Latest Banks FD rates interest: From SBI to IDBI - Banks hikes fixed deposit rates upto 8.05%, check details here

Latest Banks FD rates interest: Fixed Deposits (FDs) remain a popular investment choice for those seeking stable returns. Recently, leading banks like SBI, HDFC, IDBI, and Bank of Baroda have raised their FD interest rates, benefiting both general customers and senior citizens. These changes make it important for investors to review updated rates and maximise their returns. Here’s a detailed breakdown of the revised FD interest rates across major banks.

HDFC Bank Revises FD Rates for Senior Citizens and General Customers

HDFC Bank has updated its FD rates for deposits ranging from Rs 3 crore to Rs 5 crore. General customers can now earn up to 7.40% interest, while senior citizens receive a higher rate of 7.90%.

For shorter durations:

• 7 to 29 days: 4.75% interest
• 30 to 45 days: 5.50% interest
• 46 to 60 days: 5.75% interest
• 61 to 89 days: 6.00% interest

The bank offers flexible tenures spanning from 7 days to 10 years, making it suitable for diverse investment goals.

HDFC Bank has also adjusted its Marginal Cost of Lending Rate (MCLR):

• One-month MCLR: 9.20%
• Three-month MCLR: 9.30%
• Six-month and one-year MCLR: 9.45%

Axis Bank Offers Competitive FD Rates

Axis Bank provides attractive rates for deposits between Rs 3 crore and Rs 5 crore:

• General customers: Up to 7.30% interest for tenures of 1 year, 11 days to 1 year, 24 days.
• Senior citizens: Up to 7.80% interest for similar durations.

State Bank of India (SBI) Increases FD Interest Rates

SBI, India’s largest public sector bank, has hiked its FD rates:

• General customers: Up to 7.00% interest for tenure of 1 to 3 years on deposits of Rs 3 crore and above.
• Senior citizens: Up to 7.50% interest for the same deposit range.

Additionally, Punjab National Bank (PNB) offers competitive rates of 7.25% interest for general customers and 7.55% interest for senior citizens on one-year deposits between Rs 3 crore and Rs 10 crore.

IDBI Bank Introduces Exclusive FD Scheme for Super Senior Citizens

IDBI Bank has launched the ‘IDBI Chiranjeevi-Super Senior Citizen FD’ for individuals aged 80 years and above. The scheme provides an extra 65 basis points (bps) above standard FD rates and 15 bps over senior citizen rates. Key interest rates include:

• 8.05% for a 555-day tenure.
• 7.90% for 375 days.
• 8.00% for 444 days.
• 7.85% for 700 days.

The scheme, effective from January 13, 2025, offers an attractive option for elderly investors seeking higher returns.

Bank of Baroda Launches Liquid Fixed Deposit Scheme

Bank of Baroda’s liquid fixed deposit scheme offers flexibility to withdraw funds in multiples of Rs 1,000 after an initial deposit of Rs 5,000. Key highlights include:

• Tenures range from 12 to 60 months.

Additional interest for senior and super senior citizens:

• Senior citizens: Extra 0.5% interest for tenures up to 3 years and 0.6% for 3–5 years.
• Super senior citizens: Additional 0.1% for deposits over one year.

This scheme caters to both retail deposits (below Rs 3 crore) and bulk deposits (above Rs 3 crore).

Why This Matters for Investors

The recent hikes in FD rates by SBI, HDFC Bank, IDBI Bank, and Bank of Baroda reflect increasing opportunities for individuals to earn better returns on their savings. Whether you are a general customer or a senior citizen, these revised rates offer attractive options for secure investments.

(Disclaimer: The Fixed Deposit (FD) interest rates mentioned above are subject to change as per the respective banks' policies. Investors are advised to check with the concerned bank for the latest rates and terms before making any investment decisions. This article is for informational purposes only and does not constitute financial advice.)

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