Several major banks in India have revised their fixed deposit (FD) rates in October 2023, with HDFC Bank, ICICI Bank, Canara Bank, and Bank of Baroda all making adjustments. State Bank of India (SBI) has kept its rates steady, with no changes since the last revision on February 15, 2023.
HDFC Bank has introduced two special FD programs. These new offerings include an interest rate of 7.15% for a 35-month term and 7.2% for a 55-month term. Both these rates also apply to the HDFC Senior Citizen Care FD. Additionally, the bank set a rate of 7.1% on deposits maturing between 15 months and 18 years, starting from October 1.
ICICI Bank made its changes effective from Monday, October 16. The bank now offers interest rates ranging from 3% to 7.1% for regular citizens and from 3.5% to 7.6% for senior citizens. The highest rate is available on tenures of 15 months to less than two years.
Bank of Baroda has also adjusted its FD rates, with the lender offering interest rates up to 7.25% for the general public and up to 7.75% for senior citizens under the Baroda Tiranga Plus Deposit Schemes, starting October 9, 2023.
Canara Bank revised its callable deposits offering an interest range of 4% to 7.25% for the general public and from 4% to 7.75% for senior citizens over a wide deposit maturity range.
In contrast, SBI's FD rates have remained unchanged since February this year. The bank continues to offer a range of interest rates from 3% - 7.1% to general citizens and a rate of 7.60% to senior citizens under its “400 days” (Amrit Kalash) scheme, which will continue until December 31, 2023.
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