ICICI Bank new FD rates in comparison with those of SBI and HDFC Bank

• ICICI Bank has cut interest rates on fixed deposits citing the impact of COVID-19 lockdown.
  
  
• The bank says lower interest rates will help one of the biggest lenders in the country reduce the cost of funds.
  
  
• Here we compare ICICI Bank’s present FD interest rates with those of SBI and HDFC Bank.
  

ICICI Bank, one of the largest private sector lenders in India, has announced that the bank’s term deposit rates will be slashed by 50 basis points with effect from May 11. 100 basis points make for 1 percent.

As per the announcement, deposits up to one year will henceforth fetch an interest of 5.25% while those deposited for more than a year will invite 5.7-5.75% interest rates.

The bank’s interest rate cut follows the expert opinion that the banks are now flush with deposits and the scope for additional lending has shrunk due to the lock-down economy. A week back, State Bank of India (SBI), the biggest lender in India, declared a 20-basis point reduction in FD rates.


Here we compare the current interest rates of ICICI Bank, SBI and HDFC Bank.

FD Investment Tenure	ICICI Bank - FD Interest rates		SBI - FD interest rates		HDFC Bank – FD interest rates
General	Senior Citizen	General	Senior Citizen	General	Senior Citizen
7 days to 14 days	3.25	3.75	3.3	3.8	3.00	3.50
15 days to 29 days	3.50	4.00	3.3	3.8	3.50	4.00
30 days to 45 days	3.75	4.25	3.3	3.8	4.25	4.75
46 days to 60 days	4.25	4.75	4.3	4.8	4.75	5.25
61 days to 90 days	4.25	4.75	4.3	4.8	4.75	5.25
91 days to 120 days	4.25	4.75	4.3	4.8	4.75	5.25
121 days to 184 days	4.25	4.75	4.3	4.8	4.75	5.25
185 days to 289 days	4.75	5.25	4.8	5.3	5.25	5.75
290 days to less than 1 year	5.25	5.75	4.8	5.3	5.50	6.00
1 year to 389 days	5.70	6.20	5.5	6.0	5.80	6.30
390 days to less than 18 months	5.70	6.20	5.5	6.0	5.80	6.30
18 months to 2 years	5.75	6.25	5.5	6.0	5.80	6.30
2 years 1 day up to 3 years	5.75	6.25	5.5	6.0	6.00	6.50
3 years 1 day up to 5 years	5.75	6.25	5.7	6.2	6.00	6.50
5 years 1 day up to 10 years	5.75	6.25	5.7	6.5	6.00	6.50

Fixed deposits have been one of the safest options for investors in India due to the assured returns they offer on pre-set investment periods. FD interest rates are significantly higher than those of regular savings accounts.

One of the advantages of FDs is their flexibility. The investors can choose to deposit their money for specific periods ranging from 7 days to 10 years depending upon their investment goals and financial position.

Depending on the tenure for which the investor chooses to invest the money, the bank can be selected for an FD investment to get a significant gain in interest rates.

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