The State Bank of India has hiked its fixed deposit interest rates on select tenures below one year. The new rates are effective from May 15, 2024. HDFC Bank, Canara Bank and ICICI Bank revised their FD interest rates in February 2024. Axis Bank revised its FD rates in May. PNB revised its fixed deposit interest rates in April 2024. Here is a comparison of the FD rates offered by these banks and the latest revised SBI FD interest rates.
SBI FD interest rates
The bank has hiked its fixed deposit interest rates by 75 basis points (bps) on deposits maturing between 46 days and 179 days from 4.75% to 5.50%.Also read: Latest SBI FD interest rates: State Bank of India hikes fixed deposit rates by up to 75 bps
SBI raised the interest rate on the tenure of 180 days to 210 days by 25 bps from 5.75 % to 6% for general citizens. The bank has hiked FD rates by 25 bps on tenure of 211 days to less than 1 year from 6% to 6.25% for general citizens.
| General Public | ||
| Tenors | Existing Rates for Public w.e.f. 27/12/2023 | Revised Rates for Public w.e.f. 15/05/2024 |
| 7 days to 45 days | 3.5 | 3.5 |
| 46 days to 179 days | 4.75 | 5.5 |
| 180 days to 210 days | 5.75 | 6 |
| 211 days to less than 1 year | 6 | 6.25 |
| 1 Year to less than 2 years | 6.8 | 6.8 |
| 2 years to less than 3 years | 7 | 7 |
| 3 years to less than 5 years | 6.75 | 6.75 |
| 5 years and up to 10 years | 6.5 | 6.5 |
HDFC FD interest rates
The bank offers interest rates between 3% to 7.25% on tenures ranging from 7 days to 10 years for amounts below Rs 2 crore. The Bank has hiked on tenure of 18 months to less than 21 months from 7% to 7.25%. The rates are effective from February 9, 2024.
| Tenor Bucket | < 2 Crore |
| Interest Rate (per annum) | |
| 7 – 14 days | 3.00% |
| 15 – 29 days | 3.00% |
| 30 – 45 days | 3.50% |
| 46 – 60 days | 4.50% |
| 61 – 89 days | 4.50% |
| 90 days < = 6 months | 4.50% |
| 6 months 1 days < = 9 months | 5.75% |
| 9 months 1 day to < 1 year | 6.00% |
| 1 year to < 15 months | 6.60% |
| 15 months to < 18 months | 7.10% |
| 18 months to < 21 months | 7.25% |
| 21 months – 2 years | 7.00% |
| 2 Years 1 day to < 2 Year 11 Months | 7.00% |
| 2 Years 11 Months – 35 Months | 7.15% |
| 2 Years 11 Months 1 day < = 3 Year | 7.00% |
| 3 Years 1 day to < 4 Years 7 Months | 7.00% |
| 4 Year 7 Months – 55 months | 7.20% |
| 4 Year 7 Months 1 day < = 5 Years | 7.00% |
| 5 Years 1 day – 10 Years | 7.00% |
The bank offers interest rates between 3% to 7.20% on tenures ranging from 7 days to 10 years for amounts below Rs 2 crore. The highest interest rate of 7.20% is offered for tenure of 15 months to less than 2 years. The rates are effective from February 17, 2024.
| Interest rates (per cent per annum) w.e.f. February 17, 2024 | |
| Single deposit of less than ₹2 Crores | |
| General Citizen Interest Rates | |
| 7 days to 14 days | 3.00% |
| 15 days to 29 days | 3.00% |
| 30 days to 45 days | 3.50% |
| 46 days to 60 days | 4.25% |
| 61 days to 90 days | 4.50% |
| 91 days to 120 days | 4.75% |
| 121 days to 150 days | 4.75% |
| 151 days to 184 days | 4.75% |
| 185 days to 210 days | 5.75% |
| 211 days to 270 days | 5.75% |
| 271 days to 289 days | 6.00% |
| 290 days to less than 1 year | 6.00% |
| 1 year to 389 days | 6.70% |
| 390 days to < 15 months | 6.70% |
| 15 months to < 18 months | 7.20% |
| 18 months to 2 years | 7.20% |
| 2 years 1 day to 3 years | 7.00% |
| 3 years 1 day to 5 years | 7.00% |
| 5 years 1 day to 10 years | 6.90% |
| 5 Years (80C FD) – Max to `1.50 lac | 7.00% |
The bank offers interest rates between 3% to 7.20% on tenures ranging from 7 days to 10 years for amounts below Rs 2 crore. The highest interest rate of 7.20% is offered for tenure of 17 months The bank offers interest rates between 4% to 7.25% on tenures ranging from 7 days to 10 years for amounts below Rs 2 crore. The highest interest rate of 7.25% is offered for tenure of 444 days. The rates are effective from February 19, 2024.
| Term Deposits (All Maturities) | General Public |
| Rate of Interest (% p.a.) | |
| 7 Days to 45 Days | 4 |
| 46 Days to 90 Days | 5.25 |
| 91 Days to 179 Days | 5.5 |
| 180 Days to 269 Days | 6.15 |
| 270 Days to less than 1 Year | 6.25 |
| 1 Year Only | 6.85 |
| 444 Days | 7.25 |
| Above 1 Year to less than 2 Years | 6.85 |
| 2 Years & above to less than 3 Years | 6.85 |
| 3 Years & above to less than 5 Years | 6.8 |
| 5 Years & above to 10 Years | 6.7 |
PNB FD interest rates
The bank offers interest rates between 3.5% to 7.25% on tenures ranging from 7 days to 10 years for amounts below Rs 2 crore. The highest interest rate of 7.25% is offered for tenure of 400 days. The rates are effective from April 12, 2024.
| l. No | Period | Existing Rates For Public W.E.F. 08.01.2024 |
| 1 | 7 to 14 Days | 3.5 |
| 2 | 15 to 29 Days | 3.5 |
| 3 | 30 to 45 Days | 3.5 |
| 4 | 46 to 60 Days | 4.5 |
| 5 | 61 to 90 Days | 4.5 |
| 6 | 91 to 179 Days | 4.5 |
| 7 | 180 to 270 Days | 6 |
| 8 | 271 Days to 299 Days | 6.25 |
| 9 | 300 Days | 6.25 |
| 10 | 301 Days to < 1 Year | 6.25 |
| 11 | 1 Year | 6.75 |
| 12 | > 1 Year to 399 days | 6.8 |
| 13 | 400 Days | 7.25 |
| 14 | 401 Days to 2 Years | 6.8 |
| 15 | > 2 years to 3 years | 7 |
| 16 | > 3 years to 1203 days | 6.5 |
| 17 | 1204 days** | 6.5 |
| 18 | 1205 days to 5 years | 6.5 |
| 19 | > 5 years to 1894 days | 6.5 |
| 20 | 1895 days** | 6.5 |
| 21 | 1896 days to 10 years | 6.5 |
Source: Bank websites, interest rates as on May 16, 2024
