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The interest rates on fixed deposits worth more than Rs. 2 Cr. but less than Rs. 5 Cr. have been revised by the private sector lender ICICI Bank. According to the bank’s official website, the new rates are effective as of 15th October 2022. Following the modification, ICICI Bank is now offering an interest rate on deposits maturing in 7 days to 10 years that range from 3.75% to 6.25%. The maximum interest rate on deposits maturing in 1 year to 389 days to 2 years and 1 day to 3 years will now be 6.50%.
ICICI Bank FD Rates
The bank will now give an interest rate of 3.75% for deposits maturing in the next 7 to 29 days, and an interest rate of 4.75% for deposits maturing in the next 30 to 45 days, according to ICICI Bank. Deposits maturing between 46 and 60 days from now on will earn interest at a rate of 5.00%, while deposits maturing between 61 and 90 days from now on will earn interest at a rate of 5.25%. On deposits maturing in 91 days to 184 days, ICICI Bank will now pay an interest rate of 5.50%, and on deposits maturing in 185 days to 270 days, the bank will now pay an interest rate of 5.75%.
The bank will now give an interest rate of 6% on deposits maturing in 271 days or less than a year, and 6.50% on deposits maturing in a year and up to 389 days, according to ICICI Bank. The interest rate on deposits maturing in the next 390 days to 2 years will be 6.45%, and the interest rate on deposits maturing in the next 2 years, 1 day to 3 years, will be 6.50%. On deposits maturing in the next three years, one day, to ten years, ICICI Bank will now pay interest at a rate of 6.25%.
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The expiration date of ICICI Bank’s special FD programme Golden Years FD was also extended on September 30, 2022, to October 31, 2022. Previously, the program’s validity date was October 7th, 2022. The bank introduced the ICICI Bank Golden Years FD for elderly folks with higher interest rate incentives on May 20, 2020. Residents who are senior citizens are eligible for an additional 0.10% in interest on an FD under the ICICI Bank Golden Years programme, which is in addition to the existing additional rate of 0.50% per year. This unique benefit is only available for FDs with terms of 5 years and 1 day to 10 years. ICICI Bank now offers an interest rate of 6.00% on deposits maturing in 5 years, 1 day to 10 years, however, elderly citizens will receive an interest rate of 6.60%, which is 60 basis points higher than the standard rate. The special interest rate advantage is applicable to a single FD established with ICICI Bank for an amount less than ₹2 crore. The additional rate will be available on new deposits opened as well as deposits renewed throughout the scheme’s duration.
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