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Business News/ Money / Personal Finance/  From ICICI to HDFC Bank, check latest FD interest rates of India's top private banks
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From ICICI to HDFC Bank, check latest FD interest rates of India's top private banks

In the June 2023 policy, the central bank followed a similar move in its April review, which came after raising the key lending rate by 250 basis points (bps) in six installments starting from May 2022.

The interest rates of banks vary according to tenors and other aspects. / AFP PHOTO / INDRANIL MUKHERJEEPremium
The interest rates of banks vary according to tenors and other aspects. / AFP PHOTO / INDRANIL MUKHERJEE

Fixed deposit (FD) is still considered to be one of the oldest and safest investment instruments provided by banks. Nowadays, banks usually provide FD tenures ranging between 7 days to 10 years and the interest rates vary from one bank to another. 

On June 8, the Reserve Bank of India (RBI) in its monetary policy committee (MPC) review, kept the repo rate — the interest rate at which the central bank lends money to commercial banks — on hold at 6.5 per cent. In the June 2023 policy, the central bank followed a similar move in its April review, which came after raising the key lending rate by 250 basis points (bps) in six installments starting from May 2022. 

Will the status quo on the benchmark interest rate impact the interest one gets on fixed deposits? Take a look at the highest FD rates offered by the country's top private banks such as ICICI Bank, HDFC Bank, Axis Bank, Yes Bank, and Kotak Mahindra Bank for amounts below 2 crore:

Also Read: Fixed deposit interest rate: In revised FD regime, these banks give up to 9% return. Check details here
 

HDFC Bank:

HDFC Bank the country's largest private lender, offers interest rates between three per cent to 7.25 per cent for general citizens. The highest rate of 7.25 per cent is offered on tenure of 4 year 7 months to 10 years. For senior citizens, the highest interest rate is 7.75 per cent. The rates were applicable from May 29, 2023, according to its website.

 

ICICI Bank:

ICICI Bank offers interest rates between three per cent to 7.10 per cent for the general citizens in tenures ranging between seven days to 10 years. The highest rate of 7.10 per cent is offered on tenure of 15 months to less than 18 months and 18 months to two years. The rates were applicable from February 24, 2023, according to its website.

 

Axis Bank:

Axis Bank offers interest rates between 3.50 per cent to 7.10 per cent for general citizens. The highest interest rate of 7.10 per cent is offered on tenure of13 months < 14 months, 14 months < 15 months, 15 months < 16 months, 16 months < 17 months and 17 months < 18 months. These rates were applicable from May 18, 2023, according to its website. 

 

Yes Bank:

Yes Bank offers interest rates between 3.25 per cent to 7.75 per cent for general citizens for tenures ranging from 7 days to 10 years. The highest rate of 7.75 per cent is offered on tenure of 18 months to less than 36 months. These rates were applicable from May 2, 2023, according to its website.

 

Kotak Mahindra Bank:

Kotak Mahindra Bank offers interest rates between 2.75 per cent to 7.20 per cent for general citizens for tenures ranging from 7 days to 10 years. The highest rate of 7.20 per cent is offered on tenure of 390 days, 391 days - less than 23 months, 23 months and 23 months 1 day- less than 2 years. These rates were applicable from May 11, 2023, according to its website.
 

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ABOUT THE AUTHOR
Nikita Prasad
Nikita covers business news and has been producing news on digital platforms since 2018. She writes on economy, policy, markets, commodities, industry. Her core areas of interests include infrastructure, energy, oil and gas, railways, and transport/mobility. She has worked for business news channels like Moneycontrol, NDTV Profit, and Financial Express in the past. If you have story ideas/pitches/reports or quotes/views to share, reach her at nikita.prasad@htdigital.in.
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Updated: 10 Jun 2023, 09:10 PM IST
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