ICICI Bank revises Fixed Deposit (FD) interest rates: How it compares to HDFC, SBI, Canara bank

ICICI Bank has hiked interest rates on some of its Fixed Deposit (FD) plans with effect from today (August 14, 2018). ICICI Bank has raised interest rates between 15 basis points (or 0.15 per cent) and 25 basis points (or 0.25 per cent) on selected term deposits. In a statement, the bank said that ICICI Bank staff will get an additional 1 per cent interest on domestic FDs below Rs 1 crore. The revised FD rates apply for both general and senior citizens. The FD rates revision by ICICI Bank comes days after the largest public sector lender SBI, HDFC and Canara Bank revised their respective interest rates on select FDs in the wake of a hike in key lending rate announced by the Reserve Bank of India. Interestingly, SBI had hiked its FD rates two days ahead of the announcement by the RBI.

Here's the latest FD rates announced by ICICI Bank

SBI had hiked FD rates in the range of 5-10 basis points (that is 0.05 per cent to 0.1 per cent) effective from July 30. SBI now offers an interest rate of 6.70 per cent for term deposits of 1 year to 2 years. For 2-3 year FDs, it offers 6.75 per cent interest. For senior citizens, SBI now offers 7.2 per cent on FDs of 1-2 years, while for terms up to three years, the interest rate offered is 7.15 per cent.

HDFC Bank had increased fixed deposit rates on various maturities by up to 0.6 per cent. The bank raised rate on term deposit with maturity ranging between 6 months one day to 5 years. HDFC now provides 6.75 per cent interest on term deposit of deposit 6-9 months. It has raised the interest rate on fixed deposit of longer tenure of 9 months to 1 year by 60 basis points. For one year FD, it is offering rates up to 7.25 per cent. FDs beyond 2 years 1 days to 5 years earned 10 basis points higher rate of interest than the previous.

Effective from 4th August, Canara Bank is offering 7.29 per cent interest on deposits for 555 days. For the same term for senior citizens, the rate is 7.82 per cent.