Private sector banker, ICICI Bank revised bulk fixed deposit interest rates for both general category and senior citizens with effect from November 23, 2022. A depositor can earn as high as 6.80% on FDs between ₹2 crore to ₹5 crore. The rates are some for both elderlies and the general public, while ranging from 3.75% to 6.80%. ICICI Bank has also revised rates on FDs from ₹5 crore and above with a premature withdrawal facility. The minimum tenure is 7 days while it can be at a maximum of 10 years.
As per the bank’s website, with effect from November 23, the interest rate is highest at 6.80% for both general category and senior citizens on FDs between ₹2 crore to ₹5 crore for tenures ranging from 15 months to 3 years. The rate is 6.50% for 3 years 1 day to 10 years tenure. The bank also offers a 6.75% rate on tenures from 1 year to less than 15 months.
An interest rate of 5.75% is offered on tenures from 91 days to 184 days. There is an interest rate of 5.25% provided on 61 days to 90 days tenure, while the rate is 5% on 46 days to 60 days, and 4.75% on 30 days to 45 days tenures.
On the shorter period from 7 days to 29 days tenure, ICICI Bank is offering a 3.75% rate to both categories.
On FDs from ₹5 crore and above, the bank is offering interest rates from 3.75% to a maximum of 7.15% with effect from November 23. These FDs have premature withdrawal facilities.
The bank has kept FD rates on deposits below ₹2 crore unchanged. It offers from 3% to 6.60% rate to the general public on these FDs, while senior citizens enjoy much higher rates from 3.50% to 7.10%. The 5-year tax saving FD scheme is also applicable on deposits below ₹2 crore. One customer can avail of a maximum tax deduction of ₹1. 5 lakh from taxable income through an ICICI Bank FD.
Notably, ICICI Bank also has a Golden Years FD Interest Rates scheme which has been revised from November 16, 2022. Here, resident senior citizen customers will get an additional interest rate on an FD of 0.10% for a limited time over and above the existing additional rate of 0.50% per annum. The eligible tenure for this scheme is 5 years 1 day to 10 years, while the deposit amount should be less than ₹2 crore. The scheme is scheduled to end on April 7, 2023.
