Good news for savings: just days after the Reserve Bank of India (RBI) left the repo rate and reserve repo rate steady on February 10, two major banks—HDFC Bank and State Bank of India (SBI)—increased their respective fixed deposit interest rates (FDs).
HDFC’s revised FD interest rates are as follows:
7-14 days, 15-29 days: 2.5%
30-45 days, 46-60 days, 61-90 days: 3%
91 days to 6 months: 3.5%
6 months 1 day to 9 months: 4.4%
9 months 1 day to less than a year: 4.4%
1 year 1 day to 2 years: 5%
2 years 1 day to 3 years: 5.2%
3 years 1 day to 5 years: 5.45%
5 years 1 day to 10 years: 5.6%
SBI’s revised FD interest rates are as follows:
7-45 days: 2.9%
46-179 days: 3.9%
180-210 days, 211 days to less than 1 year: 4.4%
1 year to less than 2 years: 5.1%
2 years to less than 3 years: 5.2%
3 years to less than 5 years: 5.45%
5 years and up to 10 years: 5.5%
