The top two biggest private lenders in the country, HDFC Bank and ICICI Bank have revised their interest rates on particular sets of fixed deposits, applicable for a list of tenures.
While the country’s largest private lender in terms of market capitalization HDFC Bank has made changes to its interest rates on non-withdrawable fixed deposits for different time periods, the second largest private lender in terms of market cap ICICI Bank has made these changes in respect to the bulk fixed deposits above Rs 2 crore.
More details regarding each bank’s FD modifications are listed below.
ICICI Bank Revises its Bulk FDs
The private bank has revised the bulk fixed deposits above Rs 2 crore over different time periods, with the highest FD rate at 4.6% on deposits ranging from Rs 2 crore to Rs 5 crore, the time periods for which vary between 3-10 years.
For a time period of 2-3 years, an interest rate of 4.5% is applicable, while from 15 months to under 18 months’ period, an interest rate of 4.2% is applicable.
Between 18 months to less than 2 years, an interest rate of 4.3% will be applied, and for FD periods between 12 months to 15 months, an interest rate of 4.15% is applicable.
For holding periods of under 1 year, interest rates on FDs range between 2.5% to 3.7%.
HDFC Bank Revises Non-Withdrawable FDs
The private lender has revised its interest rates on non-withdrawable fixed deposits for NROs, NREs and domestic individuals, and this revision is made on bulk fixed deposits of at least Rs 5 crore.
For non-withdrawable FDs between Rs 5 crore-Rs 200 crore, HDFC Bank will provide an interest of 4.7% from 3-10 years of tenure.
From a 2 years to under 2 years period, the interest rate provided will be 4.6%, 4.55% for 1 year to under 2 years, 4.15% from 9-12 months, 4% from 6-9 months, and 3.75% on non-withdrawable FDs for 91-180 days.