FD rate hikes: Latest fixed deposit rates by 6 major lenders including SBI, HDFC Bank and ICICI Bank

Several banks have raised their interest rates and introduced schemes with generous interest offerings. For example, the Bank of India has brought in an annual interest rate of 7.5 percent on deposits that range from 2 to 50 crores over a fixed maturity period of 175 days, commencing from the start of 2024. Other banks, such as the Bank of Baroda (BOB), the State Bank of India (SBI), DCB Bank, HDFC Bank, ICICI Bank, and Axis Bank, have also recently increased their term deposit interest rates. The SBI has increased its Fixed Deposit (FD) rates to 6 percent from 5.75 percent for terms of 211 days to just under a year. Other periods during which interest rates have been raised include 3 to 3.5 percent for 7 to 45 days, 4.5 to 4.75 percent for 46 to 179 days, and 5.25 to 5.75 percent for 180 to 210 days. The two to three-year interest rate remains steady at 6.8 percent, while it's 7 percent for two to three years and 6.75 percent for three to five years. As of December 29, 2023, the bank has been providing a 6.85 percent interest rate for one to two years. For deposits ranging from two to three years, the bank offers a 7.25 percent interest rate, which drops to 6.5 percent for deposits that last between three and ten years. The BOB is offering a 7.15 percent rate on 399-day deposits known as the Baroda Tiranga Plus Deposit Scheme. Starting October, ICICI Bank provides 6.6 percent on FDs for one year to 15 months. For 15 to 18 months, it's 7.10 percent; for 18 to 21 months and 21 months to two years, it's 7 percent. The highest rate–7.20 percent–is offered on FDs lasting 4 years and 7 months to 55 months. Axis Bank is offering 6.7 percent on one-year to 15-month terms and 7.10 percent on 15-month to five-year terms since December 26, 2023. Short-term FDs yield between 4.75 percent and 6 percent. DCB Bank offers a 7.15 percent rate starting December 13, 2023, with the rate climbing to 7.85 percent for terms of 12 months to 12 months and ten days. Terms of 25 to 26 months yield the highest rate at 8 percent. Livemint is the most rapidly growing news site globally, offering a range of benefits including real-time stock tracking, the latest news, personalized feeds, and more.