FD rates of banks are determined by changes in the Reserve Bank of India (RBI) monetary policy such as repo rate, base rate etc. State Bank of India ( SBI ), ICICI Bank, HDFC Bank and Kotak Mahindra Bank offer FD tenures ranging from 7 days to 10 years. FD interest rates of different banks vary by deposit amount, deposit tenure and type of depositor. HDFC Bank offers interest rates from 3% to 6.25% on FDs maturing in 7 days to 10 years to senior citizens. Senior citizens will continue to get a 50 basis points (bps) higher interest rate than others.

Source: Mint May 29, 2021 03:02 UTC