FD Interest Rates: ICICI Bank increases fixed deposit rates for select tenures; where do HDFC Bank, SBI, Axis Bank stand?

FD Interest Rates: ICICI Bank, one of the country's leading private sector lenders, increased fixed deposit (FD) interest rates on select tenures with effect from today (Thursday, February 22, 2024). After the revised FD interest rates, ICICI Bank is offering FD interest rates from 3 per cent to 7.20 per cent on tenures from seven days to 10 years. For senior citizens, FD interest rates range from 3.50 per cent to 7.75 per cent (As per ICICI Bank's website). These interest rates are for a single deposit of less than Rs 2 crore. 

ICICI Bank's FD interest rates are different for a single deposit of Rs 2 crore and above but less than Rs 5 crore. In that category, the interest rates are in the range of 4.75 per cent to 7.40 per cent for FDs ranging from 7 days to 10 years. For such deposits, FD interest rates are same for senior citizens. 

Among other private sector banks, SBM Bank India is providing the highest interest rates on an FD at 8.25 per cent.

RBL Bank comes in second place with its highest FD interest rate at 8.10 per cent.

DCB is offering a maximum of 8 per cent interest rate on its FD.

While HDFC Bank's highest rate for its FD is 7.25 per cent, the same for Axis Bank is 7.20 per cent. 

As far as public sector banks are concerned, Punjab & Sind Bank tops the chart with the highest FD interest rate of 7.40 per cent.

Indian Overseas Bank is in second place with a 7.30 per cent interest rate.

A bunch of banks, including Bank of Baroda, Bank of India, Canara Bank, Central Bank of India, Indian Bank, Punjab National Bank, and Union Bank of India, is providing a maximum interest rate of 7.25 per cent.

While State Bank of India is offering a maximum interest rate of 7.10 per cent on its FD, Bank of Maharashtra has the highest FD interest rate of 7 per cent.   

(Note: All FD interest rates except ICICI Bank have been taken from Paisabazaar.com)