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As the equities markets have now come under stress for the past few weeks, investors are again looking for fixed-income instruments like fixed deposits (FDs).
Bank FD Interest Rate Comparison.
Banks have been witnessing stress on their deposits for the past few months even as more and more investors had been investing their money into the stock market in search for better returns. However, as the equities markets have now come under stress for the past few weeks, investors are again looking for fixed-income instruments like fixed deposits (FDs). Here is the FD interest rate comparison among State Bank of India (SBI), HDFC Bank, ICICI Bank, and Punjab National Bank (PNB).
Among these lenders, HDFC is offering the highest interest rates on FDs at 3.50-7.25 per cent per annum for the general public, depending upon the tenure of the FD. SBI is providing 3.50-7.00 per cent FD rate.
HDFC is offering the highest interest rates on FDs up to 7.40 per cent per annum for the general public, depending upon the tenure of the FD. It is followed by 7.25 per cent being offered by ICICI Bank and Punjab National Bank (PNB). SBI is offering up to 7.00 per cent FD rate, according to bankbazaar.com.
The applicable interest rates depend upon the age of the depositor and tenure of the deposit.
In case of senior citizens, HDFC Bank is offering the highest rate of 7.90 per cent. However, ICICI Bank, PNB, SBI are giving up to 7.80 per cent, 7.75 per cent and 7.50 per cent, respectively.
| State Bank of India | 3.50% p.a. – 7.00% p.a. | 4.00% p.a. – 7.50% p.a. |
| HDFC Bank | 3.00% p.a. – 7.40% p.a. | 3.50% p.a. – 7.90% p.a. |
| ICICI Bank | 3.00% p.a. – 7.25% p.a. | 3.50% p.a. – 7.80% p.a. |
| Punjab National Bank | 3.50% p.a. – 7.25% p.a. | 4.00% p.a. – 7.75% p.a. |
The FD rates are applicable on deposits below Rs 3 crore.
Finance Minister Nirmala Sitharaman has asked banks to make concerted efforts to garner deposits by conducting special drives. She also advised banks to have better relationships with their customers for efficient customer service delivery.
While the credit growth has picked up, mobilisation of deposits could further be improved to fund the credit growth sustainably and asked banks to make concerted efforts to garner deposits by conducting special drives, she said.
According to the latest data, India’s retail inflation stood at 6.21 per cent.
The Reserve Bank of India (RBI) is scheduled to hold its monetary policy committee’s meeting next month, December 4-6, in which it is expected to keep the key repo rate unchanged.