Banks have rapidly increased their fixed deposit (FD) rates on a variety of conditions since May of last year, conforming to the high-interest rate regime set about by the results of the RBI policy rate decisions. The comparative study will be helpful in understanding Which Offers the Best and Highest FD Interest Rates. SBI, HDFC, ICICI, KOTAK, and Axis banks are providing different interest rates to citizens and elderly citizens.

Public sector lender State Bank of India (SBI) and private sector banks HDFC, ICICI Bank, Kotak Mahindra Bank, and Axis have further lowered their rates on deposits for FD customers, including senior citizens, in response to the central bank’s 35 basis point rate increase in December’s policy meeting.

State Bank of India- Looking at the FD interest rates that various banks are providing, we should first look for the largest lender in the nation, i.e. State Bank of India. The largest lender in the nation now provides elderly citizens with a 7.25% interest rate while offering a maximum interest rate of 6.90% on deposits with a term of five to ten years. For deposits lasting one year to less than two years, the SBI FD rate is 6.60%; for elderly persons, the rate is 7.25%. SBI FDs with terms between two and three years currently offer older folks 6.75% and 7.25%.

Housing Development Finance Corporation Limited- The largest private sector bank in the nation, HDFC Bank, has increased its interest rates on large fixed deposits (FDs) of  ₹ 2 crores to  ₹ 5 crores. According to the bank’s official website, the higher interest rates will start to apply to FDs from January 3, 2023. With this modification, it currently offers interest rates on deposits with terms ranging from seven days to ten years of 4.50% to 7% for regular clients and 5% to 7.75% for senior people.

Industrial Credit and Investment Corporation of India- For terms of one to five years, ICICI Bank is now providing interest rates between 3% and 7% to the general public and 3.50% to 7.50% to senior citizens. The bank’s interest rate fluctuates from 3% to 5.75% for loans with fewer than 5 years of the term.

Kotak Mahindra Bank- The interest rate on fixed deposits under  ₹  2 crore has changed at the private sector lender. According to the bank’s official website, the new rates will take effect on December 28, 2022. After the modification, the maximum standard rate of FDs on deposits with a duration of 390 days to 23 months is 7% for general customers and 7.50% for senior people.

Axis Bank- Interest rates on Axis Bank FDs range from 3.5% to 7% for regular customers and from 3.5% to 7.75% for senior people on deposits expiring in 7 days to 10 years. On deposits due in 2–10 years, general FD clients may anticipate a maximum interest rate of 7%, while senior citizens can expect a maximum return of 7.75%.