Where to Invest? Unveiling FD Interest Rates in HDFC Bank, SBI, and Axis Bank

As interest rates in India have been steadily increasing since May 2022, fixed deposits (FDs) have become an attractive investment option.

With interest rates surpassing 8%, people are showing a preference for FDs. In its recent monetary policy, the Reserve Bank of India (RBI) maintained the repo rate at 6.50%, with no changes made in the last two reviews.

Let’s compare the interest rates offered by three major banks – HDFC Bank, State Bank of India (SBI), and Axis Bank – on FDs of less than Rs 2 crore.

HDFC Bank FD Interest Rates (for less than Rs 2 crore)

• 7 to 14 days: General public – 3.00%, Senior Citizen – 3.50%
• 15 to 29 days: General public – 3.00%, Senior Citizen – 3.50%
• 30 to 45 days: General public – 3.50%, Senior Citizen – 4.00%
• 46 to 60 days: General public – 4.50%, Senior Citizen – 5.00%
• 61 to 89 days: General public – 4.50%, Senior Citizen – 5.00%
• 90 days to 6 months: General public – 4.50%, Senior Citizen – 5.00%
• 6 months 1 day to less than 9 months: General public – 5.75%, Senior Citizen – 6.25%
• 9 months 1 day to less than 1 year: General public – 6.00%, Senior Citizen – 6.50%
• 1 year to less than 15 months: General public – 6.60%, Senior Citizen – 7.10%
• 15 months to less than 18 months: General public – 7.10%, Senior Citizen – 7.60%
• 18 months 1 day to less than 21 months: General public – 7.00%, Senior Citizen – 7.50%
• 21 months to 2 years: General public – 7.00%, Senior Citizen – 7.50%
• 2 years 1 day to 2 years 11 months: General public – 7.00%, Senior Citizen – 7.50%
• 2 years 11 months 1 day to 3 years: General public – 7.00%, Senior Citizen – 7.50%
• 3 years 1 day to 4 years 7 months: General public – 7.00%, Senior Citizen – 7.50%
• 4 years 7 months to 55 months: General public – 7.25%, Senior Citizen – 7.75%
• 5 years 1 day to 10 years: General public – 7.00%, Senior Citizen – 7.50%

Axis Bank FD Interest Rates (for less than Rs 2 crore)

• 7 to 14 days: General public – 3.50%, Senior Citizen – 3.50%
• 15 to 29 days: General public – 3.50%, Senior Citizen – 3.50%
• 30 to 45 days: General public – 3.50%, Senior Citizen – 3.50%
• 46 to 60 days: General public – 4.00%, Senior Citizen – 4.00%
• 61 days to less than 3 months: General public – 4.50%, Senior Citizen – 4.50%
• 3 months to less than 4 months: General public – 4.75%, Senior Citizen – 4.75%
• 4 months to less than 5 months: General public – 4.75%, Senior Citizen – 4.75%
• 5 months to less than 6 months: General public – 4.75%, Senior Citizen – 4.75%
• 6 months to less than 7 months: General public – 5.75%, Senior Citizen – 6.00%
• 7 months to less than 8 months: General public – 5.75%, Senior Citizen – 6.00%
• 8 months to less than 9 months: General public – 5.75%, Senior Citizen – 6.00%
• 9 months to less than 10 months: General public – 6.00%, Senior Citizen – 6.25%
• 10 months to less than 11 months: General public – 6.00%, Senior Citizen – 6.25% -11 months to less than 11 months 25 days: General public – 6.00%, Senior Citizen – 6.25%
• 11 months 25 days to less than 1 year: General public – 6.00%, Senior Citizen – 6.25%
• 1 year to less than 1 year 4 days: General public – 6.75%, Senior Citizen – 7.50%
• 1 year 5 days to less than 1 year 11 days: General public – 6.80%, Senior Citizen – 7.55%
• 1 year 11 days to less than 1 year 24 days: General public – 6.80%, Senior Citizen – 7.55%
• 1 year 25 days to less than 13 months: General public – 6.80%, Senior Citizen – 7.55%
• 13 months to less than 14 months: General public – 7.10%, Senior Citizen – 7.85%
• 14 months to less than 15 months: General public – 7.10%, Senior Citizen – 7.85%
• 15 months to less than 16 months: General public – 7.10%, Senior Citizen – 7.85%
• 16 months to less than 17 months: General public – 7.10%, Senior Citizen – 7.85%
• 17 months to less than 18 months: General public – 7.10%, Senior Citizen – 7.85%
• 18 months to less than 2 years: General public – 7.10%, Senior Citizen – 7.85%
• 2 years to less than 30 months: General public – 7.05%, Senior Citizen – 7.80%
• 30 months to less than 3 years: General public – 7.00%, Senior Citizen – 7.75%
• 3 years to less than 5 years: General public – 7.00%, Senior Citizen – 7.75%
• 5 years to 10 years: General public – 7.00%, Senior Citizen – 7.75%

SBI FD Interest Rates (for less than Rs 2 crore)

• 7 to 45 days: General public – 3.00%, Senior Citizen – 3.50%
• 46 days to 179 days: General public – 4.50%, Senior Citizen – 5.00%
• 180 days to 210 days: General public – 5.25%, Senior Citizen – 5.75%
• 211 days to less than 1 year: General public – 5.75%, Senior Citizen – 6.25%
• 1 year to less than 2 years: General public – 6.80%, Senior Citizen – 7.30%
• 2 years to less than 3 years: General public – 7.00%, Senior Citizen – 7.50%
• 3 years to less than 5 years: General public – 6.50%, Senior Citizen – 7.00%
• 5 years to 10 years: General public – 6.50%, Senior Citizen – 7.50%

Please note that senior citizens are eligible for an additional 0.50% interest across all three banks.

When it comes to earning higher returns on your investment, it’s important to compare the FD interest rates offered by different banks.

Consider these rates while making your investment decision, ensuring your hard-earned money is utilized wisely.