ICICI Bank, the country’s second largest bank, has revised its FD interest rates, which are now effective from July 17, 2024.
The updated interest rates apply to FDs up to Rs 3 crore. Senior citizens can earn a maximum rate of 7.75%, while the highest rate for general customers is 7.2%.
ICICI Bank
7 to 14 days: General public – 3.00%; Senior citizens – 3.50%
15 to 29 days: General public – 3.00%; Senior citizens – 3.50%
30 to 45 days: General public – 3.50%; Senior citizens – 4.00%
46 to 60 days: General public – 4.25%; Senior citizens – 4.75%
61 to 90 days: General public – 4.50%; Senior citizens – 5.00%
91 to 184 days: General public – 4.75%; Senior citizens – 5.25%
185 to 270 days: General public – 5.75%; Senior citizens – 6.25%
271 days to <1 year: General public – 6.00%; Senior citizens – 6.50%
Less than 1 year to 15 months: General public – 6.70%; Senior citizens – 7.20%
15 months to <18 months: General public – 7.20%; Senior citizens – 7.75%
18 months to 2 years: General public – 7.20%; Senior citizens – 7.70%
2 years 1 day to 3 years: General public – 7.00%; Senior citizens – 7.50%
3 years 1 day to 5 years: General public – 7.00%; Senior citizens – 7.50%
5 years 1 day to 10 years: General public – 6.90%; Senior citizens – 7.40%
5-year tax-saving FD: General public – 7.00%; Senior citizens – 7.50%
Impact on investors
The revision of FD rates by ICICI Bank is likely to significantly affect investors, especially given the current economic climate.
With inflation concerns, these higher rates offer a more appealing option for those seeking safe investments with good returns.
Senior citizens, in particular, will benefit greatly, as they can now earn more income from their savings.
As always, investors should carefully evaluate their financial goals, risk tolerance, and investment horizon before selecting an FD plan.
With ICICI Bank’s diverse tenure options and competitive rates, customers now have more flexibility to tailor their investments to their specific needs.
