ICICI Bank FD Rates
The bank will continue to give a 3.00% interest rate on deposits maturing in the next 7 to 29 days, and a 3.50% interest rate on deposits maturing in the next 30 to 45 days, according to ICICI Bank. ICICI Bank increased interest rates on fixed deposits (FDs) maturing in 46 days to 60 days by 25 basis points (bps), from 3.75% to 4.00%, and on those maturing in 61 days to 90 days by 25 bps, from 4.25% to 4.50%.
Deposits maturing in 91 days to 184 days will now earn an interest rate of 4.75%, up from 4.50% before, a 25 basis point increase. Deposits maturing in 185 days to 289 days will now earn an interest rate of 5.50%, up from 5.25% previously, a 25 basis point increase. The bank raised the interest rates on FDs maturing in 290 days to less than 1 year by 25 basis points (bps), from 5.50% to 5.75%, and by 50 bps, from 6.10% to 6.60%, on FDs maturing in 1 year to 15 months.
ICICI Bank has hiked interest rate by 60 bps from 6.40% to 7% on FDs maturing in 15 months to 2 years and the bank has hiked interest rate by 50 bps from 6.50% to 7% on those maturing in 2 years 1 day to 3 years. Deposits maturing in 3 years, 1 day to 5 years will now earn interest at a rate of 7.00% (up from 6.60% previously, a 40 bps hike), and those maturing in 5 years, 1 day to 10 years will now earn interest at a rate of 6.90% (up from 6.50% before, a 40 bps rise). ICICI Bank increased the interest rate on 5-year tax-saving fixed deposits by 40 basis points (bps), from 6.60% to 7.00%.
With effect from December 16, ICICI Bank will offer additional interest rates on FDs of 0.10% to resident senior citizen customers, in addition to the existing additional rate of 0.50% per year under the ICICI Bank Golden Years FD. The duration of this special senior citizen treatment is from 20 May 2020 to 7 April 2023, and the eligible tenure ranges from 5 years and 1 day to 10 years. The special interest rate benefit for older adults under the ICICI Bank Golden Years FD is applicable on a single FD registered via ICICI Bank of an amount less than ₹2 crore. The additional rate will be applicable on new deposits made as well as deposits renewed during the valid duration of ICICI Bank Golden Years Fixed Deposit.
ICICI Bank has mentioned on its website that "In case a Fixed Deposit is opened and the above scheme is prematurely withdrawn/closed after, on or after 5 years 1 day, the applicable penal rate will be 1.10%. In case the deposit opened in the above scheme is prematurely withdrawn/closed before 5 years 1 day, the prevailing premature withdrawal policy will be applicable."
On domestic deposits under ₹2 crore, ICICI Bank staff (including retired employees) would receive an additional 1% rate of interest. Additionally, the new fixed deposit interest rates will be applied to both new and renewed fixed deposit accounts with the ICICI Bank.
