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

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Published: December 13, 2017 2:05:21 PM

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.

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)
BANKS6mths – < 1 Year1 – < 2 Year2 – < 3 Year3 – < 5 Year5 Years & above
Andhra Bank6.25%6.50%6.25%- 6.5%6.25%6.25%
Allahabad Bank6.50%6.60%6.50%6.50%6.50%
Axis Bank6.25%-6.5%6.25%- 6.75%6.25%6.25%6.25%
Bank of Baroda6.25% – 6.40%6.25%- 6.6%6.25%6.25%6.25%
Bank of India6.25%6.60%6.50%6.30%6.25%
Bank of Maharashtra 6.00%6.25% – 6.50%6.25%6.00%6.00%
Canara Bank6.35%6.3- 6.5%6.20%6.20%6.00%
Central Bank of India6.50%6.60%6.50%6.50%6.50%
Corporation Bank6.0%-6.25%6.50%6.50%6.50%6.50%
Dena Bank6% – 6.25%6.50%6.25%6.25%6.30%
DCB Bank Limited6.65%6.85%- 6.9%7.00%7.10%7.00%
Dhanlaxmi Bank6.00%6.60%6.50%6.50%6.50%
HDFC Bank5.75%-6.25%6.25% – 6.75%6.00%6.00%6.00%
ICICI Bank6% – 6.50%6.6%- 6.75%6.50%6.50%6.50%
IDBI Bank6% – 6.5%6.5%-6.75%6.25%-6.5%6.25%6.00%
Indian Overseas Bank5.75% – 6.25%6.50% – 6.75%6.25%6.00%6.00%
Indian Bank5.25% – 6.25%6.25% – 6.50%6.25%6.00%6.00%
Indusind Bank6.25% – 6.5%6.75% – 6.85%6.5%- 6.75%6.50%6.50%
Kotak Mahindra Bank6.6%- 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 Bank6.75% – 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 Bank6.15%6.50%6.60%6.60%6.50%
Yes Bank6.75%6.75%6.75%6.75%6.75%
UCO Bank6% – 6.35%6.50%6.40%6.25%6.25%
Union Bank of India6.5%-6.75%6.5%-6.75%6.50%6.50%6.50%
United Bank of India5.00% – 6.00%6%-6.1%6.00%6.00%6.00%
Vijaya Bank5.75% – 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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