Private banks ICICI and HDFC have recently made changes to their Fixed Deposit (FD) interest rates, starting from December 6, 2023.
ICICI Bank adjusted rates for FDs ranging from Rs 2 crore to Rs 5 crore, while HDFC Bank revised rates for FDs above Rs 5 crore. Let’s look at the updated FD interest rates from both banks.
ICICI Bank Fixed Deposit Rates
ICICI Bank’s website provides information on revised FD interest rates. For a short duration of 7-14 days, the lowest interest rate is 4.75 percent.
If you choose a longer period of 30-45 days, the bank offers a 5.5 percent interest rate.
Additionally, ICICI Bank provides a 5.75 percent interest rate for FDs lasting 46-60 days, and a 6 percent interest rate for 61-90 days.
If you opt for an FD for 91-120 days, the interest rate increases to 6.5 percent.
The same rate is applied to FDs with durations of 121-150 days. Further, for FDs lasting 271-289 days, ICICI Bank offers a 6.75 percent interest rate.
The highest interest rate of 7.25 percent is given for FDs with durations from 390 days to 15 months.
HDFC Bank Fixed Deposit Rates
HDFC Bank has modified interest rates for FDs exceeding Rs 5 crore. These rates differ for various time periods and are also dependent on different amounts above Rs 5 crore.
You can refer to the bank’s website for a complete screenshot of the information, displaying interest rates corresponding to different amounts and tenures.
FD Rates for Senior Citizens
For senior citizens with FDs less than Rs 2 crore in ICICI Bank, an additional interest of 0.5 percent is applicable for all tenures.
However, if the FD is between Rs 2 crore to Rs 5 crore, no extra interest is provided.
Given the recent changes for FDs in the range of Rs 2-5 crore, senior citizens will not receive additional interest.
