Finance Desk: Fixed Deposit is a prudent choice for those looking to secure their savings while earning a steady income. So, let’s delve into a detailed comparison of the FD interest rates offered by three major banks in India: State Bank of India (SBI), HDFC Bank, and ICICI Bank, focusing on deposits under Rs 2 crore.
HDFC Bank offers interest rates up to 7.75% depending on the deposit tenure and the depositor’s age. The interest ranges from 3.00% for very short-term deposits of 7 to 14 days to 5.00% for long-term deposits stretching from 5 years and 1 day to 10 years, with senior citizens enjoying slightly higher rates across all tenures.
ICICI Bank offers rates up to 7.75% annually. Its structure is similar, starting at 3.00% for deposits ranging from 7 to 14 days and peaking at 7.75% for 15 months to less than 18 months and 18 months to 2 years for senior citizens.
State Bank of India (SBI) offers up to 7.50% per annum, which presents a robust option for conservative investors. Its rates begin at 3.00% for deposits from 7 to 45 days, cap at 7.50% for durations of 2 years to less than 3 years, and for senior citizens opting for 5 years to up to 10 years deposits.
HDFC Bank and ICICI Bank offer competitive rates starting from 3.00% for very short durations for short-term investments.
All three banks present lucrative options for medium—to long-term investments, with HDFC Bank and ICICI Bank slightly edging out with a maximum rate of 7.75%, compared to SBI’s 7.50%.
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