After the Reserve Bank of India's recent repo rate hike, fixed deposit (FD) interest rates at major banks like HDFC Bank, ICICI Bank, Punjab National Bank (PNB), and Bank of Baroda (BoB) have been updated. Depositors should understand these changes to choose the best FD options based on interest rates, tenure, and benefits for senior citizens.
- HDFC Bank offers FD rates from 2.75% to 6.50% for general customers, with senior citizens receiving up to 7.10%.
- ICICI Bank’s FD rates range from 2.75% to 6.50% for general customers and up to 7.10% for senior citizens.
- PNB provides rates between 3% and 6.60% for general customers, with senior and super senior citizens earning up to 7.40%.
- Bank of Baroda’s FD rates vary from 3.50% to 6.75% for general customers, with higher rates for senior and super senior citizens.
- Comparing tenure options, premature withdrawal rules, and senior citizen benefits is essential before investing.
What are the updated FD interest rates at HDFC Bank?
HDFC Bank’s fixed deposit rates for deposits below ₹3 crore are effective from August 19, 2026. For general customers, rates start at 2.75% for short-term deposits of 7 to 29 days and increase with longer tenures, reaching up to 6.50% for deposits between three years and one day to less than four years and seven months. For deposits longer than this, rates slightly decrease to 6.40% or 6.15% depending on the tenure.
Senior citizens receive higher interest rates, ranging from 3.25% on shorter deposits to a maximum of 7.10% for deposits between three years and one day to less than four years and seven months. However, these senior citizen rates do not apply to Non-Resident Indians (NRIs).
How do ICICI Bank’s FD rates compare?
ICICI Bank’s FD rates for deposits below ₹3 crore are effective from October 13, 2026. General customers earn 2.75% for 7 to 45 days, increasing to 6.50% for deposits from three years and one day up to 10 years. The bank also offers a five-year Tax Saver FD at 6.50%.
Senior citizens benefit from higher rates, starting at 3.25% for the shortest tenure and going up to 7.10% for deposits between three years and one day to five years, including the Tax Saver FD. For deposits longer than five years, the rate slightly decreases to 7%.
What are Punjab National Bank’s FD rates and benefits?
PNB’s domestic and NRO term deposit rates, effective from June 1, 2026, start at 3% for 7 to 45 days and go up to 6.60% for a special 444-day deposit. Longer tenures earn between 6.30% and 6.35%, dropping to 6% for deposits over five years.
Senior citizens receive 6.75% on one-year deposits and 7.10% on the 444-day deposit. Super senior citizens earn even higher rates, such as 7.05% on one-year deposits and 7.40% on the 444-day deposit. The 666-day deposit offers 7% to senior citizens and 7.30% to super senior citizens.
What are the fixed deposit rates at Bank of Baroda?
Bank of Baroda’s FD rates for deposits below ₹3 crore, effective from June 12, 2026, start at 3.50% for 7 to 45 days and increase to 6.75% for the 555-day bob Golden Goal deposit. General customers earn between 5% and 6.30% for tenures from 46 days to five years, with rates dropping to 6% for deposits over five years.
Senior citizens receive higher rates, such as 6.95% for the 444-day bob Square Drive deposit and 7.25% for the 555-day Golden Goal deposit. Super senior citizens earn even more, with rates up to 7.35%.
What should depositors consider before investing in fixed deposits?
When choosing fixed deposits, depositors should compare interest rates across banks and tenures. It is important to understand the terms for premature withdrawal, as these can affect returns. Senior citizens and super senior citizens should look for banks offering additional interest benefits. Also, consider whether the FD applies to NRIs, as some senior citizen benefits may not be available to them.
Frequently Asked Questions
Q: Do senior citizen FD rates apply to NRIs?
A: No, senior citizen FD rates at HDFC Bank do not apply to NRIs. Other banks may have different policies.
Q: What is the highest FD interest rate offered among these banks?
A: The highest rate listed is 7.40% by Punjab National Bank for super senior citizens on the 444-day deposit.
Q: Are there special FD schemes available?
A: Yes, some banks like Bank of Baroda offer special schemes such as the bob Square Drive and bob Golden Goal deposits with competitive rates.
