diff --git a/src/qt/bitcoingui.cpp b/src/qt/bitcoingui.cpp
index 5321cd94f..cd2ca2179 100644
--- a/src/qt/bitcoingui.cpp
+++ b/src/qt/bitcoingui.cpp
@@ -1066,10 +1066,10 @@ bool BitcoinGUI::handlePaymentRequest(const SendCoinsRecipient& recipient)
     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").pixmap(STATUSBAR_ICONSIZE,STATUSBAR_ICONSIZE));
-    labelWalletHDStatusIcon->setToolTip(hdEnabled ? tr("HD key generation is <b>enabled</b>") : tr("HD key generation is <b>disabled</b>"));
+    labelWalletHDStatusIcon->setPixmap(platformStyle->SingleColorIcon(privkeyDisabled ? ":/icons/eye" : hdEnabled ? ":/icons/hd_enabled" : ":/icons/hd_disabled").pixmap(STATUSBAR_ICONSIZE,STATUSBAR_ICONSIZE));
+    labelWalletHDStatusIcon->setToolTip(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);
@@ -1115,7 +1115,7 @@ void BitcoinGUI::updateWalletStatus()
     }
     WalletModel * const walletModel = walletView->getWalletModel();
     setEncryptionStatus(walletModel->getEncryptionStatus());
-    setHDStatus(walletModel->wallet().hdEnabled());
+    setHDStatus(walletModel->privateKeysDisabled(), walletModel->wallet().hdEnabled());
 }
 #endif // ENABLE_WALLET
 
diff --git a/src/qt/bitcoingui.h b/src/qt/bitcoingui.h
index 61cd6f76c..2770f2e11 100644
--- a/src/qt/bitcoingui.h
+++ b/src/qt/bitcoingui.h
@@ -215,7 +215,7 @@ private:
      @param[in] status            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);