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Wednesday, October 4, 2023

ICICI Bank, HDFC Changes Interest On These Fixed Deposits

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.

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