Axis, ICICI & HDFC Fixed Deposits (FD) Interest Rates Comparison, Post RBI Repo Rate Hike

Interest rates on Fixed Deposits or FD are subject to change, depending on the country's repo rate. Recently the RBI in its monetary policy committee meeting revised its key lending rate, which is the repo rate for the commercial banks. Post the revision some of the banks like Axis & ICICI Bank have updated their FD interest rates. Here, FD interest rates, offered by the top three private banks have been discussed.

Axis Bank

The below-mentioned FD interest rates came into effect on August 5, 2022. The interest rates are applicable for deposits below Rs. 2 crore.

For Axis Bank account holders, for 1 year 11 days < 1 year 25 days for public is 5.75% and 6.40% for senior citizens, for 16 months < 17 months for public is 5.60% and 6.25 % for senior citizens, for 17 months < 18 months FD rate for public is 5.60% and 6.25% for senior citizens, for 18 Months < 2 years FD rate for public is 5.60% and 6.25% for senior citizens, for 2 years < 30 months FD rate for public is 5.70% and 6.35% for senior citizens, for 30 months < 3 years FD rate for public is 5.70% and 6.35% for senior citizens, for 3 years < 5 years for public is 5.70% and 6.35% for senior citizens.

Tenure	Interest rate for public	Interest rate for senior citizens
1 year 11 days < 1 year 25 days	5.75%	6.40%
18 Months < 2 years	5.60%	6.25%
3 years < 5 years	5.70%	6.35%

ICICI Bank

For ICICI Bank account holders, for 15 months to < 18 months FD rate for public is 5.35% and 5.85% for senior citizens, for 2 years 1 day to 3 years FD rate for public is 5.50% and 6.00% for senior citizens, for 3 years 1 day to 5 years FD rate for public is 5.70% and 6.20% for senior citizens, and for 5 years 1 day to 10 years FD rate for public is 5.75% and 6.50%% for senior citizens. These interest rates came into effect on June 22, 2022, applicable for deposits of less than Rs. 20 million.

Additionally, interest rates for FD deposit of Rs. 20 and above, but less than Rs. 50, for any tenure from 15 months to 10 years has been fixed at 5.75%. The rate will be applicable for both public and senior citizens, which came into effect on August 9.

Interest rates for below Rs. 20 million FD investments

 

Tenure	Interest rate for public	Interest rate for senior citizens
15 months to < 18 months	5.35%	5.85%
"2 years 1 day to 3 years	5.50%	6.00%
5 years 1 day to 10 years	5.75%	6.50%

HDFC Bank

For HDFC Bank account holders, for 1 year - 2 years FD rate is 5.35% for public and 5.85% for senior citizens, for 2 years 1 day - 3 years FD rate is 5.50% for public and 6.00% for senior citizens, for 3 year 1 day- 5 years FD rate is 5.70% for public and 6.20% for senior citizens, and 5 years 1 day - 10 years FD rate is 5.75% for public and 6.50%* for domestic senior citizens. These interest rates are applicable for the domestic deposit for less than Rs. 2 crore, which came into effect on June 17, 2022.

Tenure	Interest rate for public	Interest rate for senior citizens
2 years 1 day - 3 years	5.50%	6.00%
"3 year 1 day - 5 years	5.70%	6.20%
5 years 1 day - 10 years	5.75%	6.50%

FD interest rates comparison

Here, the best interest rates offered by the above-mentioned private banks on long-term FDs have been discussed for investors. Interest rates on FDs are subject to RBI repo rate hikes, so investors should be cautious about it.

Bank	Tenure	Interest rate for public	Interest rate for senior citizens
Axis Bank	1 year 11 days < 1 year 25 days	5.75%	6.40%
ICICI Bank	5 years 1 day to 10 years	5.75%	6.50%
HDFC Bank	5 years 1 day - 10 years	5.75%	6.50%