ICIC Bank: If you’re thinking about a fixed deposit (FD), ICICI Bank has some exciting updates for you. The bank has adjusted interest rates on certain fixed deposits under Rs 3 crore. For some long-term FDs, the interest rate has been raised by 10 basis points. As a result, senior citizens can now earn up to 7.20% interest on qualifying FDs, while regular customers will receive up to 6.60%. The interest rate varies based on the FD’s term.
ICICI Bank FD Rates
ICICI Bank has raised interest rates on select long-term FDs for general customers. The interest for FDs maturing between 2 years 1 day and 3 years has gone up from 6.45% to 6.55%. For FDs maturing from 3 years 1 day to 5 years, the rate has increased from 6.50% to 6.60%. Similarly, the interest for FDs maturing between 5 years 1 day and 10 years has also risen from 6.50% to 6.60%. Additionally, the interest on the 5-year tax-saving FD has been increased from 6.50% to 6.60%.
For short-term FDs, the bank provides 2.75% interest on FDs maturing in 7 to 45 days, 4% on those maturing in 46 to 90 days, and 4.50% on FDs maturing in 91 to 184 days. FDs that mature in 185 days to less than 1 year offer 5.50% interest. For FDs maturing in 1 year to less than 18 months, the interest is 6.25%, while those maturing in 18 months to 2 years earn 6.30% interest.
ICICI Bank new FD rates for senior citizens
With these updates, senior citizens can earn up to 7.20% interest on qualifying FDs. The interest rate for them has increased from 6.95% to 7.05% for FDs maturing between 2 years 1 day and 3 years. The rate for FDs maturing from 3 years 1 day to 5 years has risen from 7.10% to 7.20%. For FDs maturing between 5 years 1 day and 10 years, the interest rate has increased from 7% to 7.10%. Senior citizens will also earn 7.20% interest on 5-year tax-saving FDs, up from 7.10%. In the short term, senior citizens receive 3.25% interest on FDs maturing in 7 to 45 days, 4.50% on those maturing in 46 to 90 days, and 5% on FDs maturing in 91 to 184 days. FDs maturing in 185 days to less than 1 year yield 6% interest. FDs maturing in 1 year to less than 18 months earn 6.25% interest.
How much would a typical customer get on an FD of Rs 5 lakh earlier, and how much will he get now?
10 basis points may sound small, but its impact on large sums and over the long term is clear. These calculations assume quarterly compounding and are before taxes. Suppose you make an FD of Rs 5 lakh for 3 years. At the old rate of 6.45%, you would have received Rs 6,05,809 after 3 years, or interest of Rs 1,05,809. At the new rate of 6.55%, you would now receive Rs 6,07,600, or interest of Rs 1,07,600. A mere 10 basis point increase would earn you Rs 1,791 more.