There are various investment options available these days, but individuals seeking steady returns with minimal risk often opt for fixed deposits. By depositing their hard-earned money in banks, they can receive a stable income.
Currently, many banks are offering attractive interest rates on deposits, so it’s important to compare these rates before making a deposit. By seeking higher interest rates, investors can potentially earn extra profits. Several banks have adjusted their interest rates on deposits this month. Let’s explore the latest interest rates and maximum interest rates offered by SBI, HDFC, ICICI, and Axis Bank.
SBI (State Bank of India) Latest Interest Rates:
SBI is currently offering 3.50% interest to general depositors on fixed deposits lasting 7 days to 45 days, and 4% interest to senior citizens for the same duration. For fixed deposits with a tenure of 2-3 years, the maximum interest offered is 7% or 7.50% for senior citizens. For example, if you deposit Rs. 1 lakh for a 3-year period, regular depositors will receive Rs. 1,20,950, whereas senior citizens will receive Rs. 1,22,440 at the 7.50% interest rate.
HDFC Bank Latest Interest Rates:
HDFC Bank offers 3% interest to regular depositors for fixed deposits lasting 7-14 days, while senior citizens receive 3.50% interest. The maximum interest offered is 7.25% for deposits with a tenure of 18 months to 21 months or 7.75% for senior citizens. For instance, if you deposit Rs. 1 lakh, regular customers will receive up to Rs. 1,12,600 after 21 months, while senior citizens will receive up to Rs. 1,13,500.
ICICI Bank Latest Interest Rates:
ICICI Bank has revised the interest rates for retail term deposits below Rs. 3 crore. They are offering 3 per cent interest for general customers and 3.50 per cent interest for seniors on deposits lasting 7-14 days, and a maximum of 7.20 per cent interest for 15 months to 18 months term deposits, or 7.75 per cent for seniors. For example, regular customers can receive up to Rs. 1,10,780 after 18 months on a deposit of Rs. 1 lakh, while seniors can receive up to Rs. 1,11,600 for the same period.
Axis Bank Latest Interest Rates:
As of 3rd July, Axis Bank has introduced new interest rates, providing 3 per cent interest to general customers and 3.50% interest to seniors for deposits lasting 7-14 days. For 17-18 months term deposits, they are offering a maximum interest of 7.20 per cent for general citizens and 7.70 per cent for senior citizens. For instance, general customers will receive up to Rs. 1,10,780 upon maturity for a deposit of Rs. 1 lakh, while senior citizens will receive Rs. 11,530 in interest for the same deposit.
