SBI and HDFC Bank have started 2025 with favorable revisions in their fixed deposit (FD) rates for certain segments of depositors. SBI has introduced a new category of FD rates for super senior citizens aged 80 and above, offering an additional 10 basis points compared to regular senior citizens’ rates. HDFC Bank, on the other hand, has revised its FD returns for bulk deposits of Rs 5 crore and above by 5-10 basis points across various tenures.
These changes come as part of the banks’ strategies to attract a larger share of the savings market. SBI’s innovative approach includes offering goal-oriented deposit products, such as its ‘Har Ghar Lakhpati’ recurring deposit scheme, aimed at helping customers accumulate Rs 1 lakh or multiples of it over time. This scheme is designed for customers of all ages, including minors, to promote early financial planning. Additionally, SBI’s Patron deposits offer a higher interest rate for senior citizens, enhancing its appeal among the elderly population.
HDFC Bank’s rate revision ensures that it remains competitive with other lenders, and sources indicate that it is also a response to the rising deposit rates in the market. While these rate hikes may help attract more deposits, they could also increase borrowing costs for banks, as they influence the marginal cost of lending rates. Both banks continue to refine their offerings to cater to diverse customer needs and financial goals.
