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ICICI Bank will now give as high as 7.75 per cent rate of interest to senior citizens on term deposits of 15 months to less than 18 month. (Photo Credit: iStock)
ICICI Bank has hiked fixed deposit interest rates. The private lender will now give as high as 7.20 per cent interest to general citizens, while, senior citizens will get as high as 7.75 per cent rate of interest. Account holders will have to open an FD with ICICI Bank for a period of 15 monhs to 18 months to earn such high-interest rates.
But is 7.20 per cent currently the highest interest rate that general citizens can get by opening an FD with any of the private sector banks in the country?
No. Currently, DCB Bank and RBL Bank are giving the highest interest rate on fixed deposits to both senior and general citizens. Barring Small Finance Banks, no other private banks is giving as high interest rate on fixed deposits as these two banks. If general citizens open an FD with DCB Bank and RBL Bank, then, they can get 8.00 per cent RoI. Senior citizens can get as high as 8.60 and 8.50 per cent, respectively, with these two banks.
DCB Bank gives such high interest rates on FDs of 25-26 months. While, RBL Bank gives such high interest rates on term deposits of 18 months to 2 years.
Let’s see which other private lenders are giving industry best interest rates on fixed deposits:
Private banks with highest interest rates on fixed deposits:
| Bank | RoI (in %) General Citizens | RoI (in %) Senior Citizens | Tenure |
| DCB Bank | 8.00 | 8.60 | 25 months – 26 months |
| RBL Bank | 8.00 | 8.50 | 18 months < 2 years |
| Bandhan Bank | 7.85 | 8.35 | 1 year, 4 months, 11 days |
| IndusInd Bank | 7.75 | 8.25 | 1 year < 1 year 6 months |
| IDFC First Bank | 7.75 | 8.25 | 549 days- 2 years |
| Yes Bank | 7.75 | 8.25 | 18 months to 24 months |
| Federal Bank | 7.75 | 8.25 | 500 days |
| J&K Bank | 7.50 | 8.00 | 555 days |
| Karur Vysya Bank | 7.50 | 8.00 | 444 days |
| South Indian Bank | 7.30 | 7.30 | 500 days |
| IDBI Bank | 7.25 | 7.75 | 444 days |
| Kotak Mahindra Bank | 7.25 | 7.80 | 23 months < 2 year |
| Dhanlaxmi Bank | 7.25 | 7.75 | 555 days |
| Tamilnad Mercantile Bank | 7.25 | 7.75 | 300 days |
| HDFC Bank | 7.25 | 7.75 | 18 months < 21 months |
| Axis Bank | 7.20 | 7.85 | 17-18 months |
| ICICI Bank | 7.20 | 7.75 | 15 months to 18 months |
| City Union Bank | 7.00 | 7.50 | 400 days |
*Only private banks have been considered, not small finance banks. Foreign private banks are also excluded from this list.
If general citizens open FD with IndusInd Bank, then, they can get as high as 7.75 per cent RoI. But for this, they will have to open the FD for 1 year to less than 1 year 6 months. Senior citizens will get 0.50 per cent additional rate on this FD. They will get 8.25 per cent RoI on this term deposit.
Bandhan Bank also gives as high as 7.85 per cent rate of interest but on FDs of 1 year, 4 months, 11 days. Elderly will get 0.50 per cent additional rate.
Federal Bank is giving up to 7.75 per cent on fixed deposits of 500 days. Senior citizens will get 8.25 per cent interest on this FD.
Karur Vysya Bank gives as high as 7.50 per cent rate of interest. While, senior citizens can get as high as 8.00 per cent interest rate with the private lender. General citizens will have to open an FD with the Tamil Nadu-based lender for 444 days to earn this much interest.
IDFC First Bank is also giving RoI of 7.50 per cent but on FDs of 1 year 1 day to 550 days. Senior citizens will get 8 per cent on this FD too. J&K Bank is also giving up to 8.00 per cent interest on fixed deposits of 555 days to senior citizens. General citizens will get 7.50 per cent.
With Dhanlaxmi Bank, depositors can get as high as 7.25 per cent rate. But for this, they will have to open the FD for 555 days.
Kotak Mahindra Bank also offers as high as 7.25 per cent interest but on fixed deposits of 23 months to less than 2 years tenure.
With IDBI Bank also, customers can get as high as 7.25 per cent rate of interest. For this they will have to open the term deposit for only 444 days. Elderly will get as high as 7.75 per cent interest.
HDFC Bank gives as high as 7.25 per cent interest to general citizens on FDs of 18 months to less than 21 months. Elderly will get as high as 7.75 per cent interest on this particular FD.
Axis Bank gives as high as 7.20 per cent interest to general citizens on FDs of 17 to 18 months. Elderly will get 7.85 per cent rate of interest.