ICICI Bank FD Interest Rate: ICICI Bank cuts FD interest rate, know the new rate and its effect

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Like other major banks like SBI, HDFC Bank, Axis Bank, IndusInd Bank and Bank of Baroda, this private bank has also made several revisions in FD rates this year. This will be the first cut in ICICI Bank’s FD rates for the financial year FY23. The new rates have come into effect from April 6, 2022.


ICICI Bank FD Interest Rate: ICICI Bank on Wednesday announced a cut in interest rates on its fixed deposits. The bank has cut 5 basis points for various time periods. Interest rates on FDs of Rs 2 crore and above but less than Rs 5 crore have been revised.

Like other major banks like SBI, HDFC Bank, Axis Bank, IndusInd Bank and Bank of Baroda, this private bank has also made several revisions in FD rates this year. This will be the first cut in ICICI Bank’s FD rates for the financial year FY23. The new rates have come into effect from April 6, 2022.

New rates

There has been a deduction of 5 basis points on FDs with a tenure of more than 1 year. ICICI Bank will offer 4.15% interest rate from today on tenures ranging from 1 year to 389 days and 390 days to less than 15 months. Earlier the rates here were 4.20%.

The bank is offering 4.20 per cent interest on tenures of more than 15 months and less than 18 months, which was 4.25 per cent earlier. On the tenure of 18 months to 2 years, instead of 4.35 percent, 4.30 percent interest will be given. On the tenure of 2 years to 3 years, 4.50 percent interest will be available instead of 4.55 percent. The revision rate from 3 years to the maximum 10 years is 4.60 percent, which was 4.65 percent earlier. This new rate will be applicable in both general and senior citizen categories.

No change here

There is no change in the interest rates on FDs of less than 1 year. 2.50% interest rate is offered every 7 days to 14 days and 15 days to 29 days tenure, while 2.75% is offered every 30 days to 45 days and 46 days to 60 days. A rate of 3% is applicable for tenures ranging from 61 days to 90 days.

Also, 3.35% interest rate is applicable on tenors ranging from 91 days to 184 days. Apart from this, 3.60% is given from 185 days to 270 days. Whereas 3.70% interest rate is offered for every 271 days to less than 1 year. These revised interest rates will be applicable for fresh deposits and renewal of existing fixed deposits.