ICICI Bank hikes interest rates on fixed deposits (FDs). Check details

ICICI Bank, a private sector lender, has increased interest rates on fixed deposits of below ₹2 crore. The bank announced this today, May 16, 2022, and as a result of the modification, interest rates on deposits maturing in 290 days to 10 years have been raised.

The interest rate on deposits maturing in 7 days to 29 days will stay at 2.50%, while the interest rate on deposits maturing in 30 days to 90 days will continue at 3%. The interest rate on deposits maturing from 91 days to 184 days will stay steady at 3.5%, while the interest rate on deposits maturing from 185 days to 289 days will remain unchanged at 4.40%. 

The bank previously offered a 4.40% interest rate on deposits maturing in 290 days to less than one year, but now the rate will be 4.50%, a 10 basis point increase. 

ICICI Bank used to give a 5% interest rate on deposits maturing in one to two years, but now it will be 5.10%, a 10 basis point increase. The interest rate on deposits maturing in 2 years 1 day to 3 years was 5.20% before, but now it is 5.40%, a 20 basis point increase.

The interest rate on deposits maturing in 3 years, 1 day to 5 years has been increased by 15 basis points from 5.45% to 5.60%. ICICI Bank has increased the interest rate on long-term fixed deposits from 5 years 1 day to 10 years from 5.60% to 5.75%, a 15-basis-point rise, while tax savings fixed deposits of up to ₹1.5 lakh would now return 5.60% instead of 5.45% earlier, a 15-basis-point increase.

Senior citizens will continue to get a 0.50% additional benefit on deposit tenors of seven days to five years. Whereas, on a deposit tenor of 5 years 1 day to 10 years, which is nothing more than a special fixed deposit scheme known as ICICI Bank Golden Years FD, the interest rate will be 6.35%, which is an additional 0.10% over and above the existing additional rate of 0.50% per annum for a limited time period up to October 7, 2022.

ICICI Bank interest rates on fixed deposits (FDs) of less than ₹2 crore

The following are the applicable interest rates on domestic term deposits as of May 16, 2022: 

• 7 days to 14 days—2.50%
• 15 days to 29 days—2.50%
• 30 days to 45 days—3.00%
• 46 days to 60 days—3.00%
• 61 days to 90 days—3.00%
• 91 days to 120 days—3.50%
• 121 days to 150 days—3.50%
• 151 days to 184 days—3.50%
• 185 days to 210 days—4.40%
• 211 days to 270 days—4.40%
• 271 days to 289 days—4.40%
• 290 days to less than 1 year—4.50%
• 1 year to 389 days—5.10%
• 390 days to less than 15 months—5.10%
• 15 months to less than 18 months—5.10%
• 18 months to 2 years—5.10%
• 2 years 1 day to 3 years—5.40%
• 3 years 1 day to 5 years—5.60%
• 5 years 1 day to 10 years—5.75%
• 5 Years (80C FD) –Max to ₹1.50 lac—5.60%