Two of the biggest private lenders in the country, HDFC Bank and ICICI Bank, have revised the interest rates on particular fixed deposit products, applicable to a certain range of tenures.
HDFC Bank, the largest private lender by market capitalization in India, has changed its interest rates on non-withdrawable fixed deposits for different time periods, while ICICI Bank has changed its rates for bulk fixed deposits above Rs 2 crore.
Please see the following tables for more information regarding each bank’s FD modifications.
ICICI Bank Revises its Bulk FDs
The private bank revised the bulk fixed deposits above Rs 2 crore over a three-to-10-year period, with the highest FD rate at 4.6% for deposits ranging from Rs 2 crore to Rs 5 crore.
During the time period of 2-3 years, an interest rate of 4.5% is applicable, while from 15 months to under 18 months, an interest rate of 4.2% is applicable.
The interest rate on FDs between 18 months and less than 2 years is 4.3%, and the interest rate on FDs between 12 months and 15 months is 4.15%.
Interest rates on FDs range from 2.5% to 3.7% for holding periods under 1 year.
HDFC Bank Revises Non-Withdrawable FDs
In the last few months, a private lender has revised its interest rates on non-withdrawable fixed deposits for NROs, NREs, and domestic individuals. This change affects bulk fixed deposits of at least Rs 5 crore.
HDFC Bank will offer 4.7% interest on non-withdrawable FDs between Rs 5 crores and Rs 200 crores from 3-10 years.
The interest rate provided for 2 years to under 2 years is 4.6%, 4.55% for 1 year to under 2 years, 4.15% for 9-12 months, 4% for 6-9 months, and 3.75% for non-withdrawable FDs for 91-180 days.