Two large private sector lenders, ICICI Bank and Axis Bank, 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 interest rates range from 3% to 7.20% for general public and 3.5% to 7.75% for senior citizens.
Meanwhile, Axis Bank has also revised its interest rates on fixed deposits with effect from July 1, 2024.
Axis Bank's interest rates also range from 3% to 7.2% for the general public and 3.5% to 7.75% for senior citizens.
ICICI Bank
The top interest rate of 7.20 percent applies for tenures between 15 and 18 months, and for tenures between 18 months and two years, the bank is currently offering 7.2 percent.
The bank currently offers 6.7% interest on one-year deposits.
Three-year deposits are currently offering 7 percent annual interest, while four- and five-year deposits also currently offer 7 percent annual interest to depositors.
On the other hand, short term deposits (less than one year) are offered interest rates ranging from 3% to 6% based on the tenure of the deposit. These rates are applicable for deposits up to Rs 3 crore.
Axis Bank
The private lender is offering a top interest rate of 7.2% per annum for deposit tenures of 17 to 18 months.
Depositors are entitled to an interest rate of 6.7 per cent on deposits fixed for one year. Two-year deposits are offered an interest rate of 7.10 per cent. Long-term deposits of three and four years are also offered an interest rate of 7.10 per cent.
However, depositors are entitled to 7 percent annual interest on a five-year deposit. For shorter periods, the interest rate ranges between 3 and 6 percent based on the tenure of the fixed deposit.
For example, if the deposit tenure is between 7 and 29 days, the interest rate is 3%, and if the deposit tenure is between 46 and 60 days, the interest rate rises to 4.25%. For the general public, the interest rate for deposits with tenure between 9 and 12 months is 6%.
These interest rates are applicable on deposits below Rs 5 crore.
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