Home » Best Fd Interest Rates in the Year 2022, Which Bank?

Best Fd Interest Rates in the Year 2022, Which Bank?

Fixed Deposit is a good option for a safe investment, in which you get a great interest on your money and for senior citizens, it has even better interest rates. It is important to compare the latest fixed deposit rates among the leading banks of the country before opening a new fixed deposit or renewing an existing fixed deposit. Friends, let’s first know about sbi fixed deposit scheme, sbi interest rate and sbi fd interest rates 2022 for senior citizens.

SBI fixed deposit interest rates 2022 :-

State Bank of India (SBI) offers fixed deposit interest rates of 2.90%-5.50% p.a. for general public and 3.40%-6.30% p.a. for senior citizens, with tenures ranging from 7 days to 10 years. SBI Tax Saving FD interest rates are 5.50% p.a. for general public and 6.30% p.a. for senior citizens. SBI Bank also offers various fixed deposits like NRO, NRE, RFC and FCNR (B) for NRIs. They also accepts FCNR (B) Fixed Deposit in US Dollar (USD), British Pound Sterling (GBP), Euro, Canadian Dollar (CAD), Australian Dollar (AUD) and Japanese Yen (JPY).

SBI Fixed Deposit Interest Rates Highlights 2022:-

Tenure Normal Citizen FD Rate
For 1 year5.30% p.a.
For 2 year5.35% p.a.
For 3 year5.45% p.a.
For 4 year5.45% p.a.
For 5 year5.50% p.a.
Tax-Saving FD5.50% p.a.

HDFC FD interest rates 2022 :- 

Housing Development Finance Corporation Limited or HDFC was one of the first financial institutions in India to receive approval from the Reserve Bank of India (RBI) to set up a bank in the private sector. HDFC Bank was established in August 1994 as HDFC Bank Limited, headquartered in Mumbai, India. With HDFC Fixed Deposit, you can invest your money anywhere between 7 days to 10 years and earn interest on the amount deposited.

TenureNormal Citizen FD RateSenior Citizen FD Rate
7 days – 29 days2.75%3.25%
30 days – 2 months 28 days3.25%3.75%
2 months 29 days – 5 months 29 days3.75%4.25%
5 months 30 days – 11 months 29 days4.65%5.15%
1 year – 1 year 11 months 29 days5.35%5.85%
2 years – 2 years 11 months 29 days5.5%6%
3 years – 4 years 11 months 29 days5.7%6.2%
5 years – 9 years 11 months 27 days5.75%6.5%

Post office FD interest rates 2022 :-

Post Office Fixed Deposit (POFD) or Post Office Time Deposit (POTD) is the oldest and preferred form of investment offered by the Indian Postal Services. They are considered as safe as the Government of India supports them.

TenureNormal Citizen FD RateSenior Citizen FD Rate
1 year – 2 years 11 months 29 days5.5%5.5%
3 years – 4 years 11 months 29 days6.7%6.7%

ICICI fd interest rates 2022 :-

ICICI Bank offers FD interest rates of 2.75-5.75% p.a. for general public and 3.25- 6.50% p.a. for senior citizens, with tenures ranging from 7 days to 10 years. The interest rate on ICICI Bank Tax Saving FD is 5.70% p.a. for general public and 6.20% p.a. for senior citizen for a tenure of 5 years.

For 1 year5.35% p.a.
For 2 year5.35%  p.a.
For 3 year5.50% p.a.
For 4 year5.70% p.a.
For 5 year5.70% p.a.
Tax-Saving FD5.70% p.a.

How is SBI and Other bank’s Fixed Deposit Interest Calculated:-

The interest rate on FD is generally calculated in two ways – simple interest and compound interest.

Simple Interest :-

If you deposit Rs 1 lakh for 5 years at 10% per annum interest rate, then after five years with simple interest you will have the following money :-

1,00,000 x 10 x 5/100 = 50,000

So after five years you will have Rs 1.5 lakh

Compound Interest :-

Friends, this interest is applied to your principal amount as well as your earned interest. The following formula is used to calculate compound interest:-

A = P (1+r/n) ^ (n * t)

A = Maturity amount (Full money that you will get after FD)

P = Principal amount (the amount you have deposited)

r = interest rate in decimal

n = number of compounding in a year

t = number of years

For example, if you deposit Rs 10000 for three years at 10% interest 4 times in a year, then after 3 years you will have the following money :-

A = 10,000 {1 + (0.1/4)}^(4 * 3)

and A = 10,000 (1 + 0.025) ^ (12)

A = 10,000 (1.025) ^ (12) = Rs. 13,449 (approx)

Friends I hope that you will find these sbi fixed deposit interest rates 2022, fd interest rates 2022 calculator, hdfc fd interest rates 2022, post office fd interest rates 2022, icici fd interest rates 2022 and sbi fd interest rates 2022 for senior citizens on our Would love to have this information. Thank you very much for giving your valuable time to read this article.

Share:

Related Posts

Leave a Comment