HDFC Bank, the biggest private sector lender in India, aggressively sells Fixed Deposits (FD). It offers FDs in as many as 19 maturity tenures. The lowest rate of interest is 3% for those customers below 60 and 3.5% for those above that age. Of the 19 tenures, as many as 11 tenures offer an interest rate above 7% per annum, with the highest rate being 7.9%.
ICICI Bank divides its FDs into 13 categories according to the maturity period. The lowest rate that it offers is 3% for general customers and the highest is 7.80%. The interest rates mentioned below for both banks are in the retail category, or for amounts which are less than Rs 3 crore.
FD for 1 year, 2 years
While HDFC Bank offers 6.60% for general customers and 7.10% for senior citizens on FD of 1 year, the rates offered by ICICI Bank for the same period offer 6.70 and 7.20% for those under 60 years and those above respectively.
FDs maturing in 2 years in HDFC Bank attract an interest rate of 7% and 7.5% for non-senior and senior citizens respectively. The rates in ICICI Bank are 25 basis points higher than those offered by HDFC Bank. ICICI Bank pays 7.25% and 7.75% respectively for non-senior and senior citizens on 2-year FDs. Fds with tenure of 1 year and 2 years are very popular in the market.
FD for 3 years, 5 years
There is a remarkable convergence of interest rates for both banks for FDs with tenures of 3 years and 5 years. Both banks offer 7% on FDs for general customers and 7.5% for senior citizens. The point to note here is that 5-year FDs are also known as tax-saver fixed deposits. According to Section 80C of the Income Tax Act 1961, the maximum investment that one can make in tax-saver FDs is Rs 1.5 lakh in one financial year.
FD for the longest tenure
The longest tenure that any FD bears is 10 years. The interest rate available on FD in HDFC Bank for 10 years is 7% for general customers and 7.5% for senior citizens. The rates in ICICI Bank are 6.90% for general customers and 7.50% for senior citizens.
ICICI Bank FD rates
Tenor
General Citizen
Senior Citizen
7 to 29 Days
3.00%
3.50%
30 to 45 Days
3.50%
4.00%
46 to 60 Days
4.25%
4.75%
61 to 90 Days
4.50%
5.00%
91 to 184 Days
4.75%
5.25%
185 to 270 Days
5.75%
6.25%
271 Days to < 1 Year
6.00%
6.50%
1 Year to < 15 Months
6.70%
7.20%
15 Months to < 18 Months
7.25%
7.80%
18 Months to 2 Years
7.25%
7.75%
2 Years 1 Day to 5 Years
7.00%
7.50%
5 Years 1 Day to 10 Years
6.90%
7.40%
5Y (Tax Saver FD)
7.00%
7.50%
HDFC Bank FD rates
Tenor
General Citizen
Senior Citizen
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
7.35%
7.85%
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
7.40%
7.90%
4 Year 7 Months 1 day < = 5 Years
7.00%
7.50%
5 Years 1 day – 10 Years
7.00%
7.50%
HDFC Bank and ICICI Bank are the two biggest banks in the private sector in India. In this article, we inform you about the Fixed Deposit interest rates of HDFC and ICICI. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
