ICICI Bank Revises Bulk FD Interest Rates For Individuals, Senior Citizens; Check Latest Rates Here

Leading private sector bank, ICICI Bank has revised its bulk fixed deposits interest rates with effect from October 5, 2023. The move also comes ahead of RBI's policy which will be announced on October 6th. The bulk deposits range from Rs 2 crore to less than Rs 5 crore. Both general category and senior citizens will enjoy interest rates as high as 7.25%.

As per the website, the highest interest rate in ICICI Bank's bulk FDs is 7.25% which is offered on tenures from 1 year to less than 15 months. Furthermore, the bank is offering 7.05% on 15 months to less than 18 months tenure, and 7% on 18 months to 2 years maturity period.

While an interest rate of 6.75% is offered on maturities from 271 days to less than 1 year. A similar rate is offered on tenures from 2 years 1 day to 10 years.

Meanwhile, the bank gives a 6.65% rate on tenures from 185 days to 270 days, 6.50% on 91 days to 184 days tenure and 6% on 61 days to 90 days tenure.

Furthermore, on shorter tenures, the bank offers a 5.75% rate from 46 days to 60 days, 5.5% from 30 days to 45 days, and 4.75% between 7 days to 29 days tenure.

These rates are the same for both the general category and senior citizens. Under its terms and conditions, it said, that as ICICI Bank FD interest rates are subject to change without prior notice, the depositor shall ascertain the rates on the value date of the FD. Also, fixed deposit Interest rate will be subject to Tax Deducted at Source as per Income Tax Laws"(YEAR)".

According to ICICI Bank, no FD Interest Rate would be payable if the depositor withdraws the entire FD amount within 7 days from the date of deposits. Subject to the minimum tenure of 7 days for Domestic and NRO Term Deposits. While minimum tenure for NRE Term Deposits is 1 year and no interest is payable for deposits prematurely withdrawn within 1 year from the date of the deposit

These revised interest rates will be applicable for new deposits and renewal of existing term deposits.

In general terms, fixed deposits are risk-free and packed with guaranteed returns, making them one of the safest investment options for individuals. It is usually meant for those who are not comfortable with taking risks in capital markets-related instruments. Also, this investment option has been practised for decades in India, making it among the top traditional schemes.