HDFC, ICICI & Federal Bank hike mounted deposit charges this week. Check particulars

Amid rising rates of interest which have been witnessed this month on the again of an increase in repo fee choice made by the RBI, a number of banks have already began climbing rates of interest on mounted deposits. Interest charges on mounted deposits have been raised by three non-public sector banks this week: ICICI Bank, HDFC Bank, and Federal Bank. As a end result, let’s take a look at these banks’ new rates of interest to see in the event that they’re price investing in.

HDFC Bank FD Interest Rates

HDFC Bank, the most important non-public sector lender, raised rates of interest on 9-month and above deposits by 10 to twenty foundation factors on May 18, 2022. The rate of interest for 9-month 1 day to 1-year time period deposits has been raised from 4.40 per cent to 4.50 per cent, a ten foundation level improve. Interest charges on deposits maturing in 2 years 1 day to three years have been raised by 20 foundation factors from 5.20 per cent to five.40 per cent, whereas rates of interest on deposits maturing in 3 years 1 day to five years have been raised from 5.45 per cent to five.60 per cent. HDFC Bank has elevated the rate of interest on deposits maturing in 5 years 1 day – 10 years by 15 foundation factors, from 5.60 per cent to five.75 per cent. 

The financial institution has maintained rates of interest on the remaining tenors, and senior residents will proceed to get a further fee of 0.50 per cent on deposits of seven days to five years, and a further fee of 0.75 per cent on deposits of 5 years to 10 years, beneath the Senior Citizen Care FD of HDFC Bank. On deposits of lower than ₹2 Cr, HDFC Bank is now providing an rate of interest of two.50% – 5.75% to most of the people and three% – 6.50% to senior residents on deposits of lower than ₹2 Cr maturing in 7 days to 10 years.

ICICI Bank FD Rates

On May sixteenth, 2022, ICICI Bank elevated rates of interest on mounted deposits of lower than ₹2 crore maturing in 290 days to 10 years by 10-20 foundation factors. The rate of interest for 290-day to one-year deposits has been raised by 10 foundation factors, from 4.4 per cent to 4.5 per cent. The rate of interest on deposits maturing in a single to 2 years has been raised from 5% to five.10 per cent. The rate of interest on deposits maturing in two to a few years has been raised by 20 foundation factors, from 5.20 per cent to five.40 per cent. 

ICICI Bank has additionally elevated the rate of interest on deposits maturing in 3 to five years by 15 foundation factors, from 5.45 per cent to five.6 per cent, and on deposits maturing in 5 to 10 years by 15 foundation factors, from 5.6 per cent to five.75 per cent. Senior residents will proceed to get a further fee of 0.50 per cent on deposits of seven days to five years and a further premium of 0.10 per cent on deposits of 5 years to 10 years beneath the ICICI Golden Years FD, along with the present good thing about 0.50 per cent.

Federal Bank

Federal Bank elevated rates of interest on home time period deposits of lower than ₹2 crore maturing in 7 days to 2223 days on May 16, 2022. Regular prospects will now obtain an rate of interest of two.65 per cent to five.75 per cent, whereas senior residents will obtain an rate of interest of three.15 per cent to six.40 per cent on deposits maturing 7 days to 2223 days and above, because of the modification. The financial institution offers a most common fee of 5.95 per cent on time period deposits of 2222 days, and a most fee of 6.60 per cent for aged individuals.

Subscribe to Mint Newsletters

* Enter a sound e-mail

* Thank you for subscribing to our e-newsletter.