Fixed Deposit (FD) rates of HDFC, SBI rise: Check highest return Post Office, PNB, ICICI, and others offer

Fixed Deposit (FD) rates: HDFC Bank recently increased its Fixed Deposit interest rates. HDFC is now offering 7.75 per cent interest rate on several term deposits of 1-2 years for senior citizens.

ICICI Bank gives 7 per cent interest on deposits for 2-10 years. Axis Bank is offering 7.10 per cent interest on deposits for 1 year to 14 months. Image: Pixabay

Fixed Deposit (FD) rates: HDFC Bank recently increased its Fixed Deposit interest rates. HDFC is now offering 7.75 per cent interest rate on several term deposits of 1-2 years for senior citizens. For non-senior citizens, the highest interest rate on FD offered by HDFC is 7.25 per cent on several term deposits of 1-2 years.

India's largest public lender State Bank of India (SBI) offers its highest return of 7.35 per cent on a term deposit of 5-10 years. For non-senior citizens, its highest 6.85% interest rate is on deposits of 5-10 year terms. Punjab National Bank (PNB) is offering 6.75 per cent interest on deposits for 1-3 years, while the Bank of Baroda: BOB offers 6.70% interest rates on deposits for 1-5 years.

ICICI Bank has hiked interest rates on some of its Fixed Deposit (FD) plans with effect from today (August 14, 2018). ICICI Bank has raised interest rates between 15 basis points (or 0.15 per cent) and 25 basis points (or 0.25 per cent) on selected term deposits. In a statement, the bank said that ICICI Bank staff will get an additional 1 per cent interest on domestic FDs below Rs 1 crore.

Axis Bank is offering 7.10 per cent interest on deposits for 1 year to 14 months, while the Standard Chartered bank offers highest 7.40 per cent interest on deposits for 18 months to two years.

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HSBC gives 7 per cent interest on deposits for 731 days, while DBS is offering 7.5% interest on deposits for 2 years to six months. Among new banks, Jana Bank is offering whopping 8.5 per cent interest on deposits for 366 days while Bandhan Bank is offering 8.15% interest on FDs for tenure of 2-5 years. AU Bank gives an 8 per cent interest on FDs for a term of 45-60 months.

RBL provides 7.75 per cent on FDs for a term of 12-24 months.

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Post Office offers 7.4% interest on FDs for five years.

The recent repo rate hike announced by the Reserve Bank of India has hit borrowers but the time is high for those looking to increase their money without taking any risk.

In the last few months, several banks have increased their Fixed Deposit interest rates, mostly investments below Rs 1 crore. The State Bank of India had increased its rates by 5-10 basis points (bps) in the last week of July. A few days after the monetary policy announcement by RBI on August 1, HDFC had increased FD rates by up to 60 bps.

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