FD Rates: If you are thinking of investing in Fixed Deposit (FD), then this news will be useful for you. The country’s three big private banks Axis Bank, ICICI Bank and HDFC Bank have cut the interest rates of FD
FD Rates: If you are thinking of investing in Fixed Deposit (FD), then this news will be useful for you. The country’s three big private banks Axis Bank, ICICI Bank and HDFC Bank have cut the interest rates of FD. All three banks have reduced the interest rate on FDs of less than Rs 3 crore by 10 to 20 basis points (bps). The new rates of ICICI Bank will be effective from May 27, 2025, while the rates of HDFC Bank are applicable from May 23, 2025. At the same time, Axis Bank has also recently reduced the interest on some of its FDs.
ICICI Bank’s new FD rates
- ICICI Bank has reduced the interest rates on many of its FDs.
- Less than 1 year to 15 months: Now reduced from 6.70% to 6.50%
- Less than 15 months to 18 months: Now reduced from 6.80% to 6.60%
- 18 months to 2 years: Now reduced from 7.05% to 6.85%
- 2 years 1 day to 5 years: Now reduced from 6.90% to 6.75%
- 5 years 1 day to 10 years: Now reduced from 6.80% to 6.70%
- 5 year tax saver FD: Now 6.75% will be available
- General citizens now get interest rates ranging from 3.00% to 7.05%, while senior citizens get interest ranging from 3.50% to 7.55%. The highest interest (7.35%) is being given on the period of 18 months to 2 years.
HDFC Bank’s new FD rates
HDFC Bank has also changed the FD rates. In April, the bank had already cut 50 bps, now again the FD rates of some periods have been reduced.
- Less than 1 year to 15 months: Now reduced from 6.60% to 6.50%
- Less than 18 months to 21 months: Reduced from 7.05% to 6.85%
- The new interest rates for general citizens are now from 3.00% to 6.85%. Senior citizens are getting interest ranging from 3.50% to a maximum of 7.35%, which is available on FDs with a period of 15 to 21 months.
Axis Bank FD interest rates – The bank has reduced interest on these FDs
- 3 months to 3 months 24 days: 4.75 percent for the general public; 5.25 percent for senior citizens
- 3 months 25 days to less than 4 months: 4.75 percent for general public; 5.25 percent for senior citizens
- 4 months to less than 6 months: 4.75 percent for general public; 5.25 percent for senior citizens
- 6 months to less than 9 months: 5.75 percent for general public; 6.25 percent for senior citizens
- 9 months to less than 1 year: 6.00 percent for general public; 6.50 percent for senior citizens
- 1 year to less than 1 year 10 days: 6.50 percent for general public; 7.20 percent for senior citizens
- 1 year 11 days to less than 13 months: 6.50 percent for general public; 7.00 percent for senior citizens
- 13 months to less than 15 months: 6.50 percent for general public; 7.00% for senior citizens
- 15 months to less than 18 months: 6.85% for general public; 7.00% for senior citizens
- 18 months to less than 2 years: 6.75% for general public; 7.35% for senior citizens
- 2 years to less than 3 years: 6.75% for general public; 7.25% for senior citizens
- 3 years to less than 5 years: 6.75% for general public; 7.25% for senior citizens
- 5 years to 10 years: 6.70% for general public; 7.45% for senior citizens.
All three banks offer slightly higher interest rates to senior citizens and allow premature withdrawal on almost all FD schemes. If you are planning to invest in FD, it would be wise to choose the right period and bank keeping in mind the new rates.
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