Several banks including Axis Bank, ICICI Bank, HDFC Bank and SBI have increased their interest rates on both deposits and loans several times in the recent past. They are raising their interest rates from the beginning of 2022 as RBI is continuously increasing the key repo rate to control inflation in the country. The RBI MPC last month raised the key repo rate by 25 basis points to 6.50 per cent. With this, it has raised the repo rate by a total of 250 basis points six times since May 2022.
Here’s a comparison of current fixed deposit (FD) interest rates offered by three lenders Axis Bank, HDFC Bank and ICICI Bank on deposits below Rs 2 crore:
Latest interest rates on fixed deposits below Rs 2 crore in HDFC Bank (per annum) with effect from February 21, 2023:
7 days to 14 days: For general public – 3.00 per cent; For senior citizens – 3.50 percent
15 days to 29 days: For general public – 3.00 per cent; For senior citizens – 3.50 percent
30 days to 45 days: For general public – 3.50 per cent; For senior citizens – 4.00 percent
46 days to 60 days: For general public – 4.50 per cent; For senior citizens – 5.00 percent
61 days to 89 days: For general public – 4.50 per cent; For senior citizens – 5.00 percent
Less than 90 days equal to 6 months: For general public – 4.50 per cent; For senior citizens – 5.00 percent
6 months 1 day to less than 9 months: For general public – 5.75 per cent; For senior citizens – 6.25 percent
9 months 1 day to less than 1 year: For general public – 6.00 per cent; For senior citizens – 6.50 percent
1 year to less than 15 months: For general public – 6.60 per cent; For senior citizens – 7.10 percent
15 months to less than 18 months: For general public – 7.10 per cent; For senior citizens – 7.60 percent
18 months 1 day to less than 21 months: For general public – 7.00 per cent; For senior citizens – 7.50 percent
21 months to 2 years: For general public – 7.00 per cent; For senior citizens – 7.50 percent
2 years 1 day to 3 years: For general public – 7.00 per cent; For senior citizens – 7.50 percent
3 years 1 day to 5 years: For general public – 7.00 per cent; For senior citizens – 7.50 percent
5 years 1 day to 10 years: For general public – 7.00 per cent; For senior citizens – 7.50 percent.
Here are the latest interest rates on fixed deposits below Rs 2 crore in ICICI Bank (effective February 24, 2023):
7 days to 14 days: For general public – 3.00 per cent; For senior citizens – 3.50 percent
15 days to 29 days: For general public – 3.00 per cent; For senior citizens – 3.50 percent
30 days to 45 days: For general public – 3.50 per cent; For senior citizens – 4.00 percent
46 days to 60 days: For general public – 4.25 per cent; For senior citizens – 4.75 percent
61 days to 90 days: For general public – 4.50 per cent; For senior citizens – 5.00 percent
91 days to 120 days: For general public – 4.75 per cent; For senior citizens – 5.25 percent
121 days to 150 days: For general public – 4.75 per cent; For senior citizens – 5.25 percent
151 days to 184 days: For general public – 4.75 per cent; For senior citizens – 5.25 percent
185 days to 210 days: For general public – 5.75 per cent; For senior citizens – 6.25 percent
211 days to 270 days: For general public – 5.75 per cent; For senior citizens – 6.25 percent
271 days to 289 days: For general public – 6.00 per cent; For senior citizens – 6.50 percent
290 days to less than 1 year: For general public – 6.00 per cent; For senior citizens – 6.50 percent
1 year to 389 days: For general public – 6.70 per cent; For senior citizens – 7.20 percent
390 days to less than 15 months: For general public – 6.70 per cent; For senior citizens – 7.20 percent
15 months to less than 18 months: For general public – 7.10 per cent; For senior citizens – 7.60 percent
18 months to 2 years: For general public – 7.10 per cent; For senior citizens – 7.60 percent
2 years 1 day to 3 years: For general public – 7.00 per cent; For senior citizens – 7.50 percent
3 years 1 day to 5 years: For general public – 7.00 per cent; For senior citizens – 7.50 percent
5 years 1 day to 10 years: For general public – 6.90 per cent; For senior citizens – 7.50 percent.
The revised interest rates on fixed deposits below Rs 2 crore in Axis Bank with effect from March 10, 2023 are as follows:
7 days to 14 days: 3.50 per cent for general public; 3.50 percent for senior citizens
15 days to 29 days: 3.50 per cent for general public; 3.50 percent for senior citizens
30 days to 45 days: 3.50 per cent for general public; 3.50 percent for senior citizens
46 days to 60 days: 4.00 per cent for general public; 4.00 percent for senior citizens
61 days to less than 3 months: 4.50 per cent for general public; 4.50 percent for senior citizens
3 months to less than 4 months: 4.75 per cent for general public; 4.75 percent for senior citizens
4 months to less than 5 months: 4.75 per cent for general public; 4.75 percent for senior citizens
5 months to less than 6 months: 4.75 per cent for general public; 4.75 percent for senior citizens
6 months to less than 7 months: 5.75 per cent for general public; 6.00 percent for senior citizens
7 months to less than 8 months: 5.75 per cent for general public; 6.00 percent for senior citizens
8 months to less than 9 months: 5.75 per cent for general public; 6.00 percent for senior citizens
9 months to less than 10 months: 6.00 per cent for general public; 6.25 percent for senior citizens
10 months to less than 11 months: 6.00 per cent for general public; 6.25 percent for senior citizens
11 months to less than 11 months 25 days: 6.00 per cent for general public; 6.25 percent for senior citizens
11 months 25 days to less than 1 year: 6.00 per cent for general public; 6.25 percent for senior citizens
1 year to less than 1 year 4 days: 6.75 per cent for general public; 7.50 percent for senior citizens
1 year 5 days to less than 1 year 11 days: 6.75 per cent for general public; 7.50 percent for senior citizens
1 year 11 days to less than 1 year 24 days: 6.75 per cent for general public; 7.50 percent for senior citizens
1 year 25 days to less than 13 months: 7.10 per cent for general public; 7.85 percent for senior citizens
13 months to less than 14 months: 7.15 per cent for general public; 7.90 percent for senior citizens
14 months to less than 15 months: 7.15 per cent for general public; 7.90 percent for senior citizens
15 months to less than 16 months: 7.15 per cent for general public; 7.90 percent for senior citizens
16 months to less than 17 months: 7.15 per cent for general public; 7.90 percent for senior citizens
17 months to less than 18 months: 7.15 percent for general public; 7.90 percent for senior citizens
18 months to less than 2 years: 7.15 per cent for general public; 7.90 percent for senior citizens
2 years to less than 30 months: 7.26 per cent for general public; 8.01 percent for senior citizens
30 months to less than 3 years: 7.00 per cent for general public; 7.75 percent for senior citizens
3 years to less than 5 years: 7.00 per cent for general public; 7.75 percent for senior citizens
5 years to 10 years: 7.00 per cent for general public; 7.75 per cent for senior citizens.
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