SBI vs Bank of Baroda vs ICICI Bank: Where is the return on fixed deposits, check the new rate list

SBI vs Bank of Baroda vs ICICI Bank: Recently many banks have increased the interest rates of fixed deposits. Due to this, investors with fixed income, especially retired people and senior citizens are expected to get some relief. Many banks have already increased their fixed deposit interest rates. Talking about major banks, State Bank of India (SBI), Bank of Baroda, ICICI Bank, HDFC Bank, PNB and Axis Bank have already increased FD rates. Here we have compared the interest rates on FDs offered by SBI, Bank of Baroda (BoB) and ICICI Bank. Let us know how much return is being given in which bank on FD.

Bank Of Baroda (BoB)

Bank of Baroda has increased fixed deposit interest rates by up to 40 basis points on domestic term deposits including NRO and NRE term deposits of less than Rs 2 crore. These rates are applicable from 15 June 2022. Senior citizens will get 0.5 percent more interest.

• More than 1 year to 400 days: 5.45 percent
• Above 400 days to 2 years: 5.45 per cent
• Above 2 years to 3 years: 5.50 per cent
• Above 3 years to 5 years: 5.35 percent
• Above 5 years to 10 years: 5.35

SBI Home Loan: SBI increases interest rates on home loan, your EMI will be affected

SBI Latest FD Rates

SBI has revised interest rates on fixed deposits (below Rs 2 crore) with effect from June 14, 2022. Senior citizens will get 0.5 percent additional interest on their deposits.

• More than one year but less than 2 years – 5.30 percent
• More than two years but less than 3 years – 5.35 percent
• More than 3 years but less than 5 years – 5.45 percent
• Above 5 years to 10 years – 5.50 per cent

ICICI Bank Latest FD Rates

ICICI Bank has also changed the interest rates on fixed deposits (less than Rs 2 crore). The new rates are applicable from June 16, 2022. Senior citizens will get 0.5 percent more interest.

• 1 year to 389 days – 5.30%
• 390 days to <15 months - 5.30%
• 15 months to < 18 months - 5.30%
• 18 months to 2 years – 5.30%
• 2 years 1 day to 3 years – 5.50%
• 3 years 1 day to 5 years – 5.70%
• 5 years 1 day to 10 years – 5.75%
• 5 Years (80C FD) – Maximum Rs 1.50 Lakh – 5.70%

ATF Price Hike: Air Travel Will Be More Expensive, Jet Fuel Price Reaches Record Level Across The Country

FD laddering is a great option for investing in fixed deposits. In this, we do not invest the entire capital in FD for a single period, but invest it little by little in many FDs. For example, if you have to make an FD of 10 lakh rupees, then instead of putting this whole money in an FD for 1 year or 5 years, divide it into some parts and then one part for one year, the other part for two years and The third part can be invested in FDs of different tenors for 5 years or similarly. On maturity of the short tenure FD, you can meet your requirement with it or you can invest it in another FD. In this it is also not necessary that FD should be done in only one bank or company, but FD can be done in many banks and companies. By making FD in different banks, you will also get insurance benefit of Rs 5-5 lakh from each bank.

(Sunil Dhawan)