Two major private sector banks, ICICI Bank and HDFC Bank, have reduced their fixed deposit (FD) interest rates once again. This comes after the Reserve Bank of India (RBI) cut its key interest rates for the second time in a row. Following the RBI’s move, several public and private sector banks have been revising their FD rates downwards.
ICICI Bank FD Rates
ICICI Bank has lowered its FD interest rates by 20 basis points. As per the bank’s official website, the new rates are effective from May 27, 2025.
FD tenures: 7 days to 10 years
- Interest rates: 3% to 6.85%
- Highest rate: 6.85% on FDs of 18 months to 2 years
- Senior citizens receive an additional 0.5% interest across all tenures
HDFC Bank FD Rates
HDFC Bank has also reduced its FD interest rates. The revised rates have been implemented from May 23, 2025.
- FD tenures: 7 days to 10 years
- Interest rates: 3% to 6.85%
- Highest rate: 6.85% on FDs of 15 to 21 months
Senior citizens get 0.5% extra interest on all deposit periods
With these latest cuts, customers are advised to review their investment plans, especially those relying on fixed deposits for steady returns.
