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After State Bank of India (SBI), the private sector bank, ICICI Bank is the latest to join the bandwagon of hiking fixed deposit interest rates. ICICI's new FD rates have come into effect from Thursday onward. Senior citizens are set to benefit the most from the rate hike.

From June 16 onward, ICICI FD rates below 2 crore is 2.75% each for the general category on tenures of 7 days to 14 days and 15 days to 29 days. The rate is 3.25% each for senior citizens on the same tenures.

An interest rate of 3.25% is offered on tenures starting 30 days to 90 days to the general category, while senior citizens will earn a 3.75% interest rate for the same maturity period.

The interest rate has shot up to 3.75% for public on FDs maturing from 91 days to 184 days, while the rate is 4.25% for senior citizens.

ICICI offers an interest rate of 4.60% to general and 5.10% to senior citizens on FDs maturing from 185 days to less than 1 year.

Meanwhile, the interest rate is 5.30% for general and 5.80% for elderlies on FDs maturing 1 year to 2 years.

Furthermore, the interest rate is 5.50% for general and 6% for senior citizens on the tenure of 2 years 1 day to 3 years, while a 5.70% rate each is offered to general and 6.20% each to senior citizens on a maturity period of 3 years 1 day to 5 years and 5 Years (80C FD).

The highest FD rate is 5.75% for the general category and 6.50% for senior citizens that is offered on 5 years 1 day to 10 years tenure.

Further, on FDs above 2 crore to less than 5 crore, the interest rate ranges from 3.10% to 5.50% for both general and senior citizens.

Notably, the maximum aggregate amount that can be invested in the Tax Saver FD (80C FD) under a single PAN is 150,000 and the same cannot be closed prematurely before the expiry of the lock-in period of 5 years.

Also, ICICI Bank staff including retired personnel will be able to earn an additional 1% rate of interest on domestic deposits below 2 crore.

ICICI Bank also has a special FD for senior citizens offering an exclusive additional interest rate of 0.25% per annum on your Fixed Deposits above 5 years tenure.

On its website, under ICICI Bank Golden Years FD rates effective from June 16, ICICI Bank said, "Resident Senior citizen customers, will get an additional interest rate of 0.25% for a limited time over and above the existing additional rate of 0.50% per annum."

Under the special FD, the additional rate will be available on fresh deposits opened as well as deposits renewed during the scheme period. The eligibility tenure is 5 years 1 day up to 10 years and the FD amount is below 2 crore. The scheme is valid till October 7, 2022.

In case a deposit opened in the special FD is prematurely withdrawn/closed after, on or after 5 years 1 day, the applicable penal rate will be 1.25%. In case the deposit opened in the scheme is prematurely withdrawn/closed before 5 years 1 day, the prevailing premature withdrawal policy will be applicable. All other features of term deposit, as well as terms and conditions, shall remain unchanged and are applicable for the above scheme also.

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