Your work / SBI and HDFC Bank customers will benefit, increased interest on FD

Customers investing in fixed deposit schemes of SBI, the country’s largest bank and HDFC Bank, the largest private sector bank, will benefit. Both the banks have raised interest rates on FDs.

●Customers who invest in FD schemes will benefit greatly
●Put different interest rates on FDs of different periods
●Senior citizens will benefit from higher interest rates on FDs

SBI has set different interest rates on FDs

State Bank of India has set different interest rates on FDs of different periods. Then you will get 5.20% interest on 2 to 3 year FDs and 5.45% interest on 2 to 5 year FDs. The interest rate on 5 to 10 year FDs will be 5.50%. Consumers will get the benefit of this increased interest rate only on deposits of less than Rs 2 crore. Senior citizens will benefit from higher interest rates on FDs. They will get maximum interest of 6.30% on FDs of different periods.

HDFC Bank also raised interest rates on FDs

Private sector HDFC Bank has also raised interest rates on FDs below Rs 2 crore. Customers will now get 5.45 per cent interest on 3 to 5 year FDs. While for the period from 5 to 10 this will be 5.60 percent. The bank’s interest rates for senior citizens will be 5.95 per cent and 6.35 per cent, respectively. The interest rates of both the banks are applicable from 15th February, 2022.