In a recent move, private sector giants ICICI and HDFC Bank have revised their Fixed Deposit (FD) interest rates, with the changes taking effect from December 6, 2023.
The adjustments vary for different amounts and tenures, providing account holders with updated options for their FD investments.
ICICI Bank Fixed Deposit Rates: A Comprehensive Overview
ICICI Bank’s revised FD interest rates exhibit a range of options catering to different durations. Starting at 4.75 percent for a 7-14 day FD, the rates gradually increase with longer tenures.
Notably, the highest interest rate of 7.25 percent is offered on FDs ranging from 390 days to 15 months.
Senior citizens enjoy an additional 0.5 percent interest for FDs under Rs 2 crore, though this does not apply to FDs in the Rs 2-5 crore range, as per the latest changes.
Here’s a brief snapshot of ICICI Bank’s FD rates:
- 7-14 days: 4.75%
- 30-45 days: 5.5%
- 46-60 days: 5.75%
- 61-90 days: 6%
- 91-120 days: 6.5%
- 121-150 days: 6.5%
- 271-289 days: 6.75%
390 days to 15 months: 7.25%
HDFC Bank Fixed Deposit Rates for Amounts Above Rs 5 Crore
HDFC Bank’s revised FD rates apply specifically to deposits above Rs 5 crore, with variations based on different amounts and tenures. The bank’s website provides a detailed breakdown of these rates, allowing customers to assess the options available to them for various investment periods.
Senior Citizen Benefits in ICICI Bank
Senior citizens receive an extra 0.5 percent interest for FDs under Rs 2 crore in ICICI Bank. However, for FDs in the Rs 2-5 crore range, the recent changes exclude senior citizens from additional interest benefits.
As depositors weigh their options, these revised FD rates from ICICI and HDFC Bank offer a fresh perspective on potential returns,
providing clarity for those considering fixed-term investments.
