Now Reading: ICICI Bank, Indian Bank raise FD rates after RBI repo hike
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ICICI Bank, Indian Bank raise FD rates after RBI repo hike
The Story in Brief
ICICI Bank and Indian Bank have raised fixed deposit interest rates in October 2026 following the Reserve Bank of India's repo rate hike from 5.25% to 5.50% in early October 2026. ICICI Bank increased rates by 10 basis points on select tenures for deposits below Rs 3 crore, effective 23 October 2026. General citizens now earn 6.60% on deposits with tenures of three years and one day to five years, while senior citizens get up to 7.20% on the same tenures.
Indian Bank raised rates 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 23 October 2026. Senior citizens get an extra 50 basis points on both products. HDFC Bank and State Bank of India have not revised their FD rates after the repo announcement. HDFC offers a maximum of 6.50% for general citizens and 7.10% for senior citizens, while SBI offers up to 6.40% and 7.05% respectively. Further FD rate hikes remain possible.
Indian Opinion Analysis
The repo rate increase has prompted a selective response: ICICI Bank and Indian Bank have raised rates on specific tenures, while HDFC Bank and SBI have held steady, leaving savers comparing offerings. The variation means depositors need to check individual bank schedules and tenure brackets. The article does not name a date for any further RBI policy review, leaving the possibility of additional FD rate hikes open-ended.
Source: economictimes.indiatimes.com
This brief was synthesised by AI from the source linked above. Methodology and corrections.
