ICICI Bank and HDFC Bank Cut FD Rates: Two banks of private sectors HDFC and ICICI have cut a 20 basis point for selected tenure above the amount of less than Rs 3 crore on fixed deposits. The revised rates will be implemented on May 27 by ICICI Bank while HDFC has implemented this new rate since 23 May.

Revised rates on fixed deposits of ICICI-

– The interest rate from one year to 15 months has been reduced from 6.70 percent to 6.50 percent.
– The interest rate from 15 months to 18 months has been reduced by 6.60 percent to 6.60 percent.
– The interest rate from 18 months to 2 years has been reduced from 6.85 percent to 7.05 percent.
-2 years from 1 day to five years, the interest rate has been reduced by 6.90 percent to 6.75 percent.
Earlier, from 5 years to 10 years, where it was 6.80 percent of the rate, it has now been reduced to 6.70 percent.
Revised rates on fixed deposits of HDFC-

Fixed buzzing rates have been cut by HDFC Bank in April after a cut of 50 basis points, which is as follows.

From the year to 15 months, the interest rate has been reduced from 6.60 percent to 6.50.
From 18 months to 21 months, the interest rate has been cut from 7.05 percent to 6.85 percent.

After this new amendment, interest rates for people have now been ranging from 3.00 percent to 6.85 percent in HDFC Bank, while the senior citizens will be given interest between 3.50 percent to 7.35 percent. 7.35 percent interest will be available for senior citizens between 15 and 21 months.

Both banks have increased the interest rate given to senior citizens compared to the people. Along with this, it has also been allowed to withdraw the money back by breaking the fixed deposit ahead of time.

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ICICI Bank Cuts FD and Savings Rates: ICICI has also joined the banks that reduce interest rates on bank deposits. After SBI, HDFC, now ICICI Bank has also reduced interest rates on both savings account and fixed deposits. These revised rates have become effective from 17 April 2027. After cutting the repo rate from RBI, the bank has now taken this step.

If you have a savings account with ICICI Bank, then you will get less interest on it now. The rates of interest per year on the amount of Rs 50 lakhs have now been increased to 2.75 percent, which was 3 percent earlier. Apart from this, if your savings account is Rs 50 lakh or more, then interest rates have been reduced from 3.5 percent to 3.25 percent.

Customers are getting interest from 3% to 7.05% on fixed deposits, while senior citizens are getting rates ranging from 3.5 percent to 7.55 percent. For example, on 30 to 45 days FD, now normal customers will get 3% interest, which was earlier 3.5%. Similarly, the interest rate on FD of 61 to 90 days has been reduced from 4.5% to 4.25%.

Now 6.8 percent interest will be available on fixed deposits of 15 to 18 months, whereas earlier this rate was 7.25 percent. The interest rate on FD of 18 months to 2 years has been reduced from 7.25 percent to 7.05 percent. However, senior citizens are getting a little more interest than normal customers on every period. For example, senior citizens get 3.5 percent interest on 7 to 29 days FD, while the interest rates on 46 to 60, 61 to 90, 91 to 184, and 185 to 270 days have been fixed at 4.75%, 4.75%, 5.25% and 6.25% respectively.

The special thing is that the interest rate for general customers on 2 years 1 day to 5 years fixed deposits has been increased from slightly to 6.9 percent, and this rate for senior citizens is 7.40 percent. At the same time, the interest rate on FD from 5 years to 10 years to 10 years has been reduced to 6.8 percent for normal customers and 7.30 percent for senior citizens. Now general customers will get 6.9 percent interest on 5-year tax-saving FD and 7.40 percent interest to senior citizens.

It is worth noting that this change is due to the policies of the Reserve Bank of India (RBI), which is currently moving towards reducing interest rates. Its effect is clearly visible on the deposit schemes of banks.

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