Two large private lenders – ICICI Bank and Axis Bank -- have revised their fixed deposit (FD) interest rates this month.
ICICI Bank has revised its fixed deposit interest rates with effect from today i.e., July 2, 2024. The latest rates now range between 3 percent and 7.20 percent for regular citizens and 3.5 percent and 7.75 percent for senior citizens.
Meanwhile, Axis Bank also revised its interest rates on term deposits with effect from July 1, 2024.
The interest rates of Axis Bank also range between 3 percent and 7.2 percent for regular citizens, and 3.5 percent and 7.75 percent for senior citizens.
The highest interest rate of 7.20 percent is being offered on tenure that ranges between 15 and 18 months. For duration between 18 months to 2 years as well, the bank now offers 7.2 percent.
The bank now offers 6.7 percent interest on its one-year deposits.
The three-year deposits now offer 7 percent per annum while four-year and five-year deposits as well now offer 7 percent per annum to depositors.
Meanwhile, the short term deposits (shorter than one year) will offer interest rate between 3 percent and 6 percent based on tenure of deposit. These interest rates are applicable for deposits up to an amount of ₹3 crore.
The private lender offers highest interest rate of 7.2 percent per annum on deposits which have tenure between 17 and 18 months.
Depositors are entitled to receive 6.7 percent interest on deposits that are locked for one year. The two-year deposits are entitled to offer 7.10 percent interest rate. The long duration deposits for three and four years are also entitled to offer 7.10 percent interest rate.
However, depositors are entitled to receive 7 percent per annum on their five-year deposits. Interest rates on shorter duration hover between 3 and 6 percent based on the tenure of term deposits.
For instance, when tenure is between 7 and 29 days, interest rate is 3 percent and it rises to 4.25 percent when tenure is 46-60 days. Interest rate on deposits of tenure between 9 months and 12 months is 6 percent for general citizens.
These interest rates are applicable for deposits less than ₹5 crore.
