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ICICI vs HDFC Vs Axis Bank Vs Kotak Mahindra Bank: Check Latest FD Rates
Many banks have begun to raise their FD interest rates across the board post repo rate hike by the Reserve Bank of India (RBI). Lenders in both the commercial and state sectors have raised interest rates on a variety of loan terms, savings accounts, and fixed deposits. Recently 4 major private sector banks HDFC Bank, ICICI Bank, Axis Bank & Kotak Mahindra Bank hiked their interest rates for various tenures. The RBI raised the repo rate by 50 bps to 4.90% last week. Here are the latest FD rates by these 4 major private sector banks offering the latest FD on less than Rs 2 Crore deposits.
ICICI bank
According to the ICICI Bank's official website, for deposits of less than Rs 2 crore, the bank is now offering interest rates ranging from 2.75% to 5.75% for terms ranging from 7 days to 10 years. Rates have been raised with effect from June 16, 2022. Senior citizens will receive an additional 0.5% interest rate benefit over and above the rate offered to other depositors.
FD rates on Domestic, NRO & NRE deposits below Rs 2 crore w.e.f June 16, 2022
| Maturity Periods | General | Senior Citizen |
|---|---|---|
| 7 days to 14 days | 2.75% | 3.25% |
| 15 days to 29 days | 2.75% | 3.25% |
| 30 days to 45 days | 3.25% | 3.75% |
| 46 days to 60 days | 3.25% | 3.75% |
| 61 days to 90 days | 3.25% | 3.75% |
| 91 days to 120 days | 3.75% | 4.25% |
| 121 days to 150 days | 3.75% | 4.25% |
| 151 days to 184 days | 3.75% | 4.25% |
| 185 days to 210 days | 4.60% | 5.10% |
| 211 days to 270 days | 4.60% | 5.10% |
| 271 days to 289 days | 4.60% | 5.10% |
| 290 days to less than 1 year | 4.60% | 5.10% |
| 1 year to 389 days | 5.30% | 5.80% |
| 390 days to < 15 months | 5.30% | 5.80% |
| 15 months to < 18 months | 5.30% | 5.80% |
| 18 months to 2 years | 5.30% | 5.80% |
| 2 years 1 day to 3 years | 5.50% | 6.00% |
| 3 years 1 day to 5 years | 5.70% | 6.20% |
| 5 years 1 day to 10 years | 5.75% | 6.50% |
| 5 Years (80C FD) - Max to 1.50 lac | 5.70% | 6.20% |
Source- Icicibank.com
Axis Bank
Axis Bank has increased its FD interest rate. Apart from this, senior citizens will continue to be eligible for additional interest rates. On June 13, the new rates went into effect. The Axis Bank Fixed Deposit interest rate increase is only applicable to deposits of less than Rs 2 crore, according to a bank notification.
FD rates on Domestic deposits below Rs 2 crore w.e.f June 16, 2022
| Maturity Period | Regular Deposit (%p.a) | Senior Citizen Deposit (%p.a) |
|---|---|---|
| 7 days to 14 days | 2.50% | 2.50% |
| 15 days to 29 days | 2.50% | 2.50% |
| 30 days to 45 days | 3.00% | 3.00% |
| 46 days to 60 days | 3.00% | 3.00% |
| 61 days < 3 months | 3.00% | 3.00% |
| 3 months < 4 months | 3.50% | 3.50% |
| 4 months < 5 months | 3.50% | 3.50% |
| 5 months < 6 months | 3.50% | 3.50% |
| 6 months < 7 months | 4.40% | 4.65% |
| 7 months < 8 months | 4.40% | 4.65% |
| 8 months < 9 months | 4.40% | 4.65% |
| 9 months < 10 months | 4.75% | 5.00% |
| 10 months < 11 months | 4.75% | 5.00% |
| 11 months < 11 months 25 days | 4.75% | 5.00% |
| 11 months 25 days < 1 year | 4.75% | 5.00% |
| 1 year < 1 year 5 days | 5.45% | 6.10% |
| 1 year 5 days < 1 year 11 days | 5.45% | 6.10% |
| 1 year 11 days < 1 year 25 days | 5.75% | 6.40% |
| 1 year 25 days < 13 months | 5.60% | 6.25% |
| 13 months < 14 months | 5.60% | 6.25% |
| 14 months < 15 months | 5.60% | 6.25% |
| 15 months < 16 months | 5.60% | 6.25% |
| 16 months < 17 months | 5.60% | 6.25% |
| 17 months < 18 months | 5.60% | 6.25% |
| 18 Months < 2 years | 5.60% | 6.25% |
| 2 years < 30 months | 5.70% | 6.35% |
| 30 months < 3 years | 5.70% | 6.35% |
| 3 years < 5 years | 5.70% | 6.35% |
| 5 years to 10 years | 5.75% | 6.50% |
Source- axisbank.com
Kotak Mahindra Bank
According to the bank, Interest rates on FDs have been increased by 10 to 25 bps across various tenors. Kotak Mahindra Bank FD interest rate hike has been implemented for deposits between 1 year and 10 years for deposits less than Rs 2 crore. The Kotak Mahindra Bank FD rates have remained unchanged for deposits with shorter terms. Premature withdrawal is allowed under these FDs.
FD rates on Domestic, NRO & NRE deposits below Rs 2 crore w.e.f June 10, 2022
| Maturity Periods | Regular | Senior Citizen |
|---|---|---|
| 7 - 14 Days | 2.50% | 3.00% |
| 15 - 30 Days | 2.50% | 3.00% |
| 31 - 45 Days | 3.00% | 3.50% |
| 46 - 90 Days | 3.00% | 3.50% |
| 91 - 120 Days | 3.50% | 4.00% |
| 121 - 179 days | 3.50% | 4.00% |
| 180 Days | 4.75% | 5.25% |
| 181 Days to 269 Days | 4.75% | 5.25% |
| 270 Days | 4.75% | 5.25% |
| 271 Days to 363 Days | 4.75% | 5.25% |
| 364 Days | 5.25% | 5.75% |
| 365 Days to 389 Days | 5.50% | 6.00% |
| 390 Days (12 months 25 days) | 5.65% | 6.15% |
| 391 Days - Less than 23 Months | 5.65% | 6.15% |
| 23 Months | 5.75% | 6.25% |
| 23 months 1 Day- less than 2 years | 5.75% | 6.25% |
| 2 years- less than 3 years | 5.75% | 6.25% |
| 3 years and above but less than 4 years | 5.90% | 6.40% |
| 4 years and above but less than 5 years | 5.90% | 6.40% |
| 5 years and above upto and inclusive of 10 years | 5.90% | 6.40% |
Source- Kotak.com
HDFC Bank
According to HDFC Bank's official website, new FD rates are applicable on deposits below Rs 2 Crore. Now, the investors will get 4.65% interest rates for 6 months & 9 months to less than one year. FDs with maturities will now earn 4.65%, and FDs with a maturity period of 1 year to 2 years will earn 5.35%.
FD rates on Domestic, NRO & NRE deposits below Rs 2 crore w.e.f June 17, 2022
| Maturity Tenor | Interest Rate (% p.a) | Senior Citizen Rates (% p.a) |
|---|---|---|
| 7 - 14 days | 2.75% | 3.25% |
| 15 - 29 days | 2.75% | 3.25% |
| 30 - 45 days | 3.25% | 3.75% |
| 46 - 60 days | 3.25% | 3.75% |
| 61 - 90 days | 3.25% | 3.75% |
| 91 days - 6 months | 3.75% | 4.25% |
| 6 mnths 1 days - 9 mnths | 4.65% | 5.15% |
| 9 mnths 1 day < 1 Year | 4.65% | 5.15% |
| 1 Year | 5.35% | 5.85% |
| 1 year 1 day - 2 years | 5.35% | 5.85% |
| 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% |
Source- hdfcbank.com
