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Highest fixed deposit interest rates after RBI's repo rate decision: What SBI, HDFC, Axis, ICICI offer
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7 min read | Updated on April 08, 2026, 11:53 IST
SUMMARY
When the RBI goes for a repo rate cut, banks cut their fixed deposit rates as well, and vice versa.
The decision to this effect was taken in the backdrop of rising geopolitical uncertainties, even as headline inflation remained very will within the RBI's targeted levels. | Image: Shutterstock
The Reserve Bank of India (RBI), in its first Monetary Policy Committee meeting of the new FY 2026-27, decided to keep the key repo rate steady at 5.25% while maintaining a neutral monetary policy stance.
The decision to this effect was taken in the backdrop of rising geopolitical uncertainties, even as headline inflation remained within the RBI's targeted levels.
"However, upside risks to the inflation outlook, driven by increased energy price pressures and probable weather disturbances affecting food prices, have increased," the RBI Governor said in a statement on April 8, 2026.
Repo rate is the rate at which the apex banker, RBI, lends money to commercial banks and hence has a bearing on the consumer loans.
Now as the RBI has maintained status quo on rates, loan EMIs are unlikely to change in the short term. This is because commercial banks in India will be able to secure funds from the RBI at the same rate as before. Also, with a steady repo rate, fixed deposit (FD) rates are also expected to remain the same until the next RBI meet.
Typically, when the RBI goes for a repo rate cut, banks slash their FD rates as well, and vice versa.
So, as FD rates are unlikely to be tweaked anytime soon, investors may consider parking their idle money in FDs at current rates.
Fixed Deposit rates across major banks in India
The State Bank of India revised its FD rates on December 15, 2025. The bank currently offers rates ranging from 3.05% to 6.40% to general public and 3.55% to 7.05% to senior citizens.
Here are the rates offered by the bank:
| Tenors | Revised Rates for Public (w.e.f. 15/12/2025) | Revised Rates for Senior Citizen (w.e.f. 15/12/2025) |
|---|---|---|
| 7 days to 45 days | 3.05% | 3.55% |
| 46 days to 179 days | 4.90% | 5.40% |
| 180 days to 210 days | 5.65% | 6.15% |
| 211 days to less than 1 year | 5.90% | 6.40% |
| 1 year to less than 2 years | 6.25% | 6.75% |
| 2 years to less than 3 years | 6.40% | 6.90% |
| 3 years to less than 5 years | 6.30% | 6.80% |
| 5 years and up to 10 years | 6.05% | 7.05%* |
The HDFC Bank revised its FD rates on March 6, 2026. The bank currently offers interest rates between 2.75% and 6.5% to the general public and between 3.25% and 7% for senior citizens.
| Tenor Bucket | Interest Rate (p.a.) | Senior Citizen Rate (p.a.) |
|---|---|---|
| 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 to ≤ 6 months | 4.25% | 4.75% |
| 6 months 1 day to ≤ 9 months | 5.50% | 6.00% |
| 9 months 1 day to < 1 year | 5.75% | 6.25% |
| 1 year to < 15 months | 6.25% | 6.75% |
| 15 months to < 18 months | 6.35% | 6.85% |
| 18 months to < 21 months | 6.45% | 6.95% |
| 21 months to 2 years | 6.45% | 6.95% |
| 2 years 1 day to < 2 years 11 months | 6.45% | 6.95% |
| 35 months | 6.45% | 6.95% |
| 2 years 11 months 1 day to ≤ 3 years | 6.45% | 6.95% |
| 3 years 1 day to < 4 years 7 months | 6.50% | 7.00% |
| 55 months | 6.40% | 6.90% |
| 4 years 7 months 1 day to ≤ 5 years | 6.40% | 6.90% |
| 5 years 1 day to 10 years | 6.15% | 6.65% |
The private sector lender revised its FD rates on April 7, 2026. The bank currently offers rates ranging from 3% to 6.45% to general public and 3.5% to 7.20% to senior citizens.
| Maturity Period | General Rate (p.a.) | Senior Citizen Rate (p.a.) |
|---|---|---|
| 7 – 14 days | 3.00% | 3.50% |
| 15 – 29 days | 3.00% | 3.50% |
| 30 – 45 days | 3.25% | 3.75% |
| 46 – 60 days | 4.00% | 4.50% |
| 61 – 87 days | 4.75% | 5.25% |
| 88 days – 3 months 24 days | 5.00% | 5.50% |
| 3 months 25 days to < 4 months | 5.00% | 5.50% |
| 4 months to < 6 months | 5.00% | 5.50% |
| 6 months to < 9 months | 5.50% | 6.00% |
| 9 months to < 1 year | 5.75% | 6.25% |
| 1 year – 1 year 10 days | 6.25% | 6.75% |
| 1 year 11 days to < 13 months | 6.25% | 6.75% |
| 13 months to < 15 months | 6.25% | 6.75% |
| 15 months to < 18 months | 6.45% | 6.95% |
| 18 months to < 2 years | 6.45% | 6.95% |
| 2 years to < 3 years | 6.45% | 6.95% |
| 3 years to < 5 years | 6.45% | 6.95% |
| 5 years to 10 years | 6.45% | 7.20% |
ICICI Bank revised its FD rates on April 8, 2026. The bank currently offers rates ranging from 2.75% to 6.5% to general public and 3.25% to 7.10% to senior citizens.
| Tenure | General Citizen | Senior Citizen |
|---|---|---|
| 7 to 45 Days | 2.75% | 3.25% |
| 46 to 90 Days | 4.00% | 4.50% |
| 91 to 184 Days | 4.50% | 5.00% |
| 185 Days to < 1 Year | 5.50% | 6.00% |
| 1 Year to < 18 Months | 6.25% | 6.75% |
| 18 Months to 2 Years | 6.30% | 6.80% |
| 2 Years 1 Day to 3 Years | 6.45% | 6.95% |
| 3 Years 1 Day to 5 Years | 6.50% | 7.10% |
| 5 Years 1 Day to 10 Years | 6.50% | 7.00% |
| 5 Years (Tax Saver FD) | 6.50% | 7.10% |
Here are the highest fixed deposit rates for general citizens offered by some of the leading public and private sector banks in India in April 2026:
| Bank | Highest FD Rate (General Public) |
|---|---|
| State Bank of India (SBI) | 6.40% |
| Punjab National Bank (PNB) | 6.60% |
| Union Bank of India | 6.60% |
| Bank of Baroda (BOB) | 6.30% |
| Axis Bank | 6.45% |
| ICICI Bank | 6.50% |
| HDFC Bank | 6.50% |
| Bandhan Bank | 7.25% |
| RBL Bank | 7.20% |
| DCB Bank | 7.15% |
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