ICICI Bank Cuts FD and Savings Rates: After SBI, HDFC, now ICICI Bank has also reduced the interest rates on both savings account and fixed deposit. These revised rates have become effective from 17 April 2027.
ICICI Bank Cuts FD and Savings Rates: Now ICICI has also joined the list of banks reducing interest rates on bank deposits. After SBI, HDFC, now ICICI Bank has also reduced the interest rates on both savings account and fixed deposit. These revised rates have become effective from 17 April 2027. After the repo rate cut by RBI, the bank has now taken this step.
If you have a savings account in ICICI Bank, then you will now get less interest on it. The interest rates per annum on an amount less than Rs 50 lakh have now been reduced to 2.75 percent, which was 3 percent earlier. Apart from this, if you have an amount of Rs 50 lakh or more in your savings account, then the interest rates have been reduced from 3.5 percent to 3.25 percent.
Customers are getting interest from 3% to 7.05% on fixed deposits, while senior citizens are getting rates from 3.5 percent to 7.55 percent. For example, general customers will now get 3% interest on FDs of 30 to 45 days, which was 3.5% earlier. Similarly, the interest rate on FDs of 61 to 90 days has been reduced from 4.5% to 4.25%.
Fixed deposits of 15 to 18 months will now get 6.8 percent interest, whereas earlier this rate was 7.25 percent. The interest rate on FDs of 18 months to 2 years has also been reduced from 7.25 percent to 7.05 percent. However, senior citizens are getting slightly higher interest than general customers on every period. For example, senior citizens get 3.5 percent interest on FDs of 7 to 29 days, while the interest rate on FDs of 46 to 60, 61 to 90, 91 to 184, and 185 to 270 days has been fixed at 4.75%, 4.75%, 5.25% and 6.25% respectively.
The special thing is that the interest rate on fixed deposits of 2 years 1 day to 5 years has been increased slightly to 6.9 percent for general customers, and this rate is 7.40 percent for senior citizens. At the same time, the interest rate on FDs of 5 years 1 day to 10 years has been reduced to 6.8 percent for general customers and 7.30 percent for senior citizens. Now general customers will get 6.9 percent interest and senior citizens will get 7.40 percent interest on 5-year tax-saving FD.
It is worth noting that this change has happened due to the policies of the Reserve Bank of India (RBI), which is currently moving towards reducing interest rates. Its effect is clearly visible on the deposit schemes of banks.
