ICICI Bank The interest rates on fixed deposits (FDs) of less than Rs 2 crore have been hiked by up to 25 basis points on select tenors. The new rates are effective from September 26, 2022. ICICI Bank will now offer interest rates between 2.75 per cent to 6.10 per cent for regular citizens for tenures ranging from 7 days to 10 years.

ICICI Bank growth FD interest rates

According to the bank’s website, fixed deposits with maturities of 91 days to 120 days, 121 days to 150 days and 151 days to 184 days have been increased by 25 basis points (bps) from 3.75% to 4%. The interest rates on other periods remain unchanged.

Source: ICICI Bank website

Premature Withdrawal of Fixed Deposits

According to the ICICI Bank website, “FD interest will be calculated at the rate applicable for the period for which the deposit was made with the bank or the contracted rate of deposit whichever is lower, along with applicable penalties as detailed below:

Penalty will be levied at the applicable rate as per the table below:

Frequently Asked Questions on FD Interest Rate as per ICICI Bank website

1. Can you avail monthly FD interest rates?

Yes, you can now avail monthly interest payment on your ICICI Bank FD. Please contact your Relationship Manager for more information.

2. Is the interest earned on FD taxable?

Yes, the interest earned on your ICICI Bank FD is taxable as per your income bracket. The interest earned from your ICICI Bank FD is subject to tax deduction at source as per Income Tax laws. You can opt for Tax Saver FD, where you can save tax up to Rs 46,800.

3. What is the rate of interest you can earn through FD?

Now you can earn on ICICI Bank FDs with a minimum interest rate of 2.75% p.a. and a maximum interest rate of up to 6.10% p.a.

4. How can you maximize FD interest rates?

You can maximize your FD interest rates by opting for the highest tenor (above 5 years). ICICI Bank gives you the highest FD interest rate of 6.10% p.a. for senior citizens and 6.60% p.a. for citizens below 60 years of age.