Bank of India, HDFC Bank, And ICICI Bank Revise Interest Rates On Fixed Deposits: Check New FD Rates Here

As the Reserve Bank of India's (RBI) three-day Monetary Policy Committee (MPC) meeting which began today will soon announce its policy rate decision private sector lenders - HDFC Bank, ICICI Bank, and state-owned bank - Bank of India have revised their rates on fixed deposits (FDs).

ICICI Bank has changed the interest rates on fixed deposits of Rs 2 crore to up to Rs 5 crore with effect from December 5, 2023. For a tenure between 7 days and 14 days, the lender offers the lowest rate of 4.75%, while the highest FD rate of 7.25% is offered on a tenure ranging from 390 days to 15 months, according to the ICICI Bank's website.

The country's largest private sector lender HDFC Bank has also revised rates on fixed deposit (FD) rates on amounts exceeding Rs 5 crore, effective Tuesday (December 5, 2023).

ICICI Bank Fixed Deposit rates

For FD between Rs 2 crore and Rs 5 crore having a tenure of 7 days to 14 days, ICICI Bank is offering an interest rate of 4.75%. The FD rate of ICICI Bank for a tenure between 30 and 45 days is 5.5%. For a tenure between 46 and 60 days, ICICI Bank is offering 5.75%. For a tenure between 61 to 90 days, ICICI Bank is offering 6% interest.

ICIC Bank Revised FD Rates On Different Tenures:

For a tenure between 91 days and 120 days & for a tenure between 121 days and 150 days - 6.5% interest.
For a tenure between 271 days and 289 days - The interest rate offered by ICICI Bank is 6.75%.
For a tenure of 1 year to 389 days - Interest rate offered by ICICI Bank is 7.25%.
For a single deposit of Rs 2 Crores & above but less than Rs 5 Crores, ICICI Bank does not offer any extra interest rate to either senior citizens or general citizens.
ICICI Bank offers interest rates as high as 7.65% p.a. for Senior Citizens (above the age of 60 years) and up to 7.1% p.a. for citizens below 60 years of age.

HDFC Bank Revised Fixed Deposit Rates:

After the latest revision, the bank is offering an interest rate ranging from 4.75% to 7.30 % on deposits maturing in 7 days to 10 years.

HDFC Bank has revised the interest rates for FDs above Rs 5 crore. Not only are these interest rates different for different periods, the interest rates are also being decided according to different amounts of FD above Rs 5 crore.
For non-withdrawable fixed deposits, HDFC Bank is now offering a maximum return of 7.45 percent for tenures spanning one to two years, and 7.2 percent for durations ranging from two to ten years. One can see the revised FD rates on different tenures and deposits by visiting the HDFC Bank website.

Bank of India revised Fixed Deposit Rates:

The state-owned lender has raised interest rates of its fixed deposits for its customers & general public (for Rs 2 crore and more to less than Rs.10 crore) with effect from December 1, 2023.

The Bank has raised its fixed deposit rate for a period of 46 days to 90 days to 5.25%, "91 days to 179 days" tenure to 6.00%, for "180 days to 210 days" tenure to 6.25%, for "211 days to less than 1 Year" tenure to 6.50% and for "1 Year" tenure to 7.25% per annum.

FD rates for specific deposits below Rs 2 crore increased

On November 1, the lender increased the rates for all deposits below Rs 2 crore having a two-year tenure. The revised interest rates for 2-year FDs stand at 7.9% for super senior citizens, 7.75% for senior citizens, and 7.25% for other customers.

It's worth noting that these revised interest rates are applicable not only for domestic term deposits but also for Non-Resident (Ordinary) (NRO) and Non-Resident (External) (NRE) rupee term deposits.