ICICI Bank Hikes Fixed Deposit
Business India

ICICI Bank Hikes Fixed Deposit (FD) Interest Rates. What Peers Pay

ICICI Bank is the latest among key lenders to raise interest rates on fixed deposits (FD). The rate hike is applicable across various tenors for domestic term deposits with effect from November 15, 2018, the private sector banking major said on Wednesday.

ICICI Bank announced in a statement that it has raised FD interest rates on select maturities. Private sector bank HDFC Bank and state-run lender Punjab National Bank (PNB) had earlier this month revised their interest rates on fixed deposit. State Bank of India (SBI), the country’s largest lender, last revised its FD interest rates with effect from July 30, 2018.

Here’s a comparison of the latest interest rates paid by SBI, PNB, ICICI Bank and HDFC Bank on FDs up to Rs 1 crore:

ICICI Bank FD interest rates

MATURITY PERIOD INTEREST RATES (PER ANNUM)
TERM DEPOSITS OF LESS THAN RS 1 CRORE
New rates (with effect from  November 15) Increase in basis points (bps)
7 days to 14 days 4.00%
15 days to 29 days 4.25%
30 days to 45 days 5.50%
46 days to 60 days 6.00% 25 bps
61 days to 90 days 6.25% 25 bps
91 days to 120 days 6.25% 25 bps
121 days to 184 days 6.25% 25 bps
185 days to 289 days 6.50%
290 days to less than 1 year 6.75%
1 year to 389 days 6.90% 15 bps
390 days upto  2 years 7.10% 10 bps
2 years 1 day upto 3 years 7.50% 25 bps
3 years 1 day upto 5 years 7.25%
5 years 1 day upto 10 years 7.00%
5 years (80C FD) 7.25%

 

HDFC Bank FD interest rates:

The following FD interest rates are applicable on deposits below Rs. 1 crore from November 6, 2018, according to the bank’s website – hdfcbank.com:

PERIOD INTEREST RATE ON FD LESS THAN RS 1 CRORE
 General public Senior citizen
7 – 14 days 3.50% 4.00%
15 – 29 days 4.25% 4.75%
30 – 45 days 5.75% 6.25%
46 – 60 days 6.25% 6.75%
61 – 90 days 6.25% 6.75%
91 days – 6 months 6.25% 6.75%
6 mnths 1 day- 6 mnths 3 days 6.75% 7.25%
6 mnths 4 days 6.75% 7.25%
6 mnths 5 days- 9 mnths 6.75% 7.25%
9 mnths 1 day- 9 mnths 3 days 7.10% 7.60%
9 mnths 4 days 7.10% 7.60%
9 months 5 days – 9 months 15 days 7.10% 7.60%
9 months 16 days 7.10% 7.60%
9 months 17 days < 1 Year 7.10% 7.60%
1 Year 7.30% 7.80%
1 year 1 day – 1 year 3 days 7.30% 7.80%
1 year 4 days 7.30% 7.80%
1 year 5 days – 1 Year 15 Days 7.30% 7.80%
1 Year 16 days 7.30% 7.80%
1 year 17 days – 2 Years 7.30% 7.80%
2 years 1day – 2 Years 15 days 7.40% 7.90%
2 Years 16 days 7.40% 7.90%
2 years 17 days – 3 Years 7.40% 7.90%
3 years 1day – 5 years 7.25% 7.75%
5 Years 1 Day – 8 Years 6.50% 7.00%
8 Years 1 Day – 10 Years 6.50% 7.00%

 

State Bank of India (SBI) FD interest rates:

The following FD interest rates are applicable on deposits below Rs. 1 crore:

 

MATURITY PERIOD (TERM) INTEREST RATE WITH EFFECT FROM JULY 30, 2018
GENERAL PUBLIC SENIOR CITIZEN
7 days to 45 days 5.75% 6.25%
46 days to 179 days 6.25% 6.75%
180 days to 210 days 6.35% 6.85%
211 days to less than 1 year 6.4% 6.9%
1 year to less than 2 year 6.7% 7.2%
2 years to less than 3 years 6.75% 7.25%
3 years to less than 5 years 6.8% 7.3%
5 years and up to 10 years 6.85% 7.35%
(Source: sbi.co.in)

PNB Bank

DOMESTIC FD LESS THAN RS 1 CRORE
INTEREST RATE (WITH EFFECT FROM NOVEMBER 1, 2018)
Period General public For senior citizen
7 to 14 days 5.7% 6.2%
15 to 29days 5.7% 6.2%
30 to 45 days 5.7% 6.2%
46 to 90 days 6.35% 6.85%
91 to 179 days 6.35% 6.85%
180 days to 270 Days 6.35% 6.85%
271 days to less than 1 year 6.35% 6.85%
1 year 6.75% 7.25%
555 days** 6.85% 7.35%
above 1 year & upto 3 years 6.75% 7.25%
above 3 year & upto 5 years 6.25% 6.75%
above 5 years & upto 10 years 6.25% 7.27%

Small finance banks offer much higher FD interest rates than key lenders.

 

 

 

News credit : Msn.com

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