SBI, HDFC Bank, and Post Office Fixed Deposit Interest Rates: A Comparison

Strategic Insights -

Bank fixed deposit accounts remain a popular choice for individuals looking to earn a fixed annual interest on their deposits. In light of the Reserve Bank of India (RBI) hiking the repo rate in recent months, banks have started revising their fixed deposit interest rates. Here, we take a look at the latest SBI fixed deposit interest rates and compare them with HDFC Bank's and Post Office Deposits of up to Rs 2 crore.

Key Takeaways:

  • SBI revised its domestic fixed deposit rates with effect from 13th August 2022, offering interest rates ranging from 2.9% to 6.45% for public deposits and 3.4% to 6.45% for senior citizens.
  • For deposits below Rs 2 crore, SBI is currently offering interest rates of up to 6.45% for senior citizens for tenors ranging from 5 years to up to 10 years.
  • SBI also offers a specific tenor FD of "1000 days" at 6.10% with effect from 15th August 2022.
  • For senior citizens, the bank offers a special "SBI Wecare' FD plan which provides an additional premium of 30 bps (over and above the existing 50 bps) for term deposits of 5 years and above.
  • Post Office is providing a higher interest rate compared to HDFC Bank and SBI FDs, with interest rates ranging from 5.5% to 6.7% for tenors up to 5 years.
  • HDFC Bank is providing up to 6.1% interest on deposits of 3 year 1 day to 5 years, with an additional 0.5% interest for senior citizens.

Statistics:

  • SBI is offering an interest of up to 6.45% for senior citizens for deposits ranging from 5 years to up to 10 years.
  • HDFC Bank is providing an additional 0.5% interest for senior citizens.
  • Post Office is providing an interest rate of up to 6.7% for deposits of 5 years.
  • SBI revised its domestic fixed deposit rates with effect from 13th August 2022.
  • HDFC Bank revised its FD rates with effect from 18th August 2022.
  • The RBI hiking repo rate has resulted in banks revising their fixed deposit interest rates.

Sources:

  • SBI Revised Domestic Fixed Deposit Rates (Source: SBI Website, 13th August 2022)
  • HDFC Bank Fixed Deposit Interest Rates (Source: HDFC Website, 02 September 2022)
  • Post Office Fixed Deposit Interest Rate (Source: Post Office Website, 02 September 2022)