Hike In FD Rates
Many Indian banks have revised their FD interest rates, as the Reserve Bank of India plans that the repo and reverse repo rates should remain the same. The revision results in the hiked interest rates on FDs of different tenures. Well, the news itself is a treat for the investors to make a high return & risk-free investment. Those who have already invested in FDs will have to wait till the maturity period to get new interest rates.
Before that, for the fixed income option, the Post Office Term Deposit (POTD) was the highlight for the investors. This was seen due to the banks cutting interest rates on FDs over the decade. The returns on post office small savings schemes were the same for a long time. And because of that, they earned high rates in comparison to Bank FDs.
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Before Making Your Investment, checkout The Latest Interest Rates Of HDFC, SBI & Return On POTD
HDFC Bank FD Interest Rates
HDFC bank has risen 5-10 basis points on the FDs worth Rs.2 crore. New interest rates are effective from February 14, 2022. For the FD of the 1-year plan, the bank has increased 10 basis points to 5 per cent. For 3-5 years the increment is by 5 basis points to 5.45%.
SBI Bank FD Interest Rates
The new interest rates are applicable for FDs worth less than 2 crores. Revised FD rates for the tenure above 2 years are raised by 10-15 basis points which are effective from 15 February 2022. As per the official website of SBI, for the tenure plan of 2 years to less than 3 years, they have increased 10 basis points to 5.20 per cent. Accordingly, for the tenure plan of 3 years to less than 5 years, the new interest rates are 15 basis points to 5.45 per cent. For the long term deposits like between 5 years to 10 years the new interest rates are moved to 10 basis points to 5.50 per cent.
Post Office Term Deposit Rates
For 1-3 years investors will get 5.5 per cent interest rates, for exactly 5 years term deposit plan they will earn 6.7 per cent interest rates. For these tenure plans the interest rate is annually paid but quarterly calculated. There is no upper limit but the maximum amount is Rs.1000.
