As the Reserve Bank of India (RBI) has raised the repo rate by 2.25 percent since May of this year, banks have consistently hiked the interest rates on their deposits, making them more enticing.
For the current quarter, which spans from January to March 2023, the government raised interest rates on a few small savings schemes. The interest rates offered by SBI, HDFC Bank, ICICI Bank, PPF, SCSS, POTD, and Sukanya Samriddhi Yojana fixed deposits are concisely compared below (SSY).
As part of the Union Budget 2023, the deposit limits for the Senior Citizens' Saving Scheme (SCSS) and the Post Office Monthly Income Scheme (POMIS) have both been increased by 50%, giving seniors the opportunity to possibly increase their interest income by 100% if completely invested.
State Bank of India (SBI) FD Rates 2023:
Interest rates from SBI range from 3 percent to 6.75 percent for regular persons and from 3.5 percent to 7.25 percent for senior folks. There will be a seven to 10-day period.
PPF Rates 2023:
PPF is a popular long-term investment option among the population. The interest rate for this quarter has been set by the government as 7.1% annually (compounded yearly). A 15-year term may be extended for the PPF.
ICICI Bank Fixed Deposit (FD) Rates 2023:
ICICI offers interest rates ranging from 3 to 7 percent for regular individuals and from 3.5 to 7.5 percent for senior persons. There will be a seven to 10-day period.
HDFC Bank Fixed Deposit (FD) Rates 2023:
For regular consumers, HDFC offers interest rates between 3 and 7 percent, and between 3.5 and 7.75 percent for elderly folks. There will be a seven to 10-day period.
