Most banks have revised their fixed deposit interest rates after RBI last revised its repo rate in August. 
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Most banks have revised their fixed deposit interest rates after RBI last revised its repo rate in August. Private sector lenders ICICI Bank and Federal Bank hiked their interest rates on fixed deposits of less than Rs 2 crore just ahead of the Reserve Bank of India's (RBI) monetary policy review this week. As per the details on ICICI Bank’s official website, the new rates are effective from September 26, 2022.
Whereas, Federal Bank has said the new rates are effective from September 27, 2002. Most banks have revised their fixed deposit interest rates after RBI last revised its repo rate in August. The RBI, which has since May raised the short-term lending rate (repo) by 140 basis points (bps), may again go for a 50-bps increase to take it to a three-year high of 5.9 per cent, market experts have said.
New rates of ICICI Bank
The private sector lender has hiked its interest rates on short-term deposits maturing in 91 days to 184 days. On these tenures, the bank has hiked interest rates by 25 bps.
The bank is offering an interest rate of 2.75 per cent for FD schemes of 7 days to 29 days. The interest rate for schemes of 30 days to 90 days is 3.25 per cent. For the next slab of 91 days to 184 days, the new interest rate is 4 per cent, which was at 3.75 per cent earlier.
For the next slab, 185 days to less than 1 year, the interest rate of 4.65 per cent on deposits has been fixed at 5.50 per cent. Fixed deposits maturing in 2 years 1 day to 3 years will continue to offer an interest rate of 5.60 per cent and deposits maturing in 3 years 1 day to 5 years will continue to offer an interest rate of 6.10 per cent.
On deposits maturing in 5 years 1 day to 10 years, ICICI Bank will continue to offer an interest rate of 5.90 per cent.
| Tenures | General investors | Senior citizens |
| 7 days to 14 days | 2.75% | 3.25% |
| 15 days to 29 days | 2.75% | 3.25% |
| 46 days to 60 days | 3.25% | 3.75% |
| 61 days to 90 days | 3.25% | 3.75% |
| 91 days to 120 days | 4.00% | 4.50% |
| 121 days to 150 days | 4.00% | 4.50% |
| 151 days to 184 days | 4.00% | 4.50% |
| 185 days to 210 days | 4.65% | 5.15% |
| 211 days to 270 days | 4.65% | 5.15% |
| 271 days to 289 days | 4.65% | 5.15% |
| 290 days to less than 1 year | 4.65% | 5.15% |
| Tenures | General investors | Senior citizens |
| 1 year to 389 days | 5.50% | 6.00% |
| 390 days to | 5.50% | 6.00% |
| 15 months to | 5.50% | 6.00% |
| 18 months to 2 years | 5.50% | 6.00% |
| 2 years 1 day to 3 years | 5.60% | 6.10% |
| 3 years 1 day to 5 years | 6.10% | 6.60% |
| 5 years 1 day to 10 years | 5.90% | #6.60% |
| 5 Years (80C FD) – Max to Rs 1.50 lakh | 6.10% | 6.60% |
Federal Bank
The bank will offer an interest rate of 3.25 per cent on FDs for tenure 7 to 29 days and 3.20 per cent on deposits maturing in the 30 to 45 days. The interest rate for 46 to 60 days is 3.75 per cent interest. For the next slab, 61 to 90 days, the interest rate has been fixed at 4.00 per cent, while for 91 days to 119 days, the bank will be paying an interest rate of 4.10 per cent. For tenures of 120 days to 180 days, the bank will continue to offer an interest rate of 4.25 per cent.
For the next slab, 181 days to 332 days, the Federal Bank is offering an interest rate of 4.80 per cent to retail investors. For 333 days, the new rate is 5.60 per cent. The fixed deposits maturing in 334 days to less than 1 year will continue to offer an interest rate of 4.80 per cent and term deposits maturing in 1 year will now offer an interest rate of 5.60 per cent, which was earlier 5.45 per cent.
The bank is offering an interest rate of 5.60 per cent on deposits maturing in 1 year+ to less than 20 months to the retail investors, and the interest rate for schemes maturing in 20 months is 6.10 per cent.
| Period | General residents | General senior citizens |
| 1 Year | 5.70% | 6.20% |
| 20 Mnoths | 6.20% | 6.70% |
| 700 Days | 7.10% | 7.60% |
| 2 Years | 5.95% | 6.45% |
| 750 Days | 6.60% | 7.10% |
| 3 Years | 6.20% | 6.70% |
| 4 Years | 6.20% | 6.70% |
| 5 Years | 6.20% | 6.85% |
On fixed deposits maturing in above 20 months to 699 days, the bank is now offering an interest rate of 5.60 per cent to the retail investors, and on deposits maturing in 700 days, the bank will now offer an interest rate of 7 per cent. The revised rates for schemes of 701 days to 749 days will now offer an interest rate of 5.75 per cent and term deposits maturing in 750 days will now offer an interest rate of 6.50 per cent.
Federal Bank will now offer 5.75 per cent on deposits of 751 days to less than 3 years and 6 per cent on deposits of 3 years to 2,221 days. Fixed deposits maturing in 2,222 days will offer 6.20 per cent to investors, while for deposits above 2,222 days, the new interest rate is 6 per cent.
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