Below is a detailed breakdown of the new rates and a comparison to help you decide which bank is best for your investment needs:
ICICI Bank Fixed Deposit Rates (Effective from 11th September 2024)
ICICI Bank offers fixed deposits with early withdrawal option. Below are the updated rates for deposits below ₹3 crore:
Tenure | Citizen in general | Retired |
7 to 29 days | 3.00% | 3.50% |
30 to 45 days | 3.50% | 4.00% |
46 to 60 days | 4.25% | 4.75% |
61 to 90 days | 4.50% | 5.00% |
91 to 184 days | 4.75% | 5.25% |
185 to 270 days | 5.75% | 6.25% |
271 days to < 1 year | 6.00% | 6.50% |
1 year to < 15 months | 6.70% | 7.20% |
15 months to < 18 months | 7.25% | 7.80% |
18 months to 2 years | 7.25% | 7.75% |
2 years 1 day to 5 years | 7.00% | 7.50% |
5 years 1 day to 10 years | 6.90% | 7.40% |
5-year tax saving FD | 7.00% | 7.50% |
(Source: ICICI Bank)
Axis Bank Fixed Deposit Rates (Effective from 11th September 2024)
Axis Bank The revised FD rates are also applicable for deposits below ₹3 crore, and differ for general and senior citizens:
Tenure | Citizen in general | Retired |
7 to 14 days | 3.00% | 3.50% |
15 to 29 days | 3.00% | 3.50% |
30 to 45 days | 3.50% | 4.00% |
46 to 60 days | 4.25% | 4.75% |
61 days to < 3 months | 4.50% | 5.00% |
From 3 months to 6 months | 4.75% | 5.25% |
From 6 months to 9 months | 5.75% | 6.25% |
9 months to < 1 year | 6.00% | 6.50% |
1 year to < 15 months | 6.70% | 7.20% |
15 months to < 18 months | 7.25% | 7.75% |
18 months to 2 years | 7.25% | 7.75% |
2 years to < 3 years | 7.10% | 7.60% |
3 years to 5 years | 7.10% | 7.60% |
5 years to 10 years | 7.00% | 7.75% |
(Source: Axis Bank)
Which FD is better?
For short term (up to 1 year): Both banks offer almost identical rates for short-term fixed-term depositsYou can choose either one, depending on your convenience.
For the intermediate period (1 to 3 years): Axis Bank offers a slight edge for general citizens, offering 7.10% for tenors between 2-3 years, compared to ICICI’s 7.00%.
For senior citizens, Axis Bank again stands out with a rate of 7.60% compared to ICICI’s 7.50%.
For long term (5 years and more): For long term deposits, Axis Bank offers a higher interest rate of 7.00% for general citizens and 7.75% for senior citizens, while ICICI Bank offers 6.90% for general citizens and 7.40% for senior citizens.
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