SBI Vs PNB Vs HDFC Bank Vs ICICI Bank: Check Detailed Comparison of FD Interest Rates – News18
Last Updated:
Here’s a comparison of the FD interest rates among four lenders: State Bank of India (SBI), HDFC Bank Bank, Punjab National Bank (PNB), and ICICI Bank.
Bank FD Rates Comparison.
Even as the stock market is facing a bearish phase currently, investors are now exploring avenues that can offer them fixed returns with minimum anxiety. One of the major fixed-return instruments is fixed deposits (FDs). Banks are currently offering FD interest rates of up to 8.1 per cent to the general public, which comfortably beats the overall inflation.
Among all the banks, RBL Bank is currently offering the highest FD rates in the range of 3.5 per cent-8.1 per cent per annum to the general public and 4 per cent-8.6 per cent to senior citizens, according to Bankbazaar.com.
Here’s a comparison of the FD interest rates among four lenders: State Bank of India (SBI), HDFC Bank Bank, Punjab National Bank (PNB), and ICICI Bank.
Among these four banks, private sector lender HDFC Bank is offering the highest FD rate — up to 7.4 per cent — to the general public. ICICI Bank and Punjab National Bank are giving up to 7.25 per cent each, while State Bank of India is offering up to 7 per cent.
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.
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, in which it is expected to keep the key repo rate unchanged.
