New Bank FD Rates 2023 : Current Fixed Deposit Rates Of ICICI, HDFC, Axis and SBI Bank
A bank fixed deposit (bank FD) is a kind of investment where you deposit some money for a particular period of time, and in exchange, the bank pays you a certain amount of interest. Banks regularly offer FDs at a greater interest rate than they do for conventional savings accounts.
By opening an FD, you enter into a contract with the bank in which you commit to keeping your funds there for a predetermined amount of time and the bank commits to paying you a fixed rate of interest on your investment. The size of the deposit, how long it will be held, and the state of the market are some of the variables that affect the interest rate that the bank offers.
Basically, bank FDs are a risk-free way to receive a set rate of return on your savings. They are perfect for people who wish to generate a set income without taking on too much risk because they are thought of as low-risk investment options. It’s crucial to keep in mind that FDs have a lock-in period, which prevents you from withdrawing your money without incurring a fee before the maturity date.
New Bank FD Rates 2023 : SBI BANK FD Rates
- For deposits under Rs 2 crore, SBI is giving regular consumers interest rates between 3 and 7 per cent.
- The interest rate for senior citizens will be 50 basis points higher.
- An interest rate of 7.6% will be offered to elderly persons under the SBI’s unique Amrit Kalash scheme.
- For the general public under the SBI’s unique Amrit Kalash scheme they receive 7.1%.
New Bank FD Rates 2023 : Axis BANK FD Rates
- Axis Bank also provides favourable returns on fixed deposits and they offer interest rates between 3.5 and 7.2 per cent for term deposits under Rs 5 crore.
- Senior investors should expect profits on their assets between 3.5 and 7.95 per cent.
New Bank FD Rates 2023 : HDFC BANK FD Rates
- For term deposits under Rs 2 crore, HDFC Bank is giving interest rates of 3 to 7.1%.
- Senior persons are eligible for an additional 0.5% interest on deposits.
- The FD’s maturity can be anywhere between 7 days and 10 years.
- It should be noted that Non-Resident Indians (NRIs) are not eligible for the senior citizen rates that HDFC offers.
New Bank FD Rates 2023 : ICICI BANK FD Rates
- Customers of ICICI Bank can receive interest rates on term deposits with a range of maturities between 3 and 7.1%.
- On their returns, seniors will receive an additional 50 basis points.
New Bank FD Rates 2023 Conclusion
You might discover more about various bank fixed deposits in this post, which also includes the best and most recent FD rates for 2023.
You need to have a diversified investment portfolio if you want to obtain the highest returns on your funds. The easiest method to do this is to spread your total investment among a variety of assets, including fixed deposits, mutual funds, stocks, and more. Over time, this will enable you to save more money.