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Increase in interest rates Fd


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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