ICICI Bank has revised interest rates on selected fixed deposits (FDs) of less than ₹3 crore. Following the latest revision, interest rates on certain long-term deposits have increased by 10 basis points. The updated rates offer senior citizens returns of up to 7.20%, while regular customers can earn a maximum interest rate of 6.60% on eligible deposits.
The interest offered by the bank depends on the deposit period and the customer’s category. Here is a detailed look at the revised ICICI Bank FD interest rates and how much additional money customers can earn.
ICICI Bank FD Interest Rates for General Customers
ICICI Bank has increased interest rates on several long-term fixed deposit categories for regular customers.
For deposits with a maturity period of 2 years and 1 day to 3 years, the interest rate has increased from 6.45% to 6.55%.
Similarly, FDs with tenures between 3 years and 1 day and 5 years will now earn 6.60%, compared with the earlier rate of 6.50%. The same revised rate applies to deposits maturing between 5 years and 1 day and 10 years.
The interest rate on the 5-year tax-saving fixed deposit has also increased from 6.50% to 6.60%.
For shorter deposit periods, the bank offers the following interest rates:
| FD Tenure | Interest Rate |
|---|---|
| 7 to 45 days | 2.75% |
| 46 to 90 days | 4.00% |
| 91 to 184 days | 4.50% |
| 185 days to less than 1 year | 5.50% |
| 1 year to less than 18 months | 6.25% |
| 18 months to 2 years | 6.30% |
| 2 years 1 day to 3 years | 6.55% |
| 3 years 1 day to 5 years | 6.60% |
| 5 years 1 day to 10 years | 6.60% |
ICICI Bank FD Rates for Senior Citizens
Senior citizens receive higher interest rates than regular customers on eligible fixed deposits. Following the revision, the maximum interest rate available to them has increased to 7.20%.
For deposits with a tenure of 2 years and 1 day to 3 years, the interest rate has moved from 6.95% to 7.05%.
For FDs maturing between 3 years and 1 day and 5 years, the rate has increased from 7.10% to 7.20%. Deposits with a maturity period of 5 years and 1 day to 10 years will now earn 7.10%, compared with the earlier 7%.
The interest rate on the 5-year tax-saving FD has also been increased from 7.10% to 7.20%.
The revised short-term FD rates for senior citizens are:
| FD Tenure | Interest Rate |
|---|---|
| 7 to 45 days | 3.25% |
| 46 to 90 days | 4.50% |
| 91 to 184 days | 5.00% |
| 185 days to less than 1 year | 6.00% |
| 1 year to less than 18 months | 6.25% |
₹5 Lakh FD for 3 Years: How Much More Will You Earn?
Even a 10-basis-point increase can make a difference to the interest earned on a fixed deposit, particularly when a larger amount is invested for several years.
Consider an example of a customer investing ₹5 lakh in a three-year FD.
Under the earlier interest rate of 6.45%, the maturity amount would have been approximately ₹6,05,809. This included interest earnings of ₹1,05,809.
With the revised interest rate of 6.55%, the maturity amount increases to approximately ₹6,07,600. The total interest earned would be ₹1,07,600.
| Particulars | Earlier Rate | New Rate |
|---|---|---|
| FD Investment | ₹5,00,000 | ₹5,00,000 |
| Interest Rate | 6.45% | 6.55% |
| Investment Period | 3 Years | 3 Years |
| Maturity Amount | ₹6,05,809 | ₹6,07,600 |
| Interest Earned | ₹1,05,809 | ₹1,07,600 |
Based on these figures, the customer would receive approximately ₹1,791 more at the revised interest rate.
These calculations assume quarterly compounding and are before tax deductions. Actual maturity proceeds may depend on the bank’s applicable terms and tax treatment.
Disclaimer: This article is intended for general informational purposes only. Fixed deposit interest rates, maturity amounts and deposit conditions are subject to ICICI Bank’s official terms and may change without prior notice. The calculations provided are illustrative and do not represent guaranteed returns for every customer. Investors should check the latest FD rates, premature withdrawal conditions, tax implications and other applicable charges on the official ICICI Bank website before making an investment decision.