1. ICICI Bank interest rates on retail deposits cut; Check SBI, HDFC Bank fixed deposit rates, and other banks

ICICI Bank interest rates on retail deposits cut; Check SBI, HDFC Bank fixed deposit rates, and other banks

Close on the heels of some of the country's leading banks slashing their term deposit rates, ICICI Bank has also reduced rates on retail deposits.

By: | Published: December 13, 2017 2:05 PM
ICICI Bank, ICICI Bank cuts rates on retail deposits, latest FD rates, fixed deposits, SBI, HDFC Bank, BoI, Kotak Mahindra Bank ICICI Bank has slashed the interest rate on one-year deposits (less than Rs 1 crore) by 15 basis points to 6.6% per annum.

Close on the heels of some of the country’s leading banks slashing their term deposit rates, ICICI Bank has also reduced rates on retail deposits. For instance, ICICI Bank has slashed the interest rate on one-year deposits (less than Rs 1 crore) by 15 basis points to 6.6% per annum. The reduced rate will apply to deposits ranging from 1 year and 389 days, while retail deposits above 2 year up to 10 year will now yield 6.5% per annum. Senior citizens will earn 50 bps more interest on deposits of all maturity periods. For example, term deposits made by senior citizens of up to 2 years will fetch interest ranging from 4.5% to 7.25%, while deposits between 2 years and 10 years will give 7.00% return. The revised rates are applicable from December 11, 2017.

It may be noted that the State Bank of India had last month slashed its fixed deposit rates by 25 basis points across most maturities, effecting from November 1, 2017. For instance, retail domestic term deposits (below Rs 1 crore) of less than 2 years are now fetching interest rates of up to 6.25% as against 6.5% earlier, while deposits ranging from 2 years to 10 years are fetching 6% interest as against 6.25% earlier. Similarly, term deposits made by senior citizens of less than 2 years will earn interest up to 6.75%, while deposits between 2 years and 10 years will yield 6.50% return.

 

Fixed Deposit Interest Rates (upto – Rs. 1 crore as on 12 Dec, 2017)
BANKS 6mths – < 1 Year 1 – < 2 Year 2 – < 3 Year 3 – < 5 Year 5 Years & above
Andhra Bank 6.25% 6.50% 6.25%- 6.5% 6.25% 6.25%
Allahabad Bank 6.50% 6.60% 6.50% 6.50% 6.50%
Axis Bank 6.25%-6.5% 6.25%- 6.75% 6.25% 6.25% 6.25%
Bank of Baroda 6.25% – 6.40% 6.25%- 6.6% 6.25% 6.25% 6.25%
Bank of India 6.25% 6.60% 6.50% 6.30% 6.25%
Bank of Maharashtra 6.00% 6.25% – 6.50% 6.25% 6.00% 6.00%
Canara Bank 6.35% 6.3- 6.5% 6.20% 6.20% 6.00%
Central Bank of India 6.50% 6.60% 6.50% 6.50% 6.50%
Corporation Bank 6.0%-6.25% 6.50% 6.50% 6.50% 6.50%
Dena Bank 6% – 6.25% 6.50% 6.25% 6.25% 6.30%
DCB Bank Limited 6.65% 6.85%- 6.9% 7.00% 7.10% 7.00%
Dhanlaxmi Bank 6.00% 6.60% 6.50% 6.50% 6.50%
HDFC Bank 5.75%-6.25% 6.25% – 6.75% 6.00% 6.00% 6.00%
ICICI Bank 6% – 6.50% 6.6%- 6.75% 6.50% 6.50% 6.50%
IDBI Bank 6% – 6.5% 6.5%-6.75% 6.25%-6.5% 6.25% 6.00%
Indian Overseas Bank 5.75% – 6.25% 6.50% – 6.75% 6.25% 6.00% 6.00%
Indian Bank 5.25% – 6.25% 6.25% – 6.50% 6.25% 6.00% 6.00%
Indusind Bank 6.25% – 6.5% 6.75% – 6.85% 6.5%- 6.75% 6.50% 6.50%
Kotak Mahindra Bank 6.6%- 6.75% 6.6%-6.8% 6.60% 6.25% 6.00%
Oriental Bank of Commerce 6.2%-6.4% 6.60% 6.40% 6.40% 6.40%
RBL Bank 6.75% – 7.1% 7.10% 7.20% 7.10% 7.10%
State Bank of India 6.25% 6.25% 6.00% 6.00% 6.00%
Syndicate Bank 6.15% 6.50% 6.60% 6.60% 6.50%
Yes Bank 6.75% 6.75% 6.75% 6.75% 6.75%
UCO Bank 6% – 6.35% 6.50% 6.40% 6.25% 6.25%
Union Bank of India 6.5%-6.75% 6.5%-6.75% 6.50% 6.50% 6.50%
United Bank of India 5.00% – 6.00% 6%-6.1% 6.00% 6.00% 6.00%
Vijaya Bank 5.75% – 6.5% 6.5%- 6.6% 6.5%- 6.6% 6.50% 6.25%
*Data taken from respective bank’s website, as on 12 Dec 2017

(Source: Bankbazaar.com)

Like SBI, some other banks have also revised their FD rates recently. For example, on domestic, NRO and NRE term deposits of below Rs 1 crore, HDFC Bank is offering 6% interest on deposits for 6 months 1 day to 9 months 15 days, 6.75% interest on deposits for 1 year, and 6% interest on deposits of 2 years 1 day to 10 years. Senior citizens, on the other hand, will get 7.25% on deposits for 1 year and 6.50% on deposits ranging from 2 years 1 day to 10 years. They will earn 6.75% on deposits for 1 year 4 days up to 2 years.

Interestingly, some banks have also revised their bulk deposit rates upwards, particularly on deposits of above Rs 1 crore. For instance, having slashed its fixed deposit rates by 25 basis points across most maturities earlier last month, SBI recently hiked the rates of its bulk deposits of over Rs 1 crore. As per information available of the bank’s website, bulk term deposits of Rs 1 crore and above will now carry one percentage point higher interest rate than the earlier rates. The revised rates are applicable from November 30, 2017.

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