HDFC, ICICI & Federal Bank hike fixed deposit rates this week. Check details
PremiumInterest rates on fixed deposits have been raised by three private sector banks this week: ICICI Bank, HDFC Bank, and Federal Bank.
Amid rising interest rates which have been witnessed this month on the back of a rise in repo rate decision made by the RBI, several banks have already started hiking interest rates on fixed deposits. Interest rates on fixed deposits have been raised by three private sector banks this week: ICICI Bank, HDFC Bank, and Federal Bank. As a result, let's look at these banks' new interest rates to see if they're worth investing in.
HDFC Bank FD Interest Rates
HDFC Bank, the largest private sector lender, raised interest rates on 9-month and above deposits by 10 to 20 basis points on May 18, 2022. The interest rate for 9-month 1 day to 1-year term deposits has been raised from 4.40 per cent to 4.50 per cent, a 10 basis point increase. Interest rates on deposits maturing in 2 years 1 day to 3 years have been raised by 20 basis points from 5.20 per cent to 5.40 per cent, while interest rates on deposits maturing in 3 years 1 day to 5 years have been raised from 5.45 per cent to 5.60 per cent. HDFC Bank has increased the interest rate on deposits maturing in 5 years 1 day - 10 years by 15 basis points, from 5.60 per cent to 5.75 per cent.
The bank has maintained interest rates on the remaining tenors, and senior citizens will continue to get an additional rate of 0.50 per cent on deposits of 7 days to 5 years, and an additional rate of 0.75 per cent on deposits of 5 years to 10 years, under the Senior Citizen Care FD of HDFC Bank. On deposits of less than ₹2 Cr, HDFC Bank is now offering an interest rate of 2.50% - 5.75% to the general public and 3% - 6.50% to senior citizens on deposits of less than ₹2 Cr maturing in 7 days to 10 years.
ICICI Bank FD Rates
On May 16th, 2022, ICICI Bank increased interest rates on fixed deposits of less than ₹2 crore maturing in 290 days to 10 years by 10-20 basis points. The interest rate for 290-day to one-year deposits has been raised by 10 basis points, from 4.4 per cent to 4.5 per cent. The interest rate on deposits maturing in one to two years has been raised from 5% to 5.10 per cent. The interest rate on deposits maturing in two to three years has been raised by 20 basis points, from 5.20 per cent to 5.40 per cent.
ICICI Bank has also increased the interest rate on deposits maturing in 3 to 5 years by 15 basis points, from 5.45 per cent to 5.6 per cent, and on deposits maturing in 5 to 10 years by 15 basis points, from 5.6 per cent to 5.75 per cent. Senior citizens will continue to get an additional rate of 0.50 per cent on deposits of 7 days to 5 years and an additional premium of 0.10 per cent on deposits of 5 years to 10 years under the ICICI Golden Years FD, in addition to the existing benefit of 0.50 per cent.
Federal Bank
Federal Bank increased interest rates on domestic term deposits of less than ₹2 crore maturing in 7 days to 2223 days on May 16, 2022. Regular customers will now receive an interest rate of 2.65 per cent to 5.75 per cent, while senior citizens will receive an interest rate of 3.15 per cent to 6.40 per cent on deposits maturing 7 days to 2223 days and above, as a result of the modification. The bank provides a maximum regular rate of 5.95 per cent on term deposits of 2222 days, and a maximum rate of 6.60 per cent for elderly persons.