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ICICI Bank hikes FD rates by up to 50 bps, special deposit scheme extended

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One of the leading private sector banks in India, ICICI Bank has hiked its interest rates on fixed deposits of less than 2 Cr. As per the bank’s official website, the new rates are effective as of October 29, 2022. Following the revision, the bank has hiked interest rates by up to 50 bps on deposits maturing in 46 days to 10 years. On deposits maturing in 7 days to 10 years, the bank is now offering an interest rate ranging from 3.00% to 6.25% for the general public and 3.50% to 6.95% for senior citizens. Deposits maturing in 3 years 1 day to 5 years will fetch a maximum interest rate of 6.35% to the general public and 6.95% for senior citizens on deposits maturing in 5 years 1 day to 10 years.

ICICI Bank FD Rates

On fixed deposits maturing in 7 days to 29 days the bank will continue to offer an interest rate of 3.00% and on fixed deposits maturing in 30 days to 45 days, ICICI Bank will continue to offer an interest rate of 3.50%. ICICI Bank has hiked interest rate by 25 bps from 3.50% to 3.75% on deposits maturing in 46 days to 60 days and the bank has hiked interest rate by 25 bps from 3.75% to 4.00% on those maturing in 61 days to 90 days.

Deposits maturing in 91 days to 184 days will now pay an interest rate of 4.50% which was earlier 4.25% representing a hike of 25 bps and those maturing in 185 days to 289 days will now fetch an interest rate of 5.25% which was earlier 5%, representing a hike of 25 bps. ICICI Bank has hiked interest rate by 50 bps from 5% to 5.50% on deposits maturing in 290 days to less than 1 year and the bank has hiked interest rate by 30 bps from 5.80% to 6.10% on those maturing in 1 year to 18 months. On term deposits maturing in 18 months to 2 years, the bank has hiked interest rate by 35 bps from 5.80% to 6.15% on deposits maturing in 18 months to 2 years.

Deposits maturing in 2 years 1 day to 3 years will now fetch an interest rate of 6.20% which was earlier 6%, representing a hike of 20 bps and those maturing in 3 years 1 day to 5 years will now fetch an interest rate of 6.35% which was earlier 6.20%, showing a hike of 15 bps. ICICI Bank has hiked interest rate by 15 bps from 6.10% to 6.25% on deposits maturing in 5 years 1 day to 10 years and the bank has hiked interest rate by 15 bps from 6.20% to 6.35% on tax savings deposits maturing in 5 years.

ICICI Bank FD Rates

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ICICI Bank FD Rates (icicibank.com)

With effect from 29th October 2022, ICICI Bank has also extended the validity period from 31st October 2022 to 7th April 2023 of its special fixed deposit scheme “ICICI Bank Golden Years FD”. On ICICI Bank Golden Years FD, resident senior citizens will get an additional interest rate on an FD of 0.20% over and above the existing additional rate of 0.50% per annum. The scheme comes with a fixed tenor of 5 years 1 day, up to 10 years and on this tenure ICICI Bank offers a standard interest rate of 6.25% but senior citizens will get an interest rate of 6.95% which is 70 bps higher than the standard rate. The additional rate will be offered on newly established deposits as well as deposits renewed during the scheme duration, and the interest rate is applicable on a single fixed deposit (FD) opened with ICICI Bank for an amount less than 2 crore.

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