SBI Fixed Deposit Interest Rates 2022 vs HDFC Bank FD vs Post Office Time Deposit: Which is better? | The Financial Express

SBI Fixed Deposit Interest Rates 2022 vs HDFC Bank FD vs Post Office Time Deposit: Which is better?

SBI vs Post Office vs HDFC Bank Fixed Deposit Interest rates 2022: FD is attractive to small depositors because of the ease of operating the account and the freedom to withdraw anytime.

SBI Fixed Deposit Interest Rates 2022 vs HDFC Bank FD vs Post Office Time Deposit: Which is better?
Fixed Deposit interest rates: In view of the RBI hiking repo rate in the last few months, banks have started raising FD rates. Representational image

Bank Fixed Deposit Interest Rates: Opening a fixed deposit account with a bank or post office is the easiest way to earn a fixed annual interest on your deposits. FD is attractive to small depositors because of the ease of operating the account and the freedom to withdraw at any time. It is easy to surrender your FD account and get your money back whenever you want. Additionally, there is also a deposit insurance guarantee of up to Rs 5 lakh on bank FDs. (Check Bank of Baroda, Bandhan Bank FD Rates)

In view of the RBI hiking repo rate in the last few months, banks have started raising FD rates. Here we take a look at the latest SBI Fixed Deposit Interest Rates and how they compare to HDFC Bank’s and Post Office Deposits of up to Rs 2 crore.

SBI Fixed Deposit Interest Rates 2022

SBI revised the domestic fixed deposit rates with effect from 13th August 2022. (Check SBI FD Calculator)

For domestic term deposits below Rs 2 crore, the public sector bank is currently offering the following interest rates:

TenorsRevised Rates For Public w.e.f. 13.08.2022Revised Rates for Senior Citizens w.e.f. 13.08.2022
7 days to 45 days2.93.4
46 days to 179 days3.94.4
180 days to 210 days4.555.05
211 days to less than 1 year4.65.1
1 year to less than 2 year5.455.95
2 years to less than 3 years5.56
3 years to less than 5 years5.66.1
5 years and up to 10 years5.656.45
Source: SBI website (as of 02-09-2022)

SBI is also offering a specific tenor FD of “1000 days” at 6.10 % with effect from 15th August 2022. The scheme will be available for 75 days from 15th August. For senior citizens, the bank also offers a special “SBI Wecare’ FD plan which provides an additional premium of 30 bps (over and above the existing 50 bps). This scheme is available only for term deposits of 5 years and above only.

Also Check: ICICI Bank and Yes Bank Fixed Deposit Rates

Post Office Fixed Deposit Interest Rate

Compared to HDFC Bank and SBI FDs, Post Office is providing a higher interest rate. On booking a term deposit of 5 years at a post office, you can get up to 6.7% interest. For tenors up to 1 to 3 years, Post office is providing 5.5% interest.

PeriodRate
1yr.A/c5.50%
2yr.A/c5.50%
3yr.A/c5.5​%
5yr.A/c6.7​ %
Source: Post Office website (as of 02 September 2022)

Also Read: How long does it take to get Rs 1 crore with PPF at 7.1%?

HDFC Bank Fixed Deposit Interest Rate 2022

HDFC Bank provides up to 6.1% interest on deposits of 3 year 1 day to 5 years. For senior citizens, the bank is providing an additional 0.5% interest. The revised rates of HDFC Bank are applicable from 18th August 2022. from Following are the HDFC Bank FD rates:

Tenor BucketInterest Rate (per annum)**Senior Citizen Rates (per annum)
7 – 14 days2.75%3.25%
15 – 29 days2.75%3.25%
30 – 45 days3.25%3.75%
46 – 60 days3.25%3.75%
61 – 89 days3.25%3.75%
90 days – 6 months3.75%4.25%
6 mnths 1 days – 9 mnths4.65%5.15%
9 mnths 1 day < 1 Year4.65%5.15%
1 Year5.50%6.00%
1 year 1 day – 2 years5.50%6.00%
2 years 1 day – 3 years5.50%6.00%
3 year 1 day- 5 years6.10%6.60%
5 years 1 day – 10 years5.75%6.50%*
Source: HDFC Website (as of 02 September 2022).

According to the HDFC Bank website, the bank computes interest based on the actual number of days in a year. 

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