Investment News · 16 October 2026 · 1 min read
In short: Loan rates rose within a day of the RBI’s 7 October rate hike, but fixed deposit rates have not followed yet. SBI’s chairman has said banks may not raise deposit rates for the next two to three months, according to Upstox.
Where big banks’ FD rates stand
Rates for deposits below ₹3 crore:
- HDFC Bank: 2.75%–6.50%, seniors up to 7.10% (effective 19 August 2026)
- ICICI Bank: 2.75%–6.50%, seniors up to 7.10% (effective 13 October 2026)
- Punjab National Bank: 3.00%–6.60% (effective 1 June 2026)
- Bank of Baroda: 3.50%–6.75% (effective 12 June 2026)
What it means for you
Deposit rates usually follow rate hikes with a delay, and not every bank moves by the same amount. Some savers split money across several shorter FDs so part of it can be reinvested if rates rise. Small finance banks often pay more, but check that your deposits stay within the ₹5 lakh deposit insurance limit per bank.
Read more: FD vs PPF and where to keep your emergency fund.
Sources
- Upstox: FD rates after the RBI October repo rate hike
- GoPocket: FD interest rates after the repo rate hike
This is a news summary for education, not financial advice. Rates and terms change; confirm the latest details with your bank or the official source.
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