A host of banks have updated their Fixed Deposit (FD) and Recurring Deposit (RD) interest rates. While the HDFC Bank updated its interest rates for FDs on Wednesday, others such as Kotak Mahindra Bank, Axis Bank, SBI, and Bank of Baroda revised them in the last few weeks.
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Here is a comparison of interest rates offered by these banks on FDs and RDs.
State Bank of India (SBI)
The State Bank of India offers attractive interest rates on fixed deposits for multiple tenures with many attractive features and benefits. A Recurring Deposit account with the bank can be opened for a minimum deposit of Rs 100.
Interest rate on fixed deposits (per annum) below Rs 2 crore
| Tenure | Interest Rate for Normal Citizens | Interest Rate for Senior Citizens |
| 7 to 45 days | 2.90% | 3.40% |
| 46 to 179 days | 3.90% | 4.40% |
| 180 to 210 days | 4.40% | 4.90% |
| 211 days to less than 1 year | 4.40% | 4.90% |
| 1 year to less than 2 years | 5% | 5.50% |
| 2 years to less than 3 years | 5.10% | 5.60% |
| 3 years to less than 5 years | 5.30% | 5.80% |
| 5 years and up to 10 years | 5.40% | 6.20% |
Interest Rate on recurring deposits per annum
| Tenure | Interest Rate for Normal Citizens | Interest Rate for Senior Citizens |
| 1 year to less than 2 years | 5.10% | 5.60% |
| 2 years to less than 3 years | 5.20% | 5.70% |
| 3 years to less than 5 years | 5.45% | 5.95% |
| 5 years to 10 years | 5.50% | 6.30% |
HDFC Bank
HDFC bank revised its interest rates on FDs on April 7, 2022, and the new rates have taken effect from the same date. HDFC bank also offers attractive interest rates on various deposit/savings schemes.
Interest rates (per annum) for fixed deposits below Rs 2 crore
| Tenure | Interest Rate for normal citizens | Interest rate for senior citizens |
| 7 to 14 days | 2.50% | 3% |
| 15 to 29 days | 2.50% | 3% |
| 30 to 45 days | 3% | 3.50% |
| 46 to 60 days | 3% | 3% |
| 61 to 90 days | 3% | 3.50% |
| 91 days to 6 months | 3.50% | 4.00% |
| 6 months 1 day to 9 months | 4.40% | 4.90% |
| 9 months 1 day to less than 1 Year | 4.40% | 4.90% |
| 1 year 1 day to 2 years | 5.10% | 5.60% |
| 2 years 1 day to 3 years | 5.20% | 5.70% |
| 3 years 1 day to 5 years | 5.45% | 5.95% |
| 5 years 1 day to 10 years | 5.60% | 6.35%* |
Interest rates on recurring deposits (per annum)
| Tenure | Interest Rate for normal citizens | Interest rate for senior citizens |
| 6 Months | 3.50% | 4% |
| 9 Months | 4.40% | 4.90% |
| 12 Months | 5.10% | 5.60% |
| 15 Months | 5.10% | 5.60% |
| 24 Months | 5.10% | 5.60% |
| 27 Months | 5.20% | 5.70% |
| 36 Months | 5.20% | 5.70% |
| 39 Months | 5.45% | 5.95% |
| 48 Months | 5.45% | 5.95% |
| 60 Months | 5.45% | 5.95% |
| 90 Months | 5.60% | 6.35%* |
| 120 Months | 5.60% | 6.35%* |
Kotak Mahindra Bank
Private lender Kotak Mahindra Bank hiked the interest rates on FDs earlier this month. The bank offers attractive interest rates on both FDs and RDs of different tenures.
| Tenure | Interest Rate for normal citizens | Interest rate for senior citizens |
| 7 to 14 Days | 2.50% | 3% |
| 15 to 30 Days | 2.50% | 3% |
| 31 to 45 Days | 2.75% | 3.25% |
| 46 to 90 Days | 2.75% | 3.25% |
| 91 to 120 Days | 3% | 3.50% |
| 121 to 179 days | 3.50% | 4% |
| 180 Days | 4.50% | 5% |
| 181 Days to 269 Days | 4.50% | 5% |
| 270 Days | 4.50% | 5% |
| 271 Days to 363 Days | 4.50% | 5% |
| 364 Days | 4.75% | 5.25% |
| 365 Days to 389 Days | 5.10% | 5.60% |
| 390 Days (12 months 25 days) | 5.20% | 5.70% |
| 391 Days to Less than 23 Months | 5.20% | 5.70% |
| 23 Months | 5.25% | 5.75% |
| 23 months 1 Day to less than 2 years | 5.25% | 5.75% |
| 2 years to less than 3 years | 5.30% | 5.80% |
| 3 years and above but less than 4 years | 5.45% | 5.95% |
| 4 years and above but less than 5 years | 5.50% | 6% |
Interest Rates (per annum) on recurring deposits of less than Rs 2 crore
| Tenure | Interest Rate for normal citizens | Interest rate for senior citizens |
| 6 Months | 4.50% | 5% |
| 9 Months | 4.50% | 5% |
| 12 Months | 5.10% | 5.60% |
| 15 Months | 5.20% | 5.70% |
| 18 Months | 5.20% | 5.70% |
| 21 Months | 5.20% | 5.70% |
| 24 Months | 5.30% | 5.80% |
| 27 Months | 5.30% | 5.80% |
| 30 Months | 5.30% | 5.80% |
| 33 Months | 5.30% | 5.80% |
| 3 years to less than 4 years | 5.45% | 5.95% |
| 4 years to less than 5 years | 5.50% | 6% |
Axis Bank
Private lender Axis Bank also hiked interest rates on fixed deposits for selected tenures earlier in March. The revised rate was applicable from March 21. Here are the interest rates for both FDs and RDs of different tenures.
| Tenure | Interest Rate for normal citizens | Interest rate for senior citizens |
| 7 days to 14 days | 2.50% | 2.50 percent |
| 15 days to 29 days | 2.50% | 2.50 percent |
| 30 days to 45 days | 3.00% | 3.00 percent |
| 46 days to 60 days | 3% | 3% |
| 61 days to less than 3 months | 3% | 3% |
| 3 months to less than 4 months | 3.50% | 3.50% |
| 4 months to less than 5 months | 3.50% | 3.50% |
| 5 months to less than 6 months | 3.50% | 3.50% |
| 6 months to less than 7 months | 4.40% | 4.65% |
| 7 months to less than 8 months | 4.40% | 4.65% |
| 8 months to less than 9 months | 4.40% | 4.65% |
| 9 months to less than 10 months | 4.40% | 4.65% |
| 10 months to less than 11 months | 4.40% | 4.65% |
| 11 months to less than 11 months 25 days | 4.40% | 4.65% |
| 11 months 25 days to less than 1 year | 4.40% | 4.65% |
| 1 year to less than 1 year 5 days | 5.10% | 5.75% |
| 1 year 5 days to less than 1 year 11 days | 5.15% | 5.80% |
| 1 year 11 days to less than 1 year 25 days | 5.30% | 5.95% |
| 1 year 25 days to less than 13 months | 5.15% | 5.80% |
| 13 months to less than 14 months | 5.15% | 5.80% |
| 14 months to less than 15 months | 5.15% | 5.80% |
| 15 months to less than 16 months | 5.20% | 5.85% |
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