HDFC Bank, ICICI Bank hike FD rates this month

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 FD interest rates

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 FD interest rates

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

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