If you’re considering a Fixed Deposit (FD) right now, you’re not alone. With inflation biting into everyday savings and the RBI’s latest rate cut stirring up changes, many people are looking for safe places to grow their money. And for most Indians, an FD is still a go-to option.
But here’s the catch—not all banks are offering the same returns anymore. With interest rates shifting post-RBI’s recent decision, it’s a good time to compare what SBI, HDFC, and ICICI are currently offering.
What’s New with FD Rates?
The Reserve Bank of India recently reduced the repo rate by 0.50%, bringing it down to 5.50%. This move, while good news for borrowers (cheaper loans), has also pushed banks to lower their FD interest rates slightly.
That said, some banks are still offering attractive rates in specific tenures. Here’s how SBI, HDFC, and ICICI stack up.
Short-Term FDs (Up to 6 Months)
| Bank | Regular Interest | Senior Citizen Interest |
|---|---|---|
| SBI | Up to 5.80% | Up to 6.30% |
| HDFC Bank | Up to 5.50% | Up to 6.00% |
| ICICI Bank | Up to 5.75% | Up to 6.25% |
Verdict: If you’re planning an FD for under 6 months, SBI currently offers the highest interest rate.
FD Rates for 1 to 2 Years
| Bank | Interest Range (General) | Senior Citizens |
|---|---|---|
| SBI | 6.25% | 6.75% |
| HDFC Bank | 6.25% – 6.60% | Up to 7.10% (15–21 months) |
| ICICI Bank | 6.25% – 6.50% | Up to 7.10% |
Verdict: For FDs around 1.5 years, HDFC and ICICI offer the highest interest (up to 7.10%) for senior citizens. HDFC is slightly ahead if you choose the 15–21 month period.
Long-Term FDs (2 to 10 Years)
| Bank | Max Interest (General) | Senior Citizens |
|---|---|---|
| SBI | 6.30% | 7.05% |
| HDFC Bank | 6.40% | 6.65% |
| ICICI Bank | 6.60% | 7.10% |
Verdict: If you’re looking to lock in money for 2+ years, ICICI Bank offers the best return, especially for senior citizens.
FD Rates for Senior Citizens
Senior citizens enjoy additional returns on their FDs. Here’s where they get the most:
| Bank | Max Senior Citizen Rate | Special Scheme |
|---|---|---|
| SBI | 7.05% | “SBI We Care” scheme |
| HDFC Bank | 7.10% | On selected 15–21 month tenure |
| ICICI Bank | 7.10% | On 2–5 year and tax-saver FDs |
Verdict: ICICI and HDFC are leading here, both offering up to 7.10%. SBI is close behind.
Effective Dates of Revised FD Rates
- SBI: Updated from June 15, 2025
- HDFC Bank: Effective from June 10, 2025
- ICICI Bank: Effective from June 18, 2025
RBI’s Decision: What It Means for You
With the RBI cutting the repo rate and CRR (Cash Reserve Ratio), there’s more liquidity in the system—good news for borrowers, but it might mean FD returns won’t climb further soon.
So if you’re thinking of locking in your funds, now may be a good time before rates change again.
