🔥 Premium AI-powered Stock Picks from InvestingPro Now up to 50% OffCLAIM SALE

HDFC, ICICI, Canara, and Bank of Baroda adjust FD rates; SBI remains unchanged

EditorMalvika Gurung
Published 2023/10/17, 08:54
© Reuters.
BOB
-
CNBK
-
HDBK
-
ICBK
-
SBI
-

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.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.