The consecutive rate hike has made the returns on fixed deposits quite attractive. The last hike was by 25 bps in February 2023, bringing the repo rate to 6.5 per cent. Since May 2022, the repo rate has increased by 250 basis points (bps). The Reserve Bank of India (RBI) on August 10 left its key interest rates unchanged for a third straight meeting but signalled tighter policy if food prices continue to drive inflation higher. These rates are effective from February 24. The tenure of the scheme ranges from 7 days to 10 years. Senior citizens are provided an additional interest rate. ICICI Bank offers the Fixed Deposit (FD) scheme with interest rates ranging between 3.00% and 7.10% p.a. Senior citizens will earn an interest rate of 3.5% to 7.75% on these deposits.

HDFC Bank offers an interest rate ranging from 3% to 7.25 % to general customers on deposits maturing in 7 days to 10 years. These rates are effective February 15, 2023. Senior citizens will get 50 basis points (bps) extra on these deposits. SBI FDs between 7 days to 10 years will give 3% to 7.1% to general customers. According to the bank's website, the these rates are effective from August 12, 2023. Senior citizens will get an interest rate in the range of 4% to 7.75% on these deposits.

Canara Bank offers interest rates ranging from 4% to 7.25% on deposits maturing in seven days to ten years for the general public.