In February, many big banks including HDFC Bank and ICICI Bank revised their fixed deposit interest rates. How do they compare with each other? Take a look
ICICI Bank has revised its fixed deposit (FD) interest rates with effect from February 17, 2024, for amounts below Rs 2 crore, according to the bank’s website. The highest interest rate for senior citizens is 7.75%. For individuals, the highest interest rate on FDs can go up to 7.2%.
FD interest of up to 9%: 9 banks that offer high interest rates on fixed deposits
| General Citizen Interest Rates | Senior Citizen Interest Rates | |
| 7 days to 14 days | 3.00% | 3.50% |
| 15 days to 29 days | 3.00% | 3.50% |
| 30 days to 45 days | 3.50% | 4.00% |
| 46 days to 60 days | 4.25% | 4.75% |
| 61 days to 90 days | 4.50% | 5.00% |
| 91 days to 120 days | 4.75% | 5.25% |
| 121 days to 150 days | 4.75% | 5.25% |
| 151 days to 184 days | 4.75% | 5.25% |
| 185 days to 210 days | 5.75% | 6.25% |
| 211 days to 270 days | 5.75% | 6.25% |
| 271 days to 289 days | 6.00% | 6.50% |
| 290 days to less than 1 year | 6.00% | 6.50% |
| 1 year to 389 days | 6.70% | 7.20% |
| 390 days to < 15 months | 6.70% | 7.20% |
| 15 months to < 18 months | 7.20% | 7.75% |
| 18 months to 2 years | 7.20% | 7.75% |
| 2 years 1 day to 3 years | 7.00% | 7.50% |
| 3 years 1 day to 5 years | 7.00% | 7.50% |
| 5 years 1 day to 10 years | 6.90% | #7.50% |
| 5 Years (80C FD) – Max to `1.50 lac | 7.00% | 7.50% |
HDFC Bank has increased fixed deposit interest rates on certain tenures by up to 25 basis points (bps) for deposits below Rs 2 crore. The new FD rates are effective from February 9, 2024, as per the HDFC Bank website. The bank offers interest rates between 3.5% to 7.75% on tenures ranging from 7 days to 10 years. The bank has hiked on tenure of 18 months to less than 21 months from 7% to 7.25%.
| Tenor Bucket | < 2 Crore | |
| Interest Rate (per annum) | **Senior Citizen Rates (per annum) | |
| 7 – 14 days | 3.00% | 3.50% |
| 15 – 29 days | 3.00% | 3.50% |
| 30 – 45 days | 3.50% | 4.00% |
| 46 – 60 days | 4.50% | 5.00% |
| 61 – 89 days | 4.50% | 5.00% |
| 90 days < = 6 months | 4.50% | 5.00% |
| 6 months 1 days < = 9 months | 5.75% | 6.25% |
| 9 months 1 day to < 1 year | 6.00% | 6.50% |
| 1 year to < 15 months | 6.60% | 7.10% |
| 15 months to < 18 months | 7.10% | 7.60% |
| 18 months to < 21 months | 7.25% | 7.75% |
| 21 months – 2 years | 7.00% | 7.50% |
| 2 Years 1 day to < 2 Year 11 Months | 7.00% | 7.50% |
| 2 Years 11 Months – 35 Months | 7.15% | 7.65% |
| 2 Years 11 Months 1 day < = 3 Year | 7.00% | 7.50% |
| 3 Years 1 day to < 4 Years 7 Months | 7.00% | 7.50% |
| 4 Year 7 Months – 55 months | 7.20% | 7.70% |
| 4 Year 7 Months 1 day < = 5 Years | 7.00% | 7.50% |
| 5 Years 1 day – 10 Years | 7.00% | 7.75%* |
Source: HDFC Bank website
Comparing ICICI Bank and HDFC Bank
| Bank Name | Highest FD interest rate | Tenure |
| HDFC Bank | 7.20% | 4 Year 7 Months – 55 months |
| ICICI Bank | 7.20% | 18 months to 2 years |
