Following the repo rate review by the Reserve Bank of India, several banks have revised interest rates on fixed/block deposits. The latest are private sector lenders, IDFC First Bank and ICICI bank. IDFC First Bank has raised interest rates on fixed deposits above Rs 2 crore with effect from 27 May 2022. ICICI Bank has raised interest rates on its fixed deposits for the second time this month. The new rates are applicable on deposits above Rs 2 crore to Rs 5 crore from 27 May 2022.
Another major lender, HDFC Bank, had earlier raised interest rates on fixed deposits. The new rates are applicable for fixed deposits below Rs 2 crore from 18 May 2022.
Here are the latest FD interest rates offered by these banks.
IDFC First Bank: effective date May 27, 2022
Interest rate for domestic fixed deposits, NRE, NRO of Rs 2 to 5 crore where premature withdrawal is not allowed:
| Mandate | Interest rate | Interest rates for seniors |
| 7 – 14 days | 3.90 percent | 4.40 percent |
| 15 – 35 days | 3.90 percent | 4.40 percent |
| 36 – 45 days | 3.95 percent | 4.45 percent |
| 46 – 60 days | 4.10 percent | 4.60 percent |
| 61 – 91 days | 4.85 percent | 5.35 percent |
| 92 – 180 days | 5.10 percent | 5.60 percent |
| 181 – 270 days | 5.50 percent | 6.00 percent |
| 271 – 365 days | 6.00 percent | 6.50 percent |
| 366 – 399 days | 6.25 percent | 6.75 percent |
| 400 – 540 days | 6.25 percent | 6.75 percent |
| 541 – 731 days | 6.25 percent | 6.75 percent |
| 732 – 1095 days | 6.25 percent | 6.75 percent |
| 3 years 1 day – 5 years | 6.50 percent | 7.00 percent |
| 5 years 1 day – 8 years | 6.50 percent | 7.00 percent |
| 8 years 1 day – 10 years | 6.50 percent | 7.00 percent |
ICICI Bank: Effective date May 27, 2022
Interest rate for domestic fixed deposits, NRO and NRE below Rs 5 crore:
| Mandate | Interest rate | Interest rates for seniors |
| 7 days – 14 days | 3.00 percent | 3.00 percent |
| 15 days – 29 days | 3.00 percent | 3.00 percent |
| 30 days – 45 days | 3.25 percent | 3.25 percent |
| 46 days – 60 days | 3.25 percent | 3.25 percent |
| 61 days – 90 days | 3.40 percent | 3.40 percent |
| 91 days – 120 days | 4.25 percent | 4.25 percent |
| 121 days – 150 days | 4.25 percent | 4.25 percent |
| 151 days – 184 days | 4.25 percent | 4.25 percent |
| 185 days – 210 days | 4.50 percent | 4.50 percent |
| 211 days – 270 days | 4.50 percent | 4.50 percent |
| 271 days – 289 days | 4.70 percent | 4.70 percent |
| 290 days – less than 1 year | 4.70 percent | 4.70 percent |
| 1 year – 389 days | 4.95 percent | 4.95 percent |
| 390 days – < 15 months | 4.95 percent | 4.95 percent |
| 15 months – < 18 months | 5.00 percent | 5.00 percent |
| 18 months – 2 years | 5.00 percent | 5.00 percent |
| 2 years 1 day – 3 years | 5.25 percent | 5.25 percent |
| 3 years 1 day – 5 years | 5.25 percent | 5.25 percent |
| 5 years 1 day – 10 years | 5.25 percent | 5.25 percent |
| 5 years (80C FD) – Max – `1.50 lac | N / A | N / A |
| 211 days – 270 days | 4.50 percent | 4.50 percent |
HDFC Bank: Effective date May 18, 2022
Interest rate on term deposits below Rs 2 Crore
| Mandate | Interest rate | Interest rates for seniors |
| 7 – 14 days | 2.50 percent | 3.00 percent |
| 15 – 29 days | 2.50 percent | 3.00 percent |
| 30 – 45 days | 3.00 percent | 3.50 percent |
| 46 – 60 days | 3.00 percent | 3.50 percent |
| 61 – 90 days | 3.00 percent | 3.50 percent |
| 91 days – 6 months | 3.50 percent | 4.00 percent |
| 6 months 1 day – 9 months | 4.40 percent | 4.90 percent |
| 9 months 1 day < 1 year | 4.50 percent | 5.00 percent |
| 1 year | 5.10 percent | 5.60 percent |
| 1 year 1 day – 2 years | 5.10 percent | 5.60 percent |
| 2 years 1 day – 3 years | 5.40 percent | 5.90 percent |
| 3 years 1 day – 5 years | 5.60 percent | 6.10 percent |
| 5 years 1 day – 10 years | 5.75 percent | 6.50%* |
(Edited by : Sudarsanan Mani)
First post: STI
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