Fixed Deposit (FD) Interest Rates 2022: Here’s what these banks are offering

Earlier this month, the Reserve Bank of India (RBI) kept its key interest rates unchanged at a record low for the 11th consecutive time and kept its accommodative stance despite inflation being over the threshold of 6 per cent due to the fallout of the Ukraine-Russia war. However, RBI Governor Shaktikanta Das signaled that the central bank will start focusing on withdrawing this stance to rein in inflation while supporting growth.

Today, we take a look at FD interest rates for a tenure of 1 year from the top four banks in India.

State Bank of India (SBI)

The country’s largest commercial lender State Bank of India (SBI), which recently raised the marginal cost of funds-based lending rates (MCLR) for the first time in three years, currently provides 5.10 per cent per annum for a tenor of 1 year to less than 2 years, as per the information available on the bank’s website. For senior citizens, they offer 5.60 per cent for the same tenor. These rates have been in effect since February 15, 2022.

HDFC Bank

India’s largest private sector lender HDFC Bank recently revised its interest rates on term deposits and is offering 5.10 per cent for a tenor of 1 year. For senior citizens, the rate is 5.60 per cent for the same tenor, data available on HDFC Bank’s website showed. These rates are effective from April 20, 2022.

Punjab National Bank (PNB)

The public sector lender Punjab National Bank (PNB) offers 5.00 per cent per annum for a tenor of 1 year and for senior citizens, they offer 5.50 per cent, as per the information given on the bank’s website. These rates are effective from April 4, 2022.

ICICI Bank

The country’s second-largest private sector lender ICICI Bank provides 5.00 per cent per annum for a tenor of 1 year to 389 days, and 5.50 per cent for senior citizens, according to the data on the ICICI’s website. These rates have been effective from January 20, 2022.