian public.
If you’re planning to invest in a fixed deposit, it is essential to keep an eye on any changes in interest rates, especially after the RBI’s upcoming Monetary Policy Committee meeting, which may affect FD returns in the near future.
