Get Upto 7.20% Returns: ICICI Bank Revises Fixed Deposit (FD) Rates Effective From Today

With a market valuation of Rs 7.84 lakh cr, ICICI Bank, the country's second-largest private sector bank, has announced a modification to its fixed deposits of less than Rs 3 Cr. For select tenures, the bank is now providing elderly people with a maximum return of 7.70% and the general public with a maximum return of 7.20%. The senior citizen rates are solely applicable for domestic term deposits. The revised fixed deposit interest rates effective as of 14th June will apply to new ICICI Bank fixed deposits as well as to renewals of current fixed deposits.

ICICI Bank FD Rates

The bank is giving a 3.00% interest rate on deposits maturing in 7 to 29 days and a 3.50% interest rate on accounts maturing in 30 to 45 days at ICICI Bank. For fixed deposit terms ranging from 46 to 60 days, ICICI Bank is giving an interest rate of 4.25%; for terms ranging from 61 to 90 days, the interest rate is 4.50%. At ICICI Bank, fixed deposits with maturities between 91 and 184 days will yield an interest rate of 4.75%, while those with maturities between 185 and 270 days will provide an interest rate of 5.75%.

ICICI Bank is giving an interest rate of 6.70% on deposits that mature in 1 year to 15 months, while the bank will pay 6% interest on deposits maturing in 271 days to less than a year. Interest rates are available from ICICI Bank at 7.20% for deposits made between 15 months and 2 years, and 7.00% for those made between 2 years and 1 day and 5 years. Public deposits at ICICI Bank maturing in 5 years, 1 day, to 10 years will earn an interest rate of 6.90%.

Interest rates (per cent per annum) w.e.f. June 14, 2024
Maturity Period	Less than Rs 3.0 Crores	Rs 3.0 Crores & above but less than Rs 5.0 Crores
7 days to 14 days	3.00%	4.75%
15 days to 29 days	3.00%	4.75%
30 days to 45 days	3.50%	5.50%
46 days to 60 days	4.25%	5.75%
61 days to 90 days	4.50%	6.00%
91 days to 120 days	4.75%	6.50%
121 days to 150 days	4.75%	6.50%
151 days to 184 days	4.75%	6.50%
185 days to 210 days	5.75%	6.75%
211 days to 270 days	5.75%	6.75%
271 days to 289 days	6.00%	6.85%
290 days to less than 1 year	6.00%	6.85%
1 year to 389 days	6.70%	7.30%
390 days to 15 months	6.70%	7.25%
15 months to 18 months	7.20%	7.20%
18 months to 2 years	7.20%	7.20%
2 years 1 day to 3 years	7.00%	7.00%
3 years 1 day to 5 years	7.00%	7.00%
5 years 1 day to 10 years	6.90%	7.00%
5 Years (80C FD) - Max to Rs.1.50 lac	7.00%	NA
Source: Bank Website

"An additional interest rate of 5 basis points (bps) over & above the existing 50 bps, will be paid to Senior Citizens on FDs (less than Rs 3 crore) for tenures of 15 months to less than 18 months," mentioned ICICI Bank on its website regarding special rates for senior citizens.

Recently on 12th June, India's largest private sector lender by market cap HDFC Bank announced an interest rate hike on fixed deposits of less than Rs 3 Cr. On a tenure of 18 months to 21 months, HDFC Bank is now offering a maximum return of 7.25% to the general public and 7.75%.

The retail fixed deposit limit was raised by the RBI at its latest MPC meeting from Rs 2 Cr to Rs 3 Cr, meaning that deposits above this amount would now be classified as bulk deposits. Following the news, Indian banks-including Bank of Baroda, Bank of Maharashtra, Canara Bank, Punjab National Bank, Axis Bank, HDFC Bank, ICICI Bank, Yes Bank, DCB Bank, and RBL Bank-have revised the interest rates on their fixed deposit accounts so far.