ICICI Bank Hikes FD Interest Rates: With the recent hike in interest rates, ICICI Bank is now offering senior citizens a maximum interest rate of 7.8% on Fixed Deposits (FDs). For deposits up to Rs 3 crore, these updated rates are applicable. The highest rate for the general population is 7.25%. After revising its FD interest rates earlier this year, HDFC Bank and ICICI Bank are now directly competing with one other.
Updated ICICI Bank FD Interest Rates
Here’s a detailed look at the latest interest rates offered by ICICI Bank:
- 7 to 29 days: 3%
- 30 to 45 days: 3.5%
- 46 to 60 days: 4.25%
- 61 to 90 days: 4.5%
- 91 to 184 days: 4.75%
- 185 to 270 days: 5.75%
- 271 days to less than 1 year: 6%
- 1 year to less than 15 months: 6.7%
- 15 months to 2 years: 7.25% (up from 7.20%)
- 2 years 1 day to 5 years: 7%
- 5 years 1 day to 10 years: 6.9%
Senior Citizens: Additional 0.55% interest for FDs (under Rs 3 crore) with a tenure of 15 to 18 months.
Penalties for Premature Withdrawal
For premature withdrawals, ICICI Bank imposes the following penalties:
- Less than 1 year: 0.50%
- 1 year to less than 5 years: 1.00%
- 5 years and above: 1.00% (1.50% for deposits of Rs 5 crore and above)
HDFC Bank Revised FD Interest Rates
HDFC Bank also revised its FD interest rates, effective June 10, 2024. The updated rates are as follows:
- 7 to 29 days: 3%
- 30 to 45 days: 3.5%
- 46 days to less than 6 months: 4.5%
- 6 months 1 day to less than 9 months: 5.75%
- 9 months 1 day to less than 1 year: 6%
- 1 year to less than 15 months: 6.6%
- 15 months to less than 18 months: 7.1%
- 18 months to less than 21 months: 7.25%
- 21 months to less than 2 years 11 months: 7%
For general citizens, HDFC Bank offers interest rates ranging from 3.5% to 7.75% on tenures from 7 days to 10 years. The highest rate of 7.75% is for tenures of 18 months to less than 21 months.
Comparing ICICI Bank and HDFC Bank FD Rates
Both ICICI Bank and HDFC Bank have made significant adjustments to their FD interest rates, offering competitive options for investors. Here’s a quick comparison:
- Short-term Deposits (7 to 29 days): Both banks offer 3% interest.
- Medium-term Deposits (1 year to 15 months): ICICI Bank offers 6.7%, while HDFC Bank offers 6.6%.
- 15 months to 2 years: ICICI Bank has increased its rate to 7.25%, while HDFC Bank offers a similar rate of 7.1% to 7.25%.
- Senior Citizens: ICICI Bank provides an extra 0.55% for specific tenures, with the highest rate reaching 7.8%.
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