ICICI Bank Hikes Fixed Deposit (FD) Interest Rates. What Peers Pay

ICICI Bank is the latest among key lenders to raise fixed deposit or FD interest rates.

ICICI Bank Hikes Fixed Deposit (FD) Interest Rates. What Peers Pay

Currently, top commercial banks revise interest rates applicable to FDs from time to time

ICICI Bank is the latest among key lenders to raise interest rates on fixed deposits (FD). The rate hike is applicable across various tenors for domestic term deposits with effect from November 15, 2018, the private sector banking major said on Wednesday. ICICI Bank announced in a statement that it has raised FD interest rates on select maturities. Private sector bank HDFC Bank and state-run lender Punjab National Bank (PNB) had earlier this month revised their interest rates on fixed deposit. State Bank of India (SBI), the country's largest lender, last revised its FD interest rates with effect from July 30, 2018.

Here's a comparison of the latest interest rates paid by SBI, PNB, ICICI Bank and HDFC Bank on FDs up to Rs 1 crore:

ICICI Bank FD interest rates

Maturity PeriodInterest rates (per annum)
Term deposits of less than Rs 1 crore
New rates (with effect from  November 15)Increase in basis points (bps)
7 days to 14 days4.00%-
15 days to 29 days4.25%-
30 days to 45 days5.50%-
46 days to 60 days6.00%25 bps
61 days to 90 days6.25%25 bps
91 days to 120 days6.25%25 bps
121 days to 184 days6.25%25 bps
185 days to 289 days6.50%-
290 days to less than 1 year6.75%-
1 year to 389 days6.90%15 bps
390 days upto  2 years7.10%10 bps
2 years 1 day upto 3 years7.50%25 bps
3 years 1 day upto 5 years7.25%-
5 years 1 day upto 10 years7.00%-
5 years (80C FD)7.25%-

 

(Also Read: HDFC Bank Hikes Fixed Deposit Interest Rates)

HDFC Bank FD interest rates:

The following FD interest rates are applicable on deposits below Rs. 1 crore from November 6, 2018, according to the bank's website - hdfcbank.com:

PeriodInterest rate on FD less than Rs 1 Crore
 General publicSenior citizen
7 - 14 days3.50%4.00%
15 - 29 days4.25%4.75%
30 - 45 days5.75%6.25%
46 - 60 days6.25%6.75%
61 - 90 days6.25%6.75%
91 days - 6 months6.25%6.75%
6 mnths 1 day- 6 mnths 3 days6.75%7.25%
6 mnths 4 days6.75%7.25%
6 mnths 5 days- 9 mnths6.75%7.25%
9 mnths 1 day- 9 mnths 3 days7.10%7.60%
9 mnths 4 days7.10%7.60%
9 months 5 days - 9 months 15 days7.10%7.60%
9 months 16 days7.10%7.60%
9 months 17 days < 1 Year7.10%7.60%
1 Year7.30%7.80%
1 year 1 day - 1 year 3 days7.30%7.80%
1 year 4 days7.30%7.80%
1 year 5 days - 1 Year 15 Days7.30%7.80%
1 Year 16 days7.30%7.80%
1 year 17 days - 2 Years7.30%7.80%
2 years 1day - 2 Years 15 days7.40%7.90%
2 Years 16 days7.40%7.90%
2 years 17 days - 3 Years7.40%7.90%
3 years 1day - 5 years7.25%7.75%
5 Years 1 Day - 8 Years6.50%7.00%
8 Years 1 Day - 10 Years6.50%7.00%

 

(Also Read: Need To Make An Online Money Transfer? SBI Charges, Transaction Limits Compared)

State Bank of India (SBI) FD interest rates:

The following FD interest rates are applicable on deposits below Rs. 1 crore:
 

Maturity period (term)Interest rate with effect from July 30, 2018
General publicSenior citizen
7 days to 45 days5.75%6.25%
46 days to 179 days6.25%6.75%
180 days to 210 days6.35%6.85%
211 days to less than 1 year6.4%6.9%
1 year to less than 2 year6.7%7.2%
2 years to less than 3 years6.75%7.25%
3 years to less than 5 years6.8%7.3%
5 years and up to 10 years6.85%7.35%
(Source: sbi.co.in)

PNB Bank

Domestic FD less than Rs 1 crore
Interest rate (with effect from November 1, 2018)
PeriodGeneral publicFor senior citizen
7 to 14 days5.7%6.2%
15 to 29days5.7%6.2%
30 to 45 days5.7%6.2%
46 to 90 days6.35%6.85%
91 to 179 days6.35%6.85%
180 days to 270 Days6.35%6.85%
271 days to less than 1 year6.35%6.85%
1 year6.75%7.25%
555 days**6.85%7.35%
above 1 year & upto 3 years6.75%7.25%
above 3 year & upto 5 years6.25%6.75%
above 5 years & upto 10 years6.25%6.75%

Small finance banks offer much higher FD interest rates than key lenders.

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