The customers of the country’s two largest banks SBI and HDFC Bank are going to get tremendous benefits on their savings. Both the banks have increased the interest rates on their fixed deposits (FD).
Customers investing in fixed deposit (FD) schemes of the country’s largest bank SBI and HDFC Bank, the largest private sector bank, are going to make good gains. Both the banks have increased the interest rates of FD.
SBI increased interest rates so much
State Bank of India (SBI) has kept different interest rates on its FDs of different tenures. After this, now 5.20% on FD of 2 to 3 years, then 5.45% interest will be available on FD of 2 to 5 years. Whereas the interest rate on FD of 5 to 10 years will be 5.50%. Customers will get the benefit of this increased interest rate only on deposits of less than Rs 2 crore.
Senior citizens will get the benefit of more interest on FD. They will get maximum interest of 6.30% on FDs of different tenors.
HDFC customers also bat-bat
Private sector HDFC Bank has also increased interest rates on FDs of less than Rs 2 crore. Now customers will get 5.45% interest on FD of 3 to 5 years. Whereas for the period 5 to 10 it will be 5.60%. Not only this, these interest rates of the bank for senior citizens will be 5.95% and 6.35% respectively.
The new interest rates of both the banks have come into effect from February 15, 2022.