HDFC Bank has increased its fixed deposit interest rate by 20 basis points (bps) on certain tenures. The announcement was made earlier this week by the private sector banking giant.
State Bank of India also launched a new fixed deposit scheme with higher interest rate called SBI Amrit Vrishti. Bank of Baroda also launched a special fixed deposit, bob Monsoon Dhamaka Deposit Scheme.
Note that other big banks such as ICICI Bank, PNB, Axis bank have revised their FD rates in the last one month. Now let us compare and see which bank is offering highest FD interest rate and on which tenure.
HDFC Bank
After the hike, HDFC Bank offers the highest interest rate of 7.40% for general citizens and 7.90% for senior citizens on tenure of 4 Year 7 Months – 55 months. The new rates are effective from July 24, 2024.
FD interest rate up to 7.9%: HDFC Bank hikes fixed deposit rates by 20 bps
State Bank of India
SBI offers the highest interest rate of 7.25% for general citizens on newly launched SBI Amrit Vrishti on 444 days tenure and 7.75% for senior citizens on the same tenure. The scheme is available for investment from July 15, 2024 to March 31, 2025.
ICICI Bank
ICICI Bank offers the highest interest rate of 7.20% for general citizens and 7.75% for senior citizens on tenure of 15 months to less than 18 months. The revised rates are effective from July 25, 2024.
Axis Bank
Axis Bank offers the highest interest rate of 7.20% for general citizens on tenure of 17 months to less than 18 months and 7.75% for senior citizens on tenure of 5 years to 10 years. The revised rates are effective from July 1, 2024.
PNB
Punjab National Bank (PNB) offers the highest interest rate of 7.25% for general citizens and 7.75% for senior citizens on tenure of 400 Days. The revised rates are effective from June 10, 2024.
Bank of Baroda
The bank offers the highest interest rate of 7.25% for general citizens and 7.75% for senior citizens on a special deposit of 399 Days (bob Monsoon Dhamaka Deposit Scheme). The scheme is applicable from July 15, 2024.
Latest HDFC Bank, SBI, ICICI Bank, PNB, Axis Bank fixed deposit rates compared
| Bank name | Highest interest rate for general | Highest interest rate for senior citizens | Tenure |
| HDFC Bank | 7.40% | 7.90% | 4 Year 7 Months – 55 months |
| ICICI Bank | 7.20% | 7.75% | 15 months to less than 18 months |
| SBI Amrit Vrishti | 7.25% | 7.75% | 444 days |
| bob Monsoon Dhamaka Deposit Scheme | 7.25% | 7.75% | 399 Days |
| PNB | 7.25% | 7.75% | 400 days |
| Axis Bank | 7.20%
—————- |
—————-
7.75% |
17 months >18 months
5 years to 10 years |
