diff --git a/src/qt/bitcoingui.h b/src/qt/bitcoingui.h
--- a/src/qt/bitcoingui.h
+++ b/src/qt/bitcoingui.h
@@ -242,7 +242,7 @@
      @param[in] hdEnabled         current hd enabled status
      @see WalletModel::EncryptionStatus
      */
-    void setHDStatus(int hdEnabled);
+    void setHDStatus(bool privkeyDisabled, int hdEnabled);
 
 public Q_SLOTS:
     bool handlePaymentRequest(const SendCoinsRecipient &recipient);
diff --git a/src/qt/bitcoingui.cpp b/src/qt/bitcoingui.cpp
--- a/src/qt/bitcoingui.cpp
+++ b/src/qt/bitcoingui.cpp
@@ -1285,15 +1285,19 @@
     return false;
 }
 
-void BitcoinGUI::setHDStatus(int hdEnabled) {
+void BitcoinGUI::setHDStatus(bool privkeyDisabled, int hdEnabled) {
     labelWalletHDStatusIcon->setPixmap(
         platformStyle
-            ->SingleColorIcon(hdEnabled ? ":/icons/hd_enabled"
-                                        : ":/icons/hd_disabled")
+            ->SingleColorIcon(privkeyDisabled
+                                  ? ":/icons/eye"
+                                  : hdEnabled ? ":/icons/hd_enabled"
+                                              : ":/icons/hd_disabled")
             .pixmap(STATUSBAR_ICONSIZE, STATUSBAR_ICONSIZE));
     labelWalletHDStatusIcon->setToolTip(
-        hdEnabled ? tr("HD key generation is <b>enabled</b>")
-                  : tr("HD key generation is <b>disabled</b>"));
+        privkeyDisabled
+            ? tr("Private key <b>disabled</b>")
+            : hdEnabled ? tr("HD key generation is <b>enabled</b>")
+                        : tr("HD key generation is <b>disabled</b>"));
 
     // eventually disable the QLabel to set its opacity to 50%
     labelWalletHDStatusIcon->setEnabled(hdEnabled);
@@ -1344,7 +1348,8 @@
     }
     WalletModel *const walletModel = walletView->getWalletModel();
     setEncryptionStatus(walletModel->getEncryptionStatus());
-    setHDStatus(walletModel->wallet().hdEnabled());
+    setHDStatus(walletModel->privateKeysDisabled(),
+                walletModel->wallet().hdEnabled());
 }
 #endif // ENABLE_WALLET