New Delhi: The month of December has both good and bad news for bank customers. 3 major Banks in India have revised interest rates --while ICICI Bank and HDFC bank have hiked interest rates on Fixed Deposits, public sector lender Punjab National Bank has slashed interest rates on Savings accounts of customers.


ICICI Bank has revised interest rates on fixed deposits 


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Private sector lender ICICI Bank has revised interest rates on fixed deposits (FDs) ranging from 7 days to 10 years. 


These revised interest rates will be applicable for new deposits and renewal of existing term deposits. ICICI Bank minimum tenure for Domestic & NRO term deposits is 7 days and no interest is payable for deposits prematurely withdrawn within the period of 7 days from the date of deposit. Minimum tenure for NRE term deposits is 1 year and no interest is payable for deposits prematurely withdrawn within the period of 1 year from the date of deposit.


The new interest rates, for Domestic, NRO & NRE deposits (Less than Rs 5 crore) w.e.f. November 16, 2021 for Single deposit of less than Rs 20.0 million and that of Single deposit of Rs 20.0 mn & above but less than Rs 50.0 mn  w.e.f. November 29, 2021


Maturity Period Interest rates (per cent per annum) w.e.f. November 16, 2021 Interest rates (per cent per annum) w.e.f. November 29, 2021
Single deposit of less than ₹20.0 million Single deposit of ₹20.0 mn & above but less than 50.0 mn
General **Senior Citizen General **Senior Citizen
7 days to 14 days 2.50% 3.00% 2.75% 2.75%
15 days to 29 days 2.50% 3.00% 2.75% 2.75%
30 days to 45 days 3.00% 3.50% 3.00% 3.00%
46 days to 60 days 3.00% 3.50% 3.00% 3.00%
61 days to 90 days 3.00% 3.50% 3.15% 3.15%
91 days to 120 days 3.50% 4.00% 3.15% 3.15%
121 days to 150 days 3.50% 4.00% 3.15% 3.15%
151 days to 184 days 3.50% 4.00% 3.15% 3.15%
185 days to 210 days 4.40% 4.90% 3.65% 3.65%
211 days to 270 days 4.40% 4.90% 3.65% 3.65%
271 days to 289 days 4.40% 4.90% 3.90% 3.90%
290 days to less than 1 year 4.40% 4.90% 3.90% 3.90%
1 year to 389 days 4.90% 5.40% 4.05% 4.05%
390 days to < 15 months 4.90% 5.40% 4.05% 4.05%
15 months to < 18 months 4.90% 5.40% 4.15% 4.15%
18 months to 2 years 5.00% 5.50% 4.25% 4.25%
2 years 1 day to 3 years 5.15% 5.65% 4.50% 4.50%
3 years 1 day to 5 years 5.35% 5.85% 4.70% 4.70%
5 years 1 day to 10 years 5.50% #6.30% 4.70% 4.70%
5 Years (80C FD) – Max to `1.50 lac 5.35% 5.85% NA NA

PUNJAB NATIONAL BANK SLASHES SAVINGS ACCOUNT INTEREST RATE


In what could dampen the spirit of account holders of small savings account, Punjab National Bank (PNB) has slashed interest rates on savings deposits. 


PNB has reduced interest rate on savings account deposits by 10 basis points (bps) for account balance less than Rs 10 lakh and by 5 basis points (bps) for account balance of Rs 10 lakh and above to 2.80% p.a and 2.85% p.a respectively. The new interest rates is effective from December 1, 2021. (Also read: Kotak Mahindra Bank hikes home loan rates by 0.05% --Check new interest rates here)


  Rate Of Interest  
Saving Fund Account Balance below Rs. 10 Lakh 2.80% p.a.  
Saving Fund Account Balance of Rs. 10 Lakh & above 2.85% p.a.  

HDFC Bank has revised interest rates on fixed deposits 


HDFC Bank has increased the interest rates on fixed deposits (FDs) across various tenors. The increased rates of interest are applicable from December 1. Here is the HDFC revised rates


7 - 14 days: 2.50 percent


15 - 29 days: 2.50 percent


30 - 45 days: 3.00 percent


46 - 60 days: 3.00 percent


61-90 days: 3.00 percent


91 days - 6 months: 3.50 percent


6 months 1 day - 9 months: 4.40 percent


9 months 1 day < 1 year: 4.40 percent


1 year: 4.90 percent


1 year 1 day - 2 years: 5.00 percent


2 years 1 day - 3 years: 5.15 percent


3 years 1 day - 5 years: 5.35 percent


5 years 1 day - 10 years: 5.50 percent


 


HDFC bank will continue to offer 25 basis points additional rate of interest to senior citizens opening fixed deposit accounts with the private lender. 


ICICI Bank gives interest rates ranging from 2.5% to 5.50% on deposits between 7 days to 10 years of maturity. Interest earned on the Fixed Deposit will be subject to Tax Deducted at Source as per Income Tax laws.


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