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Banks (Finance)

Interest Rates Comparison: SBI, HDFC, ICICI Bank FDs vs Small Savings Schemes

Strategic Insights

— 1 min read

As India's Reserve Bank hikes the repo rate, banks are upping their deposit interest rates, making them more alluring. The government has also increased interest rates on certain small savings schemes for the January-March 2023 quarter. Here's a side-by-side comparison of interest rates offered by SBI, HDFC Bank, and ICICI Bank's fixed deposits (FDs), as well as popular small savings schemes like PPF, SCSS, Post Office Time Deposit (POTD), and Sukanya Samriddhi Yojana (SSY).

Key Takeaways:

  • SBI offers FD interest rates between 3% to 6.75% for regular citizens and 3.50% to 7.25% for senior citizens, with a tenure ranging between 7 days to 10 years.
  • HDFC Bank's FD interest rates range between 3% to 7% for regular citizens and 3.50% to 7.75% for senior citizens, with a tenure between 7 days to 10 years.
  • ICICI Bank's FD interest rates range between 3% to 7% for regular citizens and 3.50% to 7.50% for senior citizens, with a tenure between 7 days to 10 years.
  • The Senior Citizens' Saving Scheme (SCSS) has increased its deposit cap to Rs. 30 lakh, with an interest rate of 8% for this quarter and a tenure of 5 years.
  • The Post Office Time Deposit (POTD) offers a 6.6% to 7.0% interest rate for various tenures ranging from 1 to 5 years.
  • The Public Provident Fund (PPF) has an interest rate of 7.1% per annum and a tenure of 15 years.
  • The Sukanya Samriddhi Yojana (SSY) has an interest rate of 7.6% and offers an exempt-exempt-exempt (EEE) tax status.

Statistics:

  • SBI FD interest rates for regular citizens: 3% - 6.75%
  • SBI FD interest rates for senior citizens: 3.50% - 7.25%
  • HDFC Bank FD interest rates for regular citizens: 3% - 7%
  • HDFC Bank FD interest rates for senior citizens: 3.50% - 7.75%
  • ICICI Bank FD interest rates for regular citizens: 3% - 7%
  • ICICI Bank FD interest rates for senior citizens: 3.50% - 7.50%
  • SCSS deposit cap: Rs. 30 lakh
  • SCSS interest rate: 8%
  • POTD interest rate: 6.6% - 7.0%
  • PPF interest rate: 7.1% per annum
  • SSY interest rate: 7.6%
  • SSY tax status: Exempt-exempt-exempt (EEE)

Sources:

  • State Bank of India (SBI)
  • HDFC Bank
  • ICICI Bank
  • Union Budget 2023
  • Post Office Monthly Income Scheme's (POMIS)
  • Senior Citizens' Saving Scheme (SCSS)
  • Public Provident Fund (PPF)
  • Sukanya Samriddhi Yojana (SSY)
  • Times Content

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