SBI Fixed Deposit Interest Rates 2022 vs Post Office Time Deposit vs HDFC Bank FD: Which is better?

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Fixed bank deposit interest rate: Opening a term account with a bank or post office is the easiest way to earn fixed annual interest on your deposits. FD is attractive to small depositors due to the ease of use of the account and the freedom to withdraw at any time. It’s easy to assign your FD account and get your money back whenever you want. Additionally, there is also a deposit insurance guarantee of up to Rs 5 lakh on bank FDs.

Given the rise in the RBI repo rate over the past few months, banks have started raising FD rates. Here we take a look at the latest interest rates on SBI fixed deposits and how they compare to HDFC bank and post office deposits of up to Rs 2 crore.

SBI Fixed Deposit Interest Rates 2022

The SBI has revised the domestic fixed deposit rates with effect from 13 August 2022. For domestic term deposits below Rs 2 crore, the public sector bank is currently offering the following interest rates:

tenors Revised Rates For Public wef 13.08.2022 Revised rates for seniors from 13.08.2022
7 days to 45 days 2.9 3.4
46 days to 179 days 3.9 4.4
180 days to 210 days 4.55 5.05
211 days to less than 1 year 4.6 5.1
1 year to less than 2 years 5.45 5.95
2 years to less than 3 years 5.5 6
3 years to less than 5 years 5.6 6.1
5 years and up to 10 years 5.65 6.45
Source: SBI website (as of 02-09-2022)

SBI is also offering a specific FD term of “1000 days” at 6.10% starting August 15, 2022. The scheme will be available for 75 days starting August 15. For seniors, the bank also offers a special FD “SBI Wecare” plan which provides an additional premium of 30 bps (beyond the existing 50 bps). This program is only available for term deposits of 5 years and above only.

Also Check: ICICI bank FIxed Deposit Rates 2022

Post Office Fixed Deposit Interest Rates

Compared to HDFC Bank and SBI FD, Post Office offers higher interest rate. By reserving a 5-year term deposit at a post office, you can get up to 6.7% interest. For maturities of up to 1 to 3 years, Swiss Post pays 5.5% interest.

Period Assess
1 year.A/c 5.50%
2 years.A/c 5.50%
3yrs.A/c 5.5%
5 years.A/c 6.7%
Source: La Poste website (as of September 2, 2022)

Also read: How long does it take to get Rs 1 crore with PPF at 7.1%?

HDFC Bank Fixed Deposit Interest Rates 2022

HDFC Bank provides up to 6.1% interest on deposits from 3 years 1 day to 5 years. For senior citizens, the bank grants an additional interest of 0.5%. The revised HDFC Bank rates are applicable from August 18, 2022. Here are the HDFC Bank FD rates:

tenor bucket Interest rate (per year) **Senior rates (per year)
7 – 14 days 2.75% 3.25%
15 – 29 days 2.75% 3.25%
30 – 45 days 3.25% 3.75%
46 – 60 days 3.25% 3.75%
61 – 89 days 3.25% 3.75%
90 days – 6 months 3.75% 4.25%
6 months 1 day – 9 months 4.65% 5.15%
9 months 1 day 4.65% 5.15%
1 year 5.50% 6.00%
1 year 1 day – 2 years 5.50% 6.00%
2 years 1 day – 3 years 5.50% 6.00%
3 years 1 day – 5 years 6.10% 6.60%
5 years 1 day – 10 years 5.75% 6.50%*
Source: HDFC website (as of September 02, 2022).

According to the HDFC Bank website, the bank calculates interest based on the actual number of days in a year.

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