Public sector, as well as private sector banks, have recently revised their fixed deposit rates across tenors in a bid to make their investment plans more lucrative. When it comes to safe investment, fixed deposits emerge as one of the frontrunners, especially for senior citizens. So if you are planning to invest in fixed deposits in State Bank of India, Post Offices, ICICI Bank, Axis Bank or Union Bank, then you should first take a look at the current interest rate they are offering.
You may be aware that the State Bank of India has revised its FD rates in August this year while the Union Bank hiked its time deposit rates in September.
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The rates offered by India Post on the fixed deposits will be applicable on the deposits made between 01.10.2022 and 31.12.2022. The ICICI Bank revised its rate with effect from September 30 and offers an additional interest rate of 0.10% for a limited time over and above the existing additional rate of 0.50% per annum for senior citizens.
The Axis Bank has also revised its rate of interest on fixed deposits with effect from October 1. The bank now offers the highest interest of 6.9 per cent on deposits maturing between 15 months and two years.
A comparison of FD interest rates offered by the State Bank of India, Post Offices, ICICI Bank, Axis Bank and Union Bank shows some minor differences in interest rates of these banks across tenors and the investors must make an informed decision.
