Up To 7.5% Returns: ICICI Bank Announces Fresh FD Interest Rates On Deposits Below Rs 3 Crore

ICICI Bank has revised its interest rates on fixed deposits (FD), with effect from June 29, 2024.

ICICI Bank has revised its interest rates on fixed deposits (FD), effective June 29, 2024. Now, ICICI Bank offers the highest interest rate of 7.2 percent for the general public (below 60 years of age) and 7.75 percent for senior citizens (above 60 years of age). The FD rate structure aligns with the RBI’s recent announcement on bulk deposits. Retail deposits are now defined as those below Rs 3 crore, instead of Rs 2 crore earlier.

For the general public, ICICI Bank offers 3 percent on deposits below Rs 3 crore for a tenure of 7 to 29 days, and 3.5 percent for 30 to 45 days. The highest interest rate of 7.2 percent is available for a tenure of 15 months to less than 18 months. For the longest tenure of 7 years 1 day to 10 years, the interest rate is 6.9 percent annually.

For senior citizens, ICICI Bank offers 3.5 percent for deposits below Rs 3 crore for a tenure of 7 to 29 days, and 4 percent for 30 to 45 days. The highest interest rate of 7.75 percent is available for a tenure of 15 months to less than 18 months. For the longest tenure of 7 years 1 day to 10 years, the interest rate is 7.4 percent annually.

For tenures of 1 year to less than 15 months, the interest rate for senior citizens is 7.2 percent. For a tenure of 18 months to 2 years, the general public receives a 7.2 percent interest rate, while senior citizens receive 7.7 percent.

According to ICICI Bank’s website, the revised interest rates apply to new as well as renewed FDs.

In case of premature withdrawal, no interest will be paid if the FD is withdrawn within 7 days. A penal rate of 0.5 percent will be charged for withdrawals within less than 1 year, 1 percent for withdrawals between 1 year and 5 years, and 1 percent (for deposits less than Rs 5 crore) or 1.5 percent (for deposits of Rs 5 crore or above), as per the website.

Comparison with PPF and Senior Citizens Savings Scheme Interest Rates

The Public Provident Fund (PPF) currently offers 7.1 percent, which is less than ICICI Bank’s highest interest rate of 7.2 percent for the general public. However, the PPF interest rate is higher for tenures less than 18 months.

For senior citizens, the Senior Citizens Savings Scheme offers 8.2 percent, which is higher than ICICI Bank’s highest rate of 7.75 percent for a tenure of 15 months to 18 months.