RBI or Reserve Bank of India, this year, till now have imposed a total repo rate hike of 190 bps. And FD investors have benefited the most with each RBI hike, for which the primary goal was to tame the surging inflation. It’s because, with every repo rate hike, every major lender has increased its interest rates on both deposits and borrowings.
FD Interest Rates Comparison Between SBI, HDFC, ICICI Banks
The most recent hike from RBI was noted on September 30, 2022, of 0.5 per cent, after which major lenders like SBI, HDFC, ICICI and more have raised their interest rates on both deposits and borrowings. However, we are going to compare only the interest rates on FD deposits.
SBI FD Rates
After the key lending rates hike from the Central Banka, SBI has increased its repo rates by 20 bps across all tenures.
HDFC Bank FD Rates
HDFC Bank has increased its FD rates by 75 bps across specific tenures which are in effect from October 11, 2022.
ICICI Bank FD Interest Rates
ICICI Bank has hikes its FD rates by 20 bps across specific tenures for the FDs valued below ₹2 Cr.