ICICI Bank’s Bumper Diwali Gift: Interest Rates on FDs Increased

Ahead of Diwali, ICICI Bank has announced an increase in interest rates on fixed deposits (FDs). This benefit will be available to both senior citizens and general depositors.

ICICI Bank has raised interest rates by up to 10 basis points (0.10%) on fixed deposits (FDs) of less than ₹3 crore. The bank has specifically increased rates for certain longer tenures. Following this change, the interest rate on fixed deposits for senior citizens has reached up to 7.20%, while the maximum interest rate for general depositors has reached 6.60%.

For deposits with a tenure ranging from two years and one day up to three years, the interest rate has been increased from 6.45% to 6.55%. If a depositor invests in an FD for this duration, they will earn approximately ₹100 more in annual interest compared to before on an investment of ₹1 lakh. Similarly, an investment of ₹5 lakh will now yield an additional profit of about ₹500 per year.

What’s in it for general depositors?

The bank has increased interest rates on select long-term fixed deposits (FDs) and tax-saver schemes from 6.50% to 6.60%—an increase of 10 basis points (0.10%). Consequently, deposits with tenures ranging from 3 years to 10 years will now earn interest at a rate of 6.60%, up from the previous 6.50%.

For tenures from 3 years and 1 day to 5 years, the interest rate has increased from 6.50% to 6.60%. For tenures ranging from 5 years and 1 day to 10 years, the interest rate has been increased from 6.50% to 6.60%.
For 5-year tax-saver FDs—a special type of fixed deposit designed for tax savings—the interest rate has been raised from 6.50% to 6.60%.

For shorter tenures, the bank offers an interest rate of 2.75% on deposits of 7 to 45 days, 4% on deposits of 46 to 90 days, and 4.50% on deposits of 91 to 184 days. Deposits with a tenure ranging from 185 days to less than one year earn an interest rate of 5.50%.

For deposits with a tenure ranging from one year to less than 18 months, the interest rate is 6.25%, while deposits with a tenure of 18 months up to two years earn an interest rate of 6.30%.

FD Rates for Senior Citizens

Following the interest rate revisions by ICICI Bank, eligible senior citizens can earn up to 7.20% interest on their fixed deposits (FDs).

For tenures from 3 years and 1 day to 5 years, the interest rate has increased from 7.10% to 7.20%.
For 5-year tax-saver FDs, the interest rate has been raised from 7.10% to 7.20%.
For tenures from 2 years and 1 day to 3 years, the interest rate has been increased from 6.95% to 7.05%.
For long-term deposits ranging from 5 years and 1 day to 10 years, the interest rate has increased from 7.00% to 7.10%. For short-term deposits, senior citizens receive 3.25% interest on deposits held for 7 to 45 days, 4.50% for 46 to 90 days, and 5% for 91 to 184 days. Deposits with a tenure ranging from 185 days to less than one year earn 6% interest. For deposits with a tenure of one year to less than 18 months, the interest rate is 6.75%, while for deposits ranging from 18 months to two years, the rate is 6.80%.