So here is a quick comparison of interest rates offered by fixed deposits of SBI, HDFC Bank, and ICICI Bank, PPF, SCSS, POTD, Sukanya Samriddhi Yojana (SSY).
In Union Budget 2023, the Senior Citizens’ Saving Scheme’s (SCSS) and the Post Office Monthly Income Scheme’s (POMIS) deposit limits have been increased by 50%, giving seniors the opportunity to possibly raise their interest income by 100% if fully invested.
State Bank of India (SBI) FD interest rates
SBI offers interest rates between 3% to 6.75% for regular citizens and 3.50% to 7.25% for senior citizens. The tenure will range between 7 days to 10 years.
HDFC Bank FD interest rates
HDFC offers interest rates between 3% to 7% for regular citizens and 3.50% to 7.75% for senior citizens. The tenure will range between 7 days to 10 years.
ICICI Bank FD interest rates
ICICI offers interest rates between 3% to 7% for regular citizens and 3.50% to 7.50% for senior citizens. The tenure will range between 7 days to 10 years.
Also read: Latest Bank Fixed Deposit (FD) Interest Rates in India for 2023
SCSS
The deposit cap for a single SCSS account user has increased from Rs. 15 lakh to Rs. 30 lakh. The interest rate for this quarter is fixed at 8% and the tenure of the account is 5 years.
Post Office Time Deposit Account(TD)
Post Office Term deposit offers deposit tenure of 1, 2, 3, 5 years. Interest rate varies between 6.6% to 7.0%. Interest payable annually but calculated quarterly.
PPF
Public Provident Fund is one of the most preferred long term investment avenue. Interest rate for this quarter set by the government is 7.1 % per annum (compounded yearly). The tenure of the PPF is 15 years (Can be extended in block of 5 years).
National Savings Certificate
National Savings Certificate offers an interest rate of 7.0% for this quarter and tenure of this certificate is 5 years. Note that interest is compounded annually but payable at maturity.
Also read:Post Office Schemes latest Interest Rates in India for 2023
Sukanya Samriddhi Yojana (SSY)
Sukanya Samriddhi is a programme that falls under the “Beti Bachao Beti Padhao” initiative and has exempt-exempt-exempt (EEE) tax status. The investment amount, interest generated, and maturity amount are all tax-exempt as a result. Only one account may be opened in the name of each girl child by parents or legal guardians, with a total of two accounts permitted. If the minimum amount necessary is not deposited in a single financial year, a penalty will be assessed. Interest rate for this quarter January- March 2023 is 7.6%.
| Sl.No. | Instruments | Rate of interest w.e.f 01.01.2023 to 31.03.2023 | Compounding Frequency* |
| 1 | Post Office Savings Account | 4 | Annually |
| 2 | 1 Year Time Deposit | 6.6(Annual Interest Rs. 677 on Rs. 10000 deposit) | Quarterly |
| 3 | 2 Year Time Deposit | 6.8(Annual Interest Rs. 697 on Rs. 10000 deposit) | Quarterly |
| 4 | 3 Year Time Deposit | 6.9(Annual Interest Rs. 708 on Rs. 10000 deposit) | Quarterly |
| 5 | 5 Year Time Deposit | 7.0(Annual Interest Rs. 718 on Rs. 10000 deposit) | Quarterly |
| 6 | 5 Year Recurring Deposit Scheme | 5.8 Maturity value for Rs. 100 Dn. 5 Year = 6969.67 After extension with deposit. 6 Year = 8620.98 7 Year= 10370.17 8 Year= 12223.03 9Year= 14185.73 10Year=16264.76 | Quarterly |
| 7 | Senior Citizen Savings Scheme | 8.0(Quarterly interest Rs. 200 on Rs. 10000 deposit) | Quarterly and Paid |
| 8 | Monthly Income Account | 7.1(Monthly int. Rs. 59 on Rs. 10000 deposit) | Monthly and paid |
| 9 | National Savings Certificate (VIII Issue) | 7.0(Maturity Value Rs.1403 on Rs.1000 deposit) | Annually |
| 10 | Public Provident Fund Scheme | 7.1 | Annually |
| 11 | Kisan Vikas Patra | 7.2 (will mature in 120 months) | Annually |
| 12 | Sukanya Samriddhi Account Scheme | 7.6 | Annually |