ICICI And HDFC Bank Reduce Fixed Deposit Interest Rates

Two of largest private sector banks have revised their fixed deposit (FD) rates last week and reduced the rates by up to 20 basis points (bps). With the rate revision, the highest rates offered by both ICICI and HDFC are 6.85 per cent. Here are the details:

ICICI Bank

The bank revised the rates during the week ended May 24, 2025, and reduced the highest rates from 7.05 per cent to 6.85 per cent for general public and from 7.55 per cent to 7.35 per cent for senior citizens. The lowest rate offered by the bank is 3 per cent for general public and 3.5 per cent for seniors.

Here are the rates:

The bank has revised the rates only for FD tenures one year and above. For seniors, the rates were reduced by 20 bps for tenures between one year and two years. The rates were reduced by 15 bps on ‘Two years 1 day to five years’ and by 10 bps for ‘Five years 1 day to 10 years’ tenure.

HDFC Bank

HDFC bank also revised the rates last week on May 23, 2025. It reduced the highest rates it offered earlier by 20 bps to 7.35 per cent. Here are the other rates:

Earlier, the bank offered 10 to 20 bps higher rates across tenures. The rates reduced by 10 bps from 6.60 per cent to 6.50 per cent for ‘one year to less than 15 months’ tenures. For seniors, the 10 bps reduction came in for ‘One year to less than 15 months’ and for various tenures between three years 1 day and 10 years, and 20 bps rate cut for tenures between 15 months to less than 21 months’ to and for tenures between two years 1 day and three years.