Fixed Deposit: From SBI to PNB, interest rates offered by banks in India

In your quest for higher returns, it's crucial to explore all available options to maximise your investment. One of the most secure and reliable investment choices is Fixed Deposits (FDs). Banks offer varying interest rates on FDs, which also depend on the duration of the deposit.

Updated interest rates effective from June 5, 2024

Let's take a look at the latest interest rates offered by major banks in India:

SBI FD interest rates

State Bank of India (SBI) has recently increased its FD interest rates:
 

— For deposits maturing between 46 days and 179 days, the rate has risen from 4.75% to 5.50%.

— For senior citizens, the rate for the same tenure has increased from 5.25% to 6%.

— For tenures of 180 days to 210 days, the rate for general citizens has been raised by 25 basis points (bps) from 5.75% to 6%.

— For tenures of 211 days to less than one year, the rate for general citizens has gone up from 6% to 6.25%, and for senior citizens, from 6.50% to 6.75%.

— The highest interest rate of 7.10% remains unchanged.

HDFC Bank FD interest rates

— Interest rates range from 3.5% to 7.25% for general citizens, covering tenures from 7 days to 10 years.

— The rate for the tenure of 18 months to less than 21 months has been increased from 7% to 7.25%.

— For senior citizens, rates range from 3.5% to 7.75% for similar tenures.

ICICI Bank FD interest rates

ICICI Bank provides a variety of interest rates based on deposit tenure:
 

— For general citizens, rates range from 3% to 7.20% for tenures from 7 days to 10 years for amounts below Rs 2 crore.

— For senior citizens, rates range from 3.50% to 7.75%.

— The highest rates of 7.20% for general citizens and 7.75% for senior citizens are offered for tenures of 15 months to less than 2 years.

— These rates are effective from February 17, 2024.

Axis Bank FD interest rates

Axis Bank has also updated its FD interest rates:
 

— For amounts below Rs 2 crore, general citizens can expect rates from 3% to 7.20% for tenures ranging from 7 days to 10 years.

— For senior citizens, the rates range from 3.50% to 7.85%.

— The highest rates of 7.20% for general citizens and 7.85% for senior citizens are for tenures of 17 months to less than 18 months.

— These rates have been effective since May 13, 2024.

Canara Bank FD interest rates

— For amounts below Rs 2 crore, general citizens can get rates from 4% to 7.25% for tenures ranging from 7 days to 10 years.

— For senior citizens, the rates range from 4% to 7.75%.

— The highest rate of 7.25% is offered for a tenure of 444 days.

— These rates are effective from February 19, 2024.

PNB FD interest rates

Punjab National Bank (PNB) provides competitive FD rates:
 

— Interest rates range from 3.5% to 7.25% for general citizens on tenures from 7 days to 10 years for amounts below Rs 2 crore.

— The highest rate of 7.25% is offered for a tenure of 400 days.

— These rates are effective from April 12, 2024.

Do note that RBI Governor Shaktikanta Das will announce the committee’s decision on interest rates at 10 am on June 7.

The RBI has maintained the repo rate unchanged through seven consecutive policy meetings. Governor Das has reiterated that a rate cut will not be considered until inflation stabilises around the RBI's target of 4%.