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The private sector lender ICICI Bank has revised interest rates on bulk fixed deposits of more than 2 Cr to less than 5 Cr. As per the official website of the bank, the new rates are effective as of today December 9, 2022. Following the revision, the bank is now offering interest rates ranging from 4.00% to 6.50% on deposits maturing in 7 days to 10 years. Both new ICICI Bank fixed deposits and existing fixed deposit renewals will be subject to these revised fixed deposit interest rates.

ICICI Bank Bulk FD Rates

On deposits maturing in 7 days to 29 days, the bank is offering an interest rate of 4.00% and on those maturing in 30 days to 45 days, ICICI Bank is offering an interest rate of 4.75%. ICICI Bank is offering an interest rate of 5.00% on FDs maturing in 46 days to 60 days and an interest rate of 5.50% on those maturing in 61 days to 90 days.

FDs maturing in 91 days to 184 days will fetch an interest rate of 5.75% and those maturing in 185 days to 270 days will fetch an interest rate of 6%. On deposits maturing in 271 days to less than 1 year, the bank is offering an interest rate of 6.25% and on those maturing in 1 year to 15 months, ICICI Bank is offering an interest rate of 6.75%. Deposits maturing in 15 months to 3 years will now fetch an interest rate of 6.80% and those maturing in 3 years 1 day to 10 years will now fetch an interest rate of 6.50%.\

ICICI Bank FD Rates
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ICICI Bank FD Rates (icicibank.com)

The most recent change to ICICI Bank's interest rates for deposits under 2 crore was on November 16, 2022. ICICI Bank offers interest rates up to 7.10% p.a. for senior citizens (those over 60) and up to 6.60% p.a. for non-senior citizens. Considering that it is one of the safest FDs and is rated "AAA," depositors can focus on an ICICI Bank FD to provide assured and guaranteed returns. The minimum to begin a domestic FD is 10,000, the minimum to initiate an NRO or NRE term deposit is 25,000, and senior citizen rates are only available for domestic term deposits. On domestic deposits under 2 crore, however, ICICI Bank employees (including retired workers) would earn an additional 1% in interest.

ICICI Bank Golden Years FD is effective as of 16th November 2022. Residents who are senior citizens will get an additional interest rate on an FD under this plan of 0.10% over and above the current additional rate of 0.50% per annum. The application period runs from May 20, 2020, to April 7, 2023, and the eligible FD tenure is 5 years, 1 day, and up to 10 years.

ABOUT THE AUTHOR

Vipul Das

Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
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