FD interest rates after the RBI repo hike: November 2026 check

As of 6 November 2026, FD rates are rising slowly after RBI's 7 October repo hike to 5.50%. HDFC Bank's rate page shows new rates from 4 November, up to 6.60% for general customers; ICICI Bank updated its table on 6 November. SBI's page still shows rates from 15 December 2025, topping out at 6.40% general and 7.05% senior.

Key facts: FD rates after the repo hike (as of 6 November 2026)

• RBI repo rate: 5.50%, after a 25 bps hike on 7 October 2026 — as reported by TLDR Money and GoPocket.
• HDFC Bank: rates applicable from 4 November 2026; up to 6.60% general (3 years 1 day to under 4 years 7 months) — HDFC Bank rate page. Senior citizens get up to 0.60 percentage point more on specific tenures, up to 7.20% as reported by Upstox. Deposits under ₹3 crore.
• ICICI Bank: FD rate table effective 6 November 2026 — ICICI Bank rate page. The page headline says up to 6.60% general and 7.20% senior, but its table and calculator show some lower long-tenure rates (6.50%), so check your tenure row.
• SBI: rates w.e.f. 15 December 2025, unchanged since; up to 6.40% general (2 to under 3 years) and 7.05% senior (5 to 10 years, including the SBI We-care premium) — SBI rate page.
• Indian Bank: special FDs raised 15 bps from 23 October 2026 — 555-day Ind Grow to 6.80% and 777-day Ind Prosper to 6.75% for general depositors, as reported by Business Today and News Karnataka.
• Bajaj Finance (NBFC): FD rates raised by 15–40 bps from 7 October 2026 on 14–60 month tenures — Goodreturns.

Will FD rates go up after the RBI repo rate hike?

Some already have, but slowly. Bajaj Finance moved on 7 October (Goodreturns), Indian Bank raised its special FDs on 23 October (as reported), HDFC Bank's new rates apply from 4 November and ICICI Bank's from 6 November, per their rate pages. SBI's rate page has not changed since 15 December 2025. Loans moved faster: Bank of Baroda and Bank of India raised repo-linked lending rates on 8 October, according to TLDR Money.

Which banks have changed FD rates in November 2026?

Each row reads: bank — top general rate — top senior rate — effective date and source. Rates are the highest shown across tenures for deposits under ₹3 crore, not what every tenure pays.

• HDFC Bank — up to 6.60% (3 years 1 day to under 4 years 7 months) — up to 7.20% (Upstox; bank page says up to 0.60 point extra) — from 4 Nov 2026, HDFC Bank rate page.
• ICICI Bank — up to 6.60% per page headline (table shows 6.50% on some long tenures) — up to 7.20% per page headline — from 6 Nov 2026, ICICI Bank rate page.
• SBI — 6.40% (2 to under 3 years) — 7.05% (5 to 10 years, incl. We-care) — from 15 Dec 2025, SBI rate page; no change since.
• Indian Bank — 6.80% (555-day Ind Grow), 6.75% (777-day Ind Prosper) — senior rates not verified — from 23 Oct 2026, as reported by Business Today.
• Bajaj Finance (NBFC) — raised by 15–40 bps — not verified — from 7 Oct 2026, Goodreturns.

Rates differ by tenure and deposit size and can change without notice, so confirm the rate for your exact tenure on the bank's own FD rate page or at a branch before you book.

Which bank gives the highest FD rate in November 2026?

On the banks' own pages as of 6 November 2026, HDFC Bank shows up to 6.60% for general customers and ICICI Bank's headline also says up to 6.60%, while SBI shows up to 6.40%. Among reported special FDs, Indian Bank's 555-day deposit is at 6.80%, as reported by Business Today. We did not research small finance banks for this post, so this is not a full market comparison.

Should I lock in an FD now or wait for December?

No one knows for sure, and Spendzie does not make rate calls. Any further RBI move is a decision for its Monetary Policy Committee, not something to assume. If you are unsure, one common approach is to avoid putting everything into a single tenure.

What is FD laddering?

Laddering means splitting your money into several FDs that mature at different times. For example, ₹3,00,000 could be split into three FDs of ₹1,00,000 each for one, two and three years. Each year, one FD matures and can be renewed at whatever rate is on offer then, so you are not locked into a single rate for all your money.

Should I break my FD to reinvest at a higher rate? (fd kaise tode)

Only if the gain beats the cost. Breaking an FD early usually carries a premature-withdrawal penalty set by your bank, and it may also lower the rate paid on the time already completed. As a rough illustration, a rate that is 0.25 percentage points higher on ₹1,00,000 earns about ₹250 more a year. If the penalty on your existing FD is larger than the extra interest over the remaining tenure, breaking it does not pay. Ask your bank for the exact penalty before deciding.

How is FD interest taxed?

FD interest is added to your income and taxed at your slab rate. Banks may deduct tax at source (TDS) on interest above a threshold, and the TDS shows up in your tax records. If your total income is below the taxable limit, ask your bank about the declaration that can stop TDS being deducted.

Loans moved faster than deposits

The repo hike reached borrowers within a day for some repo-linked loans, while FD rates have trickled up over a month. Our October post explains what the hike means for your EMIs.

How Spendzie fits in: Spendzie reads the bank SMS on your phone, so loan EMIs and other debits appear in one place, along with credits your bank reports by SMS. That helps you see both sides of a rate hike: what you pay on loans and what lands in your account. Spendzie is not a bank, does not take deposits and does not recommend where to invest.

Publish notes and sources

• RBI raised repo rate by 25 bps to 5.50% on 7 Oct 2026 — TLDR Money — https://tldrmoney.in/blog/rbi-repo-rate-hike-october-2026; GoPocket — https://www.gopocket.in/news/fd-interest-rates-after-rbi-repo-rate-hike-october-2026 (media report; consistent with Spendzie post rbi-repo-rate-hike-october-2026-emi-impact; RBI statement not opened directly)
• HDFC Bank FD rates 'Applicable from 4th Nov, 2026'; 6.60% for 3 years 1 day to under 4 years 7 months; up to 0.60% additional for senior citizens on specific tenures — HDFC Bank interest rates page, opened 6 Nov 2026 — https://www.hdfc.bank.in/interest-rates.html
• HDFC Bank senior citizens up to 7.20% (3 years 1 day to 5 years); revision effective 4 Nov 2026 — Upstox, updated 5 Nov 2026 — https://upstox.com/news/personal-finance/investing/hdfc-bank-hikes-fixed-deposit-rates-senior-citizens-get-up-to-7-20-what-about-other-banks/article-203069/ (media report, consistent with bank page)
• ICICI Bank FD table 'w.e.f. 06 November 2026'; page headline up to 6.60% general / 7.20% senior; table and calculator show 6.50% on some long tenures — ICICI Bank FD rates page, opened 6 Nov 2026 — https://www.icici.bank.in/personal-banking/deposits/fixed-deposit/fd-interest-rates
• SBI retail term deposits 'Revised Rates for Public w.e.f. 15/12/2025'; top general 6.40% (2 to under 3 years); top senior 7.05% (5 to 10 years, incl. SBI We-care) — SBI rate page, opened 6 Nov 2026 — https://sbi.bank.in/web/interest-rates/deposit-rates/retail-domestic-term-deposits
• Indian Bank raised special FDs 15 bps from 23 Oct 2026: 555-day Ind Grow 6.65% to 6.80%, 777-day Ind Prosper 6.60% to 6.75% — Business Today, 26 Oct 2026 — https://www.businesstoday.in/personal-finance/story/indian-bank-hikes-special-fd-rates-to-6-80-how-it-compares-with-psus-private-banks-small-finance-banks-563519-2026-10-26; News Karnataka, 24 Oct 2026 — https://newskarnataka.com/finance/indian-bank-hikes-fd-rates-after-rbi-repo-rate-increase/24102026/ (media report; Indian Bank page not opened)
• Bajaj Finance raised FD rates by 15–40 bps from 7 Oct 2026, 14–60 month tenures — Goodreturns, 7 Oct 2026 — https://www.goodreturns.in/personal-finance/rbi-repo-rate-banks-nbfcs-to-hike-fd-interest-rates-by-25-bps-sbi-hdfc-icici-bajaj-finance-fd-rates-1539733.html (media report)
• Bank of Baroda and Bank of India moved repo-linked lending rates on 8 Oct 2026 — TLDR Money — https://tldrmoney.in/blog/rbi-repo-rate-hike-october-2026 (media report)
• ₹3,00,000 ladder example; 0.25 point gain on ₹1,00,000 = about ₹250 a year — Spendzie illustration
• Last verified: HDFC, ICICI and SBI rates on the banks' own pages on 6 Nov 2026; re-checked 7 Nov 2026.
• Researched and verified by the Spendzie editorial desk on 6 November 2026. Figures may change; we will update this post if they do.

Disclaimer

This article is general information only and is not financial, investment, tax or legal advice. Spendzie is not a bank, lender, SEBI-registered investment adviser or research analyst, and does not give loans or investment advice. Brand and scheme names are used for identification only. FD rates change often and differ by tenure and deposit size. Always verify details with official sources before acting.