ICICI Bank Revises Bulk Fixed Deposits Interest Rates; Check Latest FD Rates Here

Private sector lender, ICICI Bank has revised its fixed deposits (FD) interest rates on deposits from Rs 2 crore to Rs 5 crore with effect from October 21, 2023. Last week, the bank also revised its FD rates below Rs 2 crore. ICICI Bank is offering attractive FD rates ahead of the festive season, and this also comes despite RBI pausing rates for the fourth consecutive monetary policy.

Here are the latest FD rates of ICICI Bank:

FD Rates On Single Deposit From Rs 2 Crore To Rs 5 Crore:

These interest rates are the same for both the general category and senior citizens with effect from October 21.

As per the website, ICICI Bank is offering as high as 7.25% to elderlies on bulk FDs for tenures from 1 year to less than 18 months. There is also an interest rate of 7.05% offered on maturity periods of 15 months to 2 years. The rate is 7% on higher tenures like 2 years 1 day to 10 years.

The bank is offering 6.75% on tenures from 271 days to less than 1 year, 6.65% is offered from 185 days to 270 days, and lastly, 6.50% is offered on tenures like 91 days to 184 days. On shorter tenures like 7 days to 90 days, the interest rate is from 4.75% to 6%.

It needs to be noted that bulk FD rates do not apply to tax saving FD scheme of ICICI Bank (5 Years (80C FD) - Max to Rs 1.50 lakh).

Earlier, effective from October 16th, ICICI Bank is offering FD rates in the range of 3.5% to 7.65% to senior citizens on deposits below Rs 2 crore. While general category individuals receive FD rates between 3% to 7.10%. The bank's 5 Years (80C FD) - Max to Rs 1.50 lakh scheme offers 7.50% to senior citizens and 7% to the general category.

On its website, ICICI Bank said, these revised Fixed Deposit interest rates will be applicable for new ICICI Bank Fixed Deposits and renewal of existing Fixed Deposits.

Also, 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. Additionally, the Fixed Deposit Interest rate will be subject to Tax Deducted at Source as per Income Tax Laws"(YEAR)".

According to the 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. Minimum tenure for NRE Term Deposits is 1 year and no interest is payable for deposits prematurely withdrawn within the period of 1 year from the date of the deposit. Lastly, on change of residential status i.e. from non-resident to Resident deposits, a resident deposit rate of interest shall be applicable.

Moreover, in FDs below Rs 2 crore, one customer can avail of a maximum tax deduction of Rs 1,50,000 from taxable income through an ICICI Bank tax saver FD.

ICICI Bank guided that depositors can maximise their FD interest rates by opting for the highest tenure (more than 5 years).

FD interest rates are paid on a monthly, quarterly, half-yearly and annual basis by banks.