ICICI Bank hikes fixed deposit interest rates on tenures of 1 to 10 years

The private sector lender ICICI Bank has hiked fixed deposit interest rates on fixed deposits of less than ₹2 Cr. The new fixed deposit interest rates are effective as of August 19, 2022, according to the bank's official website. Following the amendment made today, the bank increased interest rates on fixed deposits with maturities ranging from one year to ten years. The bank is now offering interest rates on fixed deposits with maturities ranging from 7 days to 10 years that range from 2.75% to 5.90% for the general public and 3.25% to 6.60% for senior citizens. ICICI Bank will now give a maximum interest rate of 6.10% for non-senior citizens and 6.60% for senior citizens on fixed deposits maturing in 3 years, 1 day to 5 years.

ICICI Bank Latest FD Rates

The bank will continue to give an interest rate of 2.75% on fixed deposits maturing in 7 days to 29 days, and ICICI Bank will continue to offer an interest rate of 3.25% on fixed deposits maturing in 30 days to 90 days. Fixed deposits with maturities between 91 days and 184 days will continue to pay 3.75% interest, and term deposits with maturities between 185 days and less than a year will continue to pay 4.65% interest. The interest rate on fixed deposits maturing in one to two years has increased by 15 basis points (bps) from 5.35% to 5.50% at ICICI Bank.

The bank increased interest rates on fixed deposits maturing in 2 years, 1 day to 3 years by 10 basis points, from 5.50% to 5.60%. ICICI Bank increased interest rates on fixed deposits maturing in 3 years, 1 day to 5 years by 40 basis points, from 5.70% to 6.10%. Fixed deposits maturing in 5 years, 1 day to 10 years will now earn interest at a rate of 5.90%, up from 5.75% previously, a 15 basis point increase. ICICI Bank increased interest rates on 5-year tax-saving fixed deposits by 40 basis points (bps), from 5.70% to 6.10%.

“These revised Fixed Deposit interest rates will be applicable for new ICICI Bank Fixed Deposits and renewal of existing Term Deposits,” said ICICI Bank on its website.

Senior citizens will continue to get an additional rate of 0.50% over and above the regular rate on fixed deposits maturing in 7 days to 5 years. And on ICICI Bank Golden Years FD which comes with a tenure of 5 years 1 day, up to 10 years, senior citizens will get an additional interest rate of 0.20% over and above the existing additional benefit of 50 bps. For older adults, this special interest rate is available for a short time only. According to the lender's website, the ICICI Bank Golden Years FD is valid until October 7, 2022.

ICICI Bank has mentioned on its website that “Now you can invest in ICICI Bank’s Fixed Deposits through the digital and branch channel for a fixed tenure, as per your convenience. You can multiply your savings with high FD interest rates through an ICICI Bank FD.”

“With the current uncertainty and highly volatile market, you can always rely on ICICI Bank’s Fixed Deposits for assured and guaranteed returns. An ICICI Bank FD is one of the safest FDs and rated as “AAA”, beating any competition with ease,” ICICI Bank has further said on its website.