HDFC Vs SBI Bank FD : In the current inflationary period, many people are investing money now so that they don’t run out of money in the future. While investing it should be safe, and in return we all aim to get strong returns. Nowadays, with increasing volatility in the stock market and doubts about SIP on the other hand, many people are turning to Fixed Deposits (FD) for safe investment. Recently, major banks like State Bank of India (SBI) and HDFC Bank (HDFC) have changed their interest rates, which has raised curiosity about which bank offers more benefits.
State Bank of India is offering its customers attractive interest rates for different tenures. The rates of this bank are competitive especially for 1 to 2 year FD. Special schemes like ‘Amrit Kalash’ currently offer interest ranging from 7.10% to 7.60%. Besides, senior citizens are paid an additional interest of 0.50%, making this option more beneficial for them. HDFC Vs SBI Bank FD
On the other hand, HDFC Bank is a leading private sector bank that also offers good interest rates on FDs. The interest rates of this bank are very attractive especially for the tenure of 18 to 21 months. General customers get an interest of around 7.00% to 7.25%, while senior citizens get additional benefits under the ‘Senior Citizen Care FD’ scheme.
Although the rates of both the banks are almost same, SBI is slightly more profitable for short term FDs, while HDFC can be a better option for medium term investments. Both banks offer additional interest for senior citizens, so they also get good returns. HDFC Vs SBI Bank FD
There are some important things to keep in mind while investing in FDs. The interest rate varies depending on the tenure you choose. Also, TDS is deducted if the annual interest is more than ₹40,000 (₹50,000 for senior citizens). However, if you withdraw before the due date, there may be a penalty, so it is important to take a careful decision while investing. HDFC Vs SBI Bank FD
Opening FD has become very easy in today’s digital age. Both State Bank of India and HDFC Bank offer online FD opening facility, so you can start investing within minutes. FD is a great option for safety and stable returns. However, choosing the right bank keeping in mind your investment period, need and financial objective can give you more benefit.
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