Home / Money / Personal Finance /  ICICI Bank revises bulk FD rates from 29 Sept. Check latest interest rates here

One of the largest private bankers, ICICI Bank has revised its bulk fixed deposit interest rates with effect from September 29. The FDs are from 2 crore and above but less than 5 crore. These revised FD rates will be applicable for both new and renewed fixed deposits on ICICI Bank. The interest rates are the same for both the general category and senior citizens in these bulk FDs.

With effect from September 29, ICICI Bank offers a 6.25% interest rate on FDs maturing from tenures 1 year to 10 years.

Meanwhile, the rate is 6% on deposits for tenures from 271 days to less than 1 year. The bank offers a rate of 5.75% on tenures from 185 days to 270 days. Further, the rate is 5.50% on tenures from 91 days to 184 days.

In shorter tenures, the bank offers an interest rate of 5% on 61 days to 90 days tenures. While the rate is 4.25% on 46 days to 60 days tenures and 3.90% on 30 days to 45 days tenures. The bank gives a 3.75% rate on 7 days to 29 days tenure.

The bulk FDs have a minimum tenure of 7 days and a maximum of 10 years.

On its website, ICICI Bank stated that No FD Interest Rate would be payable if the depositor withdraws the entire FD amount within 7 days from the date of deposit. Subject to the minimum tenure of 7 days for Domestic and NRO FD Deposits.

The minimum amount to open an ICICI FD account is 10,000.

"These revised Fixed Deposit interest rates will be applicable for new ICICI Bank Fixed Deposits and renewal of existing Fixed Deposit," it added on its website.

Further, ICICI Bank pointed out that FD interest rates are subject to TDS as per the IT Act. However, one customer can avail of a maximum tax deduction of 1.5 lakh from taxable income through an ICICI Bank FD under section 80C.

Notably, the bank offers an additional 1% rate of interest on domestic deposits below 2 crore for its staff including retired ones. Further, on FDs below 2 crore, the bank gives the additional rate of 0.20% for a limited time over and above the existing additional rate of 0.50% per annum on 5 years 1 day up to 10 years tenures.

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