ICICI Bank on Wednesday trimmed interest rates on its fixed deposits by 5 basis points on various tenures. The interest rates on FDs between ₹2 crore and above but less than ₹5 crore has been revised.
The bank has made a series of revisions in FD rates this year just like other major banks like SBI, HDFC Bank, Axis Bank, IndusInd Bank, and Bank of Baroda among others. This would be ICICI Bank’s first cut in FD rates for the financial year FY23.
The new rates have come into effect from April 6, 2022.
A 5 basis points cut has been made on FDs with tenures of more than 1 year.
ICICI Bank from today onward offers a 4.15% interest rate on tenures from 1 year to 389 days and 390 days to less than 15 months. Earlier, rates here were 4.20%.
Meanwhile, the bank gives a 4.20% rate on more than 15 months to less than 18 months tenure from the previous 4.25%, while 4.30% is offered on 18 months to 2 years tenure from earlier 4.35%, and 4.50% is applicable on 2 years 1 day to 3 years tenure from the previous 4.55%.
Also, the rates on tenures between 3 years to a maximum of 10 years have been revised to 4.60% from the previous 4.65%.
These rates apply to both the general and senior citizens categories.
The interest rates on FDs below 1-year tenure have been kept unchanged.
2.50% interest rate each is offered on 7 days to 14 days and 15 days to 29 days tenure, while 2.75% each is given on 30 days to 45 days and 46 days to 60 days. A 3% rate applies on 61 days to 90 days tenure.
Moreover, a 3.35% interest rate each is applicable on tenures from 91 days to 184 days. Further, 3.60% is given from 185 days to 270 days. While a 3.70% interest rate each is offered from 271 days to less than 1-year tenure.
These revised interest rates will be applicable for new deposits and renewal of existing term deposits. Notably, interest earned on the Fixed Deposit will be subject to Tax Deducted at Source as per Income Tax laws.
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