Going by the trend after the hikes in policy rates by the Reserve Bank of India (RBI), HDFC Bank – one of the country’s largest private sector banks – has increased the interest offered on its fixed deposits (FDs).
HDFC Bank is now offering the highest interest rate of 6.10 per cent on deposits below Rs 2 crore for a period of 3 years 1 day to 5 years to investors below 60 years of age, while senior citizens will get 6.60 per cent on the same deposit.
Comparison with other Leading Banks
While 6.10 per cent is the highest interest rate offered by the leading banks for the period of 3-5 years on deposits below Rs 2 crore, here is the comparison of highest interest rates offered by State Bank of India (SBI), Punjab National Bank (PNB), HDFC Bank and ICICI Bank:
State Bank of India (SBI)
On the given deposit period of 3+ years to 5 years, the SBI offers investors an interest rate of 5.60 per cent on deposits below Rs 2 crore, while for senior citizens, the rate is 6.10 per cent.
However, the highest rate offered by the SBI is 5.65 per cent (6.45 per cent for senior citizens) on a deposit of below Rs 2 crore for a period of 5-10 years.
Punjab National Bank (PNB)
On the given deposit period of 3+ years to 5 years, the PNB offers investors an interest rate of 5.75 per cent on deposits below Rs 2 crore, while for senior citizens, the rate is 6.25 per cent.
It’s the highest rate of interest offered by the bank among all the deposit periods.
ICICI Bank
On the given deposit period of 3+ years to 5 years, the ICICI Bank also offers investors an interest rate of 6.10 per cent on deposits below Rs 2 crore, while for senior citizens, the rate is 6.60 per cent.
Like HDFC Bank, it’s also the highest rate of interest offered by ICICI Bank among all the deposit periods.