Fixed deposit (FD) interest rates comparison of ICICI, Axis, HDFC banks w.e.f. 23.03.24

ICICI bank, Axis bank, HDFC bank have revised their Fixed deposit or Term deposit interest rates in synchronization with latest RBI’s monetary policy. Now, FD interest rates are in the upward trend. Here we have compared 3 largest private sector banks’ fixed deposit interest rates for below Rs. 2 crore domestic deposits in tabular format. In the screenshot of all three banks, the all kinds of fixed deposits have been shown.

Fixed deposit interest rates comparison of ICICI, Axis, HDFC banks:

Major Contents in the Post: (Jump to the Section)

1. Comparison of FD interest rates among ICICI, Axis, HDFC banks
2. Latest updates of FD of ICICI, Axis, HDFC banks
3. ICICI bank Fixed Deposit features and Benefits
4. AXIS bank Fixed Deposit features and Benefits
5. HDFC bank Fixed Deposit features and Benefits
6. Fixed Deposit, TDS on FD, Form 15G, Form 15H download

ICICI bank FD interest rates for deposits below ₹ 20 million (₹ 2 crore) w.e.f. 17.02.2024:

For ICICI bank, single Fixed deposit of less than ₹ 20 million (₹ 2 crore) has been shown here. ICICI bank FD interest rates have been revised. For ICICI bank, the following interest rates of single Fixed deposit are given below:

1. FD interest rate in ICICI bank of single Fixed deposit of less than ₹ 2 crore, for General public.
2. FD interest rate in ICICI bank of single Fixed deposit of less than ₹ 2 crore, for Senior Citizen.

ICICI bank FD interest rates for deposits between ₹ 20 million (₹ 2 crore) and ₹ 50 million (₹ 5 crore) w.e.f. 22.03.2024:

For ICICI bank, single Fixed deposit between ₹ 2 crore to ₹ 5 crore has been shown here. ICICI bank FD interest rates have been revised. For ICICI bank, the following interest rates of single Fixed deposit are given below:

1. FD interest rate in ICICI bank of single Fixed deposit of between ₹ 2 crore to ₹ 5 crore, for General public.
2. FD interest rate in ICICI bank of single Fixed deposit of between ₹ 2 crore to ₹ 5 crore, for Senior Citizen.

Axis bank FD interest rates revision from 23.03.2024:

Axis bank FD interest rates has been revised. For Axis bank, the following interest rates of single Fixed deposit are given below:

1. FD interest rate in Axis bank of single Fixed deposit of less than ₹ 2 crore, for General public
2. FD interest rate in Axis bank single Fixed deposit of less than ₹ 2 crore, for Senior Citizen
3. FD interest rate in Axis bank single Fixed deposit of between ₹ 2 crore to ₹ 5 crore, for General public
4. FD interest rate in Axis bank single Fixed deposit of between ₹ 2 crore to ₹ 5 crore, for Senior Citizen

HDFC bank FD interest rates revision from 09.02.2024:

HDFC bank FD interest rates have been revised. For HDFC bank, the following interest rates of single Fixed deposit are given below:

1. FD interest rate in HDFC bank of single Fixed deposit of less than ₹ 2 crore, for General public
2. FD interest rate in HDFC bank of single Fixed deposit of less than ₹ 2 crore, for Senior Citizen
3. FD interest rate in HDFC bank of single Fixed deposit of between ₹ 2 crore to ₹ 5 crore, for General public
4. FD interest rate in HDFC bank of single Fixed deposit of between ₹ 2 crore to ₹ 5 crore, for Senior Citizen

Fixed Deposit / Term Deposit:

Fixed Deposit is the term when you deposit your money for a fixed term usually from 7 days to 10 years for most of the banks. Banks give you higher interest rate in comparison to the ‘Savings bank account interest’, which is currently about 2.75 % to 4 % across the banks in India.

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TDS rates on Fixed deposit :

On Fixed deposit, the interest rate is higher but this ‘interest income’ will be added to your yearly income and you will be taxed accordingly. Banks usually deduct 10 % TDS (tax deducted at source) on the interest earned, if this interest amount exceeds Rs 40,000/-. But, If you have not given PAN to your bank, then bank will deduct 20 % TDS on the interest earned.

To avoid TDS on Fixed deposit from banks, fill form 15G/15H:

If you don’t want TDS to be deducted by bank, then you have to fill the form 15G / 15H. 15G is the format for individual who is below 60 years of age, while 15H is the format for individual who is above 60 years of age. It does not mean that you won’t be taxed, but now you have to show it in the income tax return file. You can download 15G / 15H below.

How to open Fixed Deposit /Term Deposit:

For existing savings account holders, it is very easy to open FD via online and offline both options. But if you don’t have an account with bank, then also bank will allow to open FD, but only after completing KYC formalities.

Penalty, when you break Fixed Deposit:

It is about 0 to 1 %, which depends on banks and time duration of deposits.

Comparison of ICICI, Axis and HDFC banks’ interest rates of Fixed Deposit or Term Deposit (for a single deposit of below 2 crore):

The comparison of FD interest rates of ICICI, Axis and HDFC banks are compared for single deposit of less than 2 crore. Below are the details of ICICI bank fixed deposit interest rates, Axis bank fixed deposit interest rates, HDFC bank fixed deposit interest rates for ‘General public’ and for ‘Senior Citizens’. Usually senior citizens get higher rate of return.

The effective date of rates’ implementation are mentioned with bank name for all the banks below. Click on the bank name below to get official page of bank to get the updated and current information.

Period of Fixed Deposits (No. of Days)	ICICI bank FD interest rates (22.03.24)	ICICI bank Senior citizen FD interest rates	AXIS bank FD interest rates (23.03.24)	AXIS bank Senior citizen FD interest rates	HDFC bank FD interest rates (09.02.24)	HDFC bank Senior citizen FD interest rates
7 to 45	3.00 – 3.50	3.50 – 4.00	3.00 – 3.50	3.50 – 4.00	3.00 – 3.50	3.50 – 4.00
46 to 179	4.25 – 4.75	4.75-5.25	4.25 – 4.75	4.75 – 5.25	4.50	5.00
180 to 364	4.75 – 6.00	5.25-6.50	5.75 – 6.00	6.25 – 6.50	5.75 – 6.00	6.25 – 6.50
365	6.70	7.20	6.70	7.20	6.60	7.10
1 to 2 year	6.70 – 7.20	7.20-7.75	6.70 – 7.20	7.20 – 7.70	6.60 – 7.25	7.10 -7.85
2 to 3 year	7.00	7.50	7.10	7.60	7.00 – 7.15	7.50 – 7.65
3 to 5 year	7.00	7.50	7.10	7.60	7.00 – 7.20	7.50 – 7.70
5 to 10 year	6.90	7.50	7.00	7.75	7.00	7.75

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ICICI bank fixed deposit rate of interest for senior citizen, Axis bank fixed deposit rate of interest for senior citizen, and fixed deposit interest rate of HDFC bank for senior citizen are also mentioned in the table along with the general public interest rates. The interest rates are higher in comparison to general public.

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ICICI bank Fixed Deposit features and Benefits:

1. Safer, having liquidity and flexibility – ICICI Bank Fixed Deposit is a safe investment option which offers assured returns on your investment.
2. Tenure Flexibility – Flexibility of tenure in ICICI Bank Fixed Deposit : 7 days to 10 years
3. Sweep IN and sweep OUT facility in ICICI FD– The excess fund can be sweeped in to ICICI FD account and in the need of fund, the required money gets sweeped out, while the balance amount in FD account will continue to earn the higher interest.
4. ICICI Bank FD Interest Rate Range for general public – Check above.
5. ICICI Bank FD Interest Rate Range for senior citizen– Check above.
6. Maximum Interest Rate in ICICI Bank FD for general public – Check above.
7. Maximum Interest Rate in ICICI Bank FD for senior citizen – Check above.
8. Additional 0.50% interest rate to senior citizen persons – ICICI Bank Fixed Deposit offers additional 0.50% interest rate to senior citizen persons.
9. Option of premature/partial withdrawal – For emergency purpose, the FD of ICICI bank can be closed.
10. Overdraft facility against FD – The FD of ICICI bank comes with the facility of overdraft. You can use Up to 90% on principal plus accrued interest as overdraft. No need to close pre-maturily your FD of ICICI bank.
11. Automatic renewal feature in ICICI Bank Fixed Deposit – No need to come to bank or remind to renew your ICICI bank FD, as it has the automatic renewal facility.
12. Nomination Facility in ICICI Bank FD – Nomination facility is available in the ICICI bank FD.
13. Multiple ICICI Bank FD – You can open Multiple ICICI Bank FD of different amount and different tenure.
14. Open FDanytime, anywhere in ICICI Bank – Fixed deposit in ICICI bank can be opened via many channels or ways like:
    1. ICICI Bank Branch
    2. ICICI Bank Internet Banking
    3. ICICI Bank iMobile app
    4. ICICI Bank Customer Care
    5. ICICI bank ATM

AXIS bank Fixed Deposit features and Benefits:

1. Safer, having liquidity and flexibility – AXIS Bank Fixed Deposit is a safe investment option which offers assured returns on your investment.
2. Tenure Flexibility – Flexibility of tenure in AXIS Bank Fixed Deposit : 7 days to 10 years
3. Sweep IN and sweep OUT facility in AXIS FD– The excess fund can be sweeped in to AXIS FD account and in the need of fund, the required money gets sweeped out, while the balance amount in FD account will continue to earn the higher interest.
4. AXIS Bank FD Interest Rate Range for general public – Check above.
5. AXIS Bank FD Interest Rate Range for senior citizen – Check above.
6. Maximum Interest Rate in AXIS Bank FD for general public – Check above.
7. Maximum Interest Rate in AXIS Bank FD for senior citizen – Check above.
8. Additional 0.50% interest rate to senior citizen persons – AXIS Bank Fixed Deposit offers additional 0.50% interest rate to senior citizen persons.
9. Option of premature/partial withdrawal – For emergency purpose, the FD of AXIS bank can be closed.
10. Overdraft facility against FD – The FD of AXIS bank comes with the facility of overdraft. You can use Up to 90% on principal plus accrued interest as overdraft. No need to close pre-maturily your FD of AXIS bank.
11. Automatic renewal feature in AXIS Bank Fixed Deposit – No need to come to bank or remind to renew your AXIS bank FD, as it has the automatic renewal facility.
12. Nomination Facility in AXIS Bank FD – Nomination facility is available in the AXIS bank FD.
13. Multiple AXIS Bank FD – You can open Multiple AXIS Bank FD of different amount and different tenure.
14. Open FDanytime, anywhere in AXIS Bank – Fixed deposit in AXIS bank can be opened via many channels or ways like:
    1. AXIS Bank Branch
    2. AXIS Bank Internet Banking
    3. AXIS Bank Mobile app
    4. AXIS Bank Customer Care
    5. AXIS bank ATM

HDFC bank Fixed Deposit features and Benefits:

1. Safer, having liquidity and flexibility – HDFC Bank Fixed Deposit is a safe investment option which offers assured returns on your investment.
2. Tenure Flexibility – Flexibility of tenure in HDFC Bank Fixed Deposit : 7 days to 10 years
3. Sweep IN and sweep OUT facility in HDFC FD– The excess fund can be sweeped in to HDFC FD account and in the need of fund, the required money gets sweeped out, while the balance amount in FD account will continue to earn the higher interest.
4. HDFC Bank FD Interest Rate Range for general public – Check above.
5. HDFC Bank FD Interest Rate Range for senior citizen– Check above.
6. Maximum Interest Rate in HDFC Bank FD for general public – Check above.
7. Maximum Interest Rate in HDFC Bank FD for senior citizen – Check above.
8. Additional 0.50% interest rate to senior citizen persons – HDFC Bank Fixed Deposit offers additional 0.50% interest rate to senior citizen persons.
9. Option of premature/partial withdrawal – For emergency purpose, the FD of HDFC bank can be closed.
10. Overdraft facility against FD – The FD of HDFC bank comes with the facility of overdraft. You can use Up to 90% on principal plus accrued interest as overdraft. No need to close pre-maturily your FD of HDFC bank.
11. Automatic renewal feature in HDFC Bank Fixed Deposit – No need to come to bank or remind to renew your HDFC bank FD, as it has the automatic renewal facility.
12. Nomination Facility in HDFC Bank FD – Nomination facility is available in the HDFC bank FD.
13. Multiple HDFC Bank FD – You can open Multiple HDFC Bank FD of different amount and different tenure.
14. Open FDanytime, anywhere in HDFC Bank – Fixed deposit in HDFC bank can be opened via many channels or ways like:
    1. HDFC Bank Branch
    2. HDFC Bank Internet Banking
    3. HDFC Bank Mobile app
    4. HDFC Bank Customer Care
    5. HDFC bank ATM

ICICI Bank Fixed deposit calculator:

You can calculate FD interest rate of ICICI bank on their official website to get latest update:

ICICI Bank Fixed deposit calculator

Axis Bank Fixed deposit calculator:

You can calculate FD interest rate of Axis bank on their official website to get latest update:

Axis Bank Fixed deposit calculator

HDFC Bank Fixed deposit calculator:

You can calculate FD interest rate of HDFC bank on their official website to get latest update:

HDFC Bank Fixed deposit calculator

Latest News and updates of FD of ICICI, Axis, HDFC banks:

1. Axis bank has started offering zero penalty on pre-mature withdrawal of Fixed deposit: (Click here for Axis bank official order)

Axis bank, India’s third-largest private sector has offered zero penalty on the pre-mature withdrawal of Fixed deposit for retailers. In a press release dated 11th January, 2021, Axis bank has offered this new feature, which is said to be one of the first in the retail category.

The highlights of this zero penalty on the pre-mature withdrawal of Fixed deposit of Axis bank –

1. This benefit is applicable on all new term deposits booked or renewed on or after December 15, 2020.
2. The new feature removes penalty on premature closure of 2 year+ tenure deposits withdrawn after 15 months. Means, FD must be of more than 2 years term and FD withdrawal must be exercised after 15 months of deposit.
3. The new feature will be applicable on all new fixed deposits and recurring deposits.

Disclaimer: Kindly consult your bank for latest and authentic rate of interest on Fixed deposit.