SBI reduces interest rates on FD, know latest rates of SBI, HDFC Bank and ICICI Bank

The country's largest bank SBI has reduced the interest rate on Fixed Deposit (FD) this month. The bank has cut the interest rate on FD of different duration from 0.10 per cent to 0.50 per cent for less than two crore rupees. These fresh rates announced by the State Bank became effective from March 10, 2020. After the recent revision, the bank will now pay interest at the rate of 4%, 5% on FD of seven days to 45 days, 46 days to 179 days. At the same time, interest on FD of less than one year from 180 days is getting interest of 5.50%. The FD for a period of one year to ten years is getting interest at the rate of 5.90%. Senior citizens get 0.50 per cent more interest than ordinary people.

Banks fix their FD rates based on the repo rate and other benchmark rates set by the Monetary Policy Committee of Reserve Bank of India (RBI). Top banks like SBI, HDFC Bank and ICICI Bank offer FDs ranging from seven days to 10 years. In such a situation, if you are thinking of FD, then you should necessarily compare the FD rates of different banks.

SBI's latest FD rates

7 days to 45 days	4.00%
46 days to 179 days	5.00%
180 days to 210 days	5.50%
211 days to 1 year	5.50%
1 year to 10 years	5.90%

HDFC Bank's latest FD rates

7-14 days	3.50%
15-29 days	4.00%
30-45 days	4.75%
46-60 days	5.25%
61-90 days	5.25%
91 days - 6 months	5.25%
6 months 1 days- 9 months	5.65%
9 months 1 day- <1 year	5.90%
1 year-two years	6.15%
2 Years - 3 Years	6.25%
3 years - 10 years	6.15%

ICICI Bank's latest FD rates

7 days - 14 days	4.00%
15 days - 29 days	4.25%
30 days - 45 days	4.75%
46 days - 184 days	5.25%
185 days - 289 days	5.75%
290 days - 1 year	6.00%
1 year to 389 days	6.20%
390 days to <18 months	6.30%
18 months - 2 years	6.30%
2 years - 10 years	6.40%