These Two Banks Revise FD Interest Rates From October 23: Senior Citizens Can Earn Up To 7.3%; Check New Rates

ICICI Bank and Indian Bank have revised their fixed deposit (FD) interest rates on select tenures, offering depositors an opportunity to earn higher returns on their savings.

The revised interest rates came into effect on October 23rd with ICICI Bank increasing rates by up to 10 basis points (bps) and Indian Bank raising rates on two of its special fixed deposit schemes by 15 bps each.

The latest revision is particularly beneficial for senior citizens, who can earn higher interest rates than regular depositors. After the changes, ICICI Bank is offering interest rates of up to 6.60% to general citizens and 7.20% to senior citizens on eligible deposits. Meanwhile, Indian Bank's special 555-day Ind Grow FD offers senior citizens an interest rate of up to 7.30% per annum.

The revised rates are applicable to domestic retail fixed deposits below Rs 3 crore.

ICICI Bank New FD Interest Rates

ICICI Bank has increased its fixed deposit interest rates by 10 bps on select medium and long-term tenures. The revision applies to domestic fixed deposits below Rs 3 crore.

For general citizens, the bank has increased the interest rate on deposits with a tenure of 2 years and 1 day to 3 years from 6.45% to 6.55%.

Similarly, the interest rate for deposits with a tenure of 3 years and 1 day to 5 years has been increased from 6.50% to 6.60%. The same revised rate of 6.60% is applicable to deposits with tenures ranging from 5 years and 1 day to 10 years.
The five-year Tax Saver FD interest rate has also been increased from 6.50% to 6.60%.

However, the bank has retained its existing interest rates on shorter-term deposits. These include deposits ranging from 7 to 45 days, which continue to offer 2.75%, while deposits of 46 to 90 days offer 4%.

Deposits with tenures of 91 to 184 days offer 4.50%, while those between 185 days and less than one year offer 5.50%. For deposits ranging from one year to less than 18 months, the interest rate remains at 6.25%. Deposits between 18 months and two years continue to offer 6.30%.

ICICI Bank Senior Citizen New FD Rates

Senior citizens investing in ICICI Bank fixed deposits can earn higher returns following the latest rate revision.

The bank has increased interest rates by 10 bps on select deposits with tenures ranging from 2 years and 1 day to 10 years.
For senior citizens, the interest rate on deposits with a tenure of 2 years and 1 day to 3 years has increased from 6.95% to 7.05%.

For deposits with a tenure of 3 years and 1 day to 5 years, the revised interest rate stands at 7.20%, compared with the earlier 7.10%.

Similarly, senior citizens investing in deposits with tenures ranging from 5 years and 1 day to 10 years can now earn 7.10%, up from 7%.

The five-year Tax Saver FD also offers an interest rate of 7.20% to eligible senior citizens.

For shorter tenures, senior citizens continue to receive 3.25% on deposits of 7 to 45 days, 4.50% on deposits of 46 to 90 days and 5% on deposits of 91 to 184 days.

Indian Bank FD Rates Revised: 555-Day And 777-Day Special FDs

Alongside ICICI Bank, Indian Bank has also revised interest rates on two of its special retail fixed deposit schemes, namely Ind Grow and Ind Prosper.

The revised rates came into effect on October 23rd and apply to deposits below Rs 3 crore.

The bank has increased the interest rate on its 555-day Ind Grow FD scheme from 6.65% to 6.80%, with an increase of 15 bps.

Similarly, the interest rate on the 777-day Ind Prosper FD scheme has been increased from 6.60% to 6.75%.

Senior citizens are eligible for an additional 50 bps over the regular deposit rates on these two schemes.

After the revision, senior citizens investing in the 555-day Ind Grow FD can earn 7.30% per annum, while the 777-day Ind Prosper FD offers an interest rate of 7.25%.

Super senior citizens can earn even higher returns, with Ind Grow offering 7.55% and Ind Prosper offering 7.50% per annum.