Synopsis
Several banks including ICICI Bank and Indian Bank have increased their fixed deposit interest rates recently. The Reserve Bank of India raised the repo rate, influencing banks to adjust their deposit rates. ICICI Bank now offers 6.60% for general citizens and 7.20% for senior citizens on select tenures. Indian Bank has also raised rates on specific fixed deposit options for its customers.
ET OnlineMany banks including ICICI Bank and Indian Bank have raised their fixed deposit (FD) interest rates this month. Amid rising inflation, when the Reserve Bank of India (RBI) increased the repo rate from 5.25% to 5.50% early this month, some banks raised their deposit rates. The possibility of further FD rate hikes can’t also be ruled out.
However, banks may not increase rates on all of their FD tenures and they may also take from some days to years to increase the rates. The FD rate hike may also vary from bank to bank.
Here we take you through the recent FD rate changes by ICICI Bank and Bank of India. We will also take you through the FD rates offered by State Bank of India (SBI) and HDFC Bank.
ICICI Bank FD interest rates: What has changed?
ICICI Bank has increased its FD interest rates by 10 bps on select tenures for deposits below Rs 3 crore, effective October 23, 2026.
For general citizens, the rate on FDs with tenures of three years and one day to five years has increased from 6.50% to 6.60%. The same revised rate applies to deposits with tenures of five years and one day to 10 years and to the five-year tax-saver FD.
Senior citizens can earn up to 7.20% on deposits with tenures of three years and one day to five years and on the five-year tax-saver FD.
Latest Indian Bank FD interest rates
Indian Bank has increased the interest rate on its Ind Grow (555 days) FD from 6.65% to 6.80% and on its Ind Prosper (777 days) FD from 6.60% to 6.75%, effective October 23, 2026, for deposits below Rs 3 crore. Senior citizens will get a 50 bps extra rate on both these FDs.
| Bank | Highest FD interest rate for general citizens | Tenure | Highest FD interest rate for senior citizens | Tenure |
| ICICI Bank | 6.60% | 3 years 1 day to 5 years; 5 years 1 day to 10 years | 7.20% | 3 years 1 day to 5 years |
| HDFC Bank | 6.50% | 3 years 1 day to less than 4 years 7 months | 7.10% | 3 years 1 day to less than 4 years 7 months |
| State Bank of India (SBI) | 6.40% | 2 years to less than 3 years | 7.05% | 5 years to 10 years, including SBI We-care deposits |
| Indian Bank | 6.80% | Ind Grow: 555 days | 7.30%* | Ind Grow: 555 days |
Latest HDFC Bank FD interest rates
HDFC Bank has not revised its fixed deposit interest rates following the RBI's repo rate announcement. The bank currently offers a maximum interest rate of 6.50% to general citizens and 7.10% to senior citizens on FDs with tenures ranging from 3 years and 1 day to less than 4 years and 7 months.
Latest State Bank of India FD interest rates
SBI has not revised its fixed deposit interest rates. The bank currently offers a maximum interest rate of 6.40% to general citizens on 2 years to less than 3 years tenure and 7.05% to senior citizens on a tenure of 5 years and up to 10 years (including SBI We-care deposits).
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