Latest Fixed Deposit rates: What SBI, ICICI, HDFC, Axis, PNB, Canara Bank FDs offer
The FD rates have been hiked days before the Reserve Bank of India (RBI), in its upcoming meeting on 19th November, may well ease lending rates, if Centre has its way.
Fresh Fixed Deposit (FD) rates have been announced by several public and private sector banks recently. The FD rates have been hiked days before the Reserve Bank of India (RBI), in its upcoming meeting on 19th November, may well ease lending rates, if Centre has its way. While Axis Bank had revised FD rates for certain tenures Tuesday this week, ICICI Bank on Wednesday announced an increase in interest rates of term-deposits of less than Rs 1 crore by up to 25 basis points.
"Effective from November 15, 2018, the rate hike is applicable across various tenors for domestic term-deposits. It is also applicable for Non Resident Ordinary (NRO) & Non Resident External (NRE) term-deposits. With this increase, the Bank offers a peak interest rate of 7.50% on term-deposits with a maturity of above 2 years upto 3 years," ICICI said.
Pranav Mishra, Senior General Manager & Head – Retail Liabilities Group, said, “With the prevailing volatility in financial market, we see renewed interest by customers to invest in fixed deposits which offer a combination of attractive interest rates, liquidity and assured returns. The 2-3 years tenor offers customers an opportunity to invest at a higher interest rate of 7.50% p.a. (8.00% p.a. for senior citizens). As a prudent asset allocation strategy, we feel customers should definitely look at capitalising on this opportunity.”
Axis Bank had raised interest rates on deposits over Rs 5 crore. On deposits between Rs 5 crore to over Rs 100 crore, Axis Bank is now giving 7.60% interest rate for a tenure of 11 months to less than a year. The bank is offering 7.90% interest rate for tenure between 13 months to less than 14 months.
On deposits of 30 months to less than 3 years, Axis Bank is now giving 7.70% interest rate on deposits between Rs 5 crores to over Rs 100 crores. The interest rate is same for the tenure between 3 years to less than 5 years.
Canara Bank is now offering highest 7.10% interest on a tenure of 555 Days under the Canara Shikhar Deposit plan. For the 444 Days Canara Shikhar Deposit plan, the interest rate offered by the bank is 7.05%.
HDFC is offering 6.5% interest on FDs for a tenure of 5-8 years and 8-10 years (Earlier it was 6%). The highest interest rate offered by HDFC is 7.40% on a loan tenure of 2-3 years on deposits below Rs 1 crore.
Watch This Zee Business Video Here:
Punjab National Bank (PNB) has also introduced a special scheme of 555 days for November 2018 to March 2019 period during which subscribers can get an interest rate of 6.85% on deposits below Rs 1 crore. However, the king of this space is SBI, which is offering highest 6.85% interest rate on a tenure of 5-10 years.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.