ICICI Bank cuts FD interest rate by 5 bps. Check Latest Rates Here

Like other major banks like SBI, the bank has made several revisions in FD rates this year. HDFC bank, Axis Bank, IndusInd Bank, and Bank of Baroda among others. This will be the first cut in ICICI Bank’s FD rates for the financial year FY23.

The new rates have come into effect from April 6, 2022.

New Rates:

There has been a deduction of 5 basis points on FDs with tenure of more than 1 year.

ICICI Bank offers 4.15% interest rate from today on tenures ranging from 1 year to 389 days and 390 days to less than 15 months. Earlier the rates here were 4.20%.

Meanwhile, the bank gives a rate of 4.20% for a tenure of 18 months to more than 15 months, from the previous 4.25%, while the rate of 4.30% is offered for the first 4.35% over a tenure of 18 months to 2 years, and 4.50% for 2 years. applies to. Tenure of 1 day to 3 years from the previous 4.55%.

Also, the rates have been revised to 4.60% from the previous 4.65% for tenures ranging from 3 years to a maximum of 10 years.

These rates are applicable to both general and senior citizen categories.

What is unchanged?

There is no change in the interest rates on FDs of less than 1 year tenure.

2.50% interest rate is offered every 7 days to 14 days and 15 days to 29 days tenure, while 2.75% is offered every 30 days to 45 days and 46 days to 60 days. A rate of 3% is applicable for tenures ranging from 61 days to 90 days.

Also, 3.35% interest rate is applicable on tenures ranging from 91 days to 184 days. Also 3.60% is given from 185 days to 270 days. Whereas 3.70% interest rate is offered for every 271 days to less than 1 year.

These revised interest rates will be applicable for fresh deposits and renewal of existing fixed deposits. Notably, interest earned on fixed deposits will be subject to tax deduction at source as per income tax laws.