ICICI Bank Hikes Fixed Deposit Interest Rate w.e.f. August 19, 2022

ICICI Bank following other state-owned and private run banks has increased fixed deposit interest rates. The new revised rates come into effect from today i.e. August 19, 2022.

Accordingly as per the bank website, regular citizens on deposits below Rs. 2 crore upon the rate hike shall get a higher return by up to 40 bps on select tenure. 1 bps is one-hundredth of a percentage point.

Post the FD rate hike, ICICI Bank Fds of maturity ranging between 1 year to 2 years will now offer a return of 5.5% as against the earlier 5.35%, an increase of 0.15% or 15 bps. FD with a term of between 2 years 1 day to 3 years will offer 5.6% as against 5.5% earlier.

On the FD tenure of 3 years 1 day to 5 years, the bank has raised the FD rates by the highest quantum of 0.4% or 40 bps to 6.1% from 5.7% earlier. Furthermore, on an FD maturity between 5 years 1 day to 10 years, the bank shall offer 5.9% rate. For the same tenure previously, the private run bank offered 5.75% return.

Consequently, post the latest revision, senior citizens shall get a return of between 3.25% to 6.6%.

Here are the new ICICI Bank FD rates w.e.f. August 19, 2022

	Interest rates (per cent per annum) w.e.f. Aug 19, 2022
Maturity Period	Single deposit of less than ₹20.0 million
	General	Senior Citizen
7 days to 14 days	2.75%	3.25%
15 days to 29 days	2.75%	3.25%
30 days to 45 days	3.25%	3.75%
46 days to 60 days	3.25%	3.75%
61 days to 90 days	3.25%	3.75%
91 days to 120 days	3.75%	4.25%
121 days to 150 days	3.75%	4.25%
151 days to 184 days	3.75%	4.25%
185 days to 210 days	4.65%	5.15%
211 days to 270 days	4.65%	5.15%
271 days to 289 days	4.65%	5.15%
290 days to less than 1 year	4.65%	5.15%
1 year to 389 days	5.50%	6.00%
390 days to	5.50%	6.00%
15 months to	5.50%	6.00%
18 months to 2 years	5.50%	6.00%
2 years 1 day to 3 years	5.60%	6.10%
3 years 1 day to 5 years	6.10%	6.60%
5 years 1 day to 10 years	5.90%	6.60%
5 Years (80C FD) - Max to 1.50 lac	6.10%	6.60%

Notably before the FD rate hike by ICICI Bank a couple of banks both from the public and private space including Small Finance Bank have hiked FD rates. These include SBI, Indian Overseas Bank, Central Bank of India, HDFC Bank, Kotak Mahindra Bank, Axis Bank, Yes Bank and IDFC First Bank among others.