Big Cut In FD Rates! HDFC Bank vs SBI: Who Is Offering Attractive Fixed Deposit Interest Rates For 2026?

FD Rates Cut: After RBI lowered the policy repo rate by 25 basis points, banks started to pass on the impact to customers' lending and deposits. In simple words, banks are reducing their own lending and fixed deposit interest rates from mid-December. The latest to join the bandwagon is HDFC Bank who has trimmed FD interest rates by up to 15 basis points with effect from December 17. This comes after HDFC's rival State Bank of India (SBI) announced deep cuts in benchmark lending and deposit rates. Who offers attractive rates on FDs?

HDFC Bank FD Interest Rates:

After notable cut, HDFC Bank is now offering highest rate of 6.45% to general individuals on FDs below Rs 3 crore. This rate is applicable on tenures of 18 months to

Further, the rate of interest is 6.40% on tenures like 3 Years 1 day to

On the highest tenure of 5 Years 1 day to 10 Years, the FD rate is at 6.15%. While the FD rates are at 6.25% on 1 Year to

Senior citizens will get interest rates ranging from 3.25% to 6.95% on FDs below Rs 3 crore.

Check full interest rates here:

Tenor Bucket
	Interest Rate (per annum)	**Senior Citizen Rates (per annum)
7 - 14 days	2.75%	3.25%
15-29 days	2.75%	3.25%
30-45 days	3.25%	3.75%
46-60 days	4.25%	4.75%
61-89 days	4.25%	4.75%
90 days	4.25%	4.75%
6 months 1 day	5.50%	6.00%
9 months 1 day to	5.75%	6.25%
1 Year to	6.25%	6.75%
15 months to	6.35%	6.85%
18 months to	6.45%	6.95%
21 months to 2 years	6.45%	6.95%
2 Years 1 day to	6.45%	6.95%
2 Years 11 Months (35 months)	6.45%	6.95%
2 Years 11 Months 1 day	6.45%	6.95%
3 Years 1 day to	6.40%	6.90%
4 Year 7 Months (55 months)	6.40%	6.90%
4 Year 7 Months 1 day	6.40%	6.90%
5 Years 1 day to 10 Years	6.15%	6.65%

SBI FD Rates:

While SBI has kept FD rates unchanged on majority of its tenures, the bank reduced rate by 5 basis points on 2 years to less than 3 years tenure for deposits below Rs 3 crore.

With effect from December 15, general individuals will earn 6.40% on FDs for 2 years to less than 3 years tenure, and senior citizens will earn 6.90%. Earlier, the rates were 6.45% and 6.95% respectively.

However, SBI reduced rate on its special FD scheme Amrit Vrishti by a huge 25 bps to 6.45% from earlier 6.60%. The tenure of the scheme is 444 days. Senior Citizens and Super Senior Citizens are eligible for their additional benefits in rate of interest.

What Is New Repo Rate?

During the December 2025 policy, the six-members MPC voted unanimously to reduce the policy repo rate under the liquidity adjustment facility (LAF) to 5.25 per cent. Consequently, the standing deposit facility (SDF) rate shall stand adjusted to 5.00 per cent and the marginal standing facility (MSF) rate and the Bank Rate to 5.50 per cent. The MPC also decided to continue with the neutral stance.

What Are The Benefits Of Fixed Deposits?

As per Piramal Finance blog, following are the benefits of doing an FD:

1. Guaranteed Returns: One of the main advantages of an FD is the assured returns. This means zero pitfalls as compared to other forms of investments. On maturity, a fixed interest will be paid on the investment quantum.

2. Easy to Open: You can open an FD account within minutes. Moreover, you can apply for it online or go to the nearest bank branch.

3. Advanced Interest Rate: FDs enable guests to earn an advanced interest income as compared to their savings.

4. Flexible Term: You can choose to open an FD account for a period of 7 days to 10 years.

5. Multiple FD Accounts: You can hold more than one FD account at a time. When you want to make a fresh investment, you can always open a new FD account.

6. Tax Benefit: You can claim for duty impunity under Section 80C of the Income Tax Act of India for bank FDs.

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