Your ICICI Bank Fixed Deposit To Earn Lower Interest From Today
ICICI Bank has revised its fixed deposit interest rates on select maturities with effect from Wednesday, August 14. ICICI Bank has cut the interest rate applicable to maturity periods such as 30-45 days, 46-60 days and 1 year-389 days, according to the Mumbai-based lender's website, icicibank.com. The bank is offering an interest rate of 5.25 per cent to general public and 5.75 per cent to senior citizens on fixed deposit accounts of 30-45 days. Previously, the private bank paid interest rates of 5.5 per cent and 6 per cent to the general public and senior citizens respectively.
On fixed deposits of 1 year-389 days days maturity period, the lender has lowered its interest rates by 20 basis points or 0.20 percentage point. After the revision, ICICI Bank is offering interest at the rate of 6.7 per cent and 7.2 per cent on the fixed deposits to general public and senior citizens respectively.
The announcement comes a week after the bi-monthly review of the Reserve Bank of India's Monetary Policy Committee (MPC). The RBI had slashed the repo rate by 35 basis points to 5.40 per cent, marking a fourth straight reduction in interest rate.
Here are revised ICICI Bank FD (fixed deposit) interest rates on deposits below Rs. 2 crore applicable from August 14:
| Period | General public (% p.a.) | Senior citizens (% p.a.) |
|---|---|---|
| 7 days to 14 days | 4 | 4.5 |
| 15 days to 29 days | 4.25 | 4.75 |
| 30 days to 45 days | 5.25 | 5.75 |
| 46 days to 60 days | 5.75 | 6.25 |
| 61 days to 90 days | 5.75 | 6.25 |
| 91 days to 120 days | 5.75 | 6.25 |
| 121 days to 184 days | 5.75 | 6.25 |
| 185 days to 289 days | 6.25 | 6.75 |
| 290 days to less than 1 year | 6.5 | 7 |
| 1 year to 389 days | 6.7 | 7.2 |
| 390 days to < 18 months | 6.8 | 7.3 |
| 18 months to 2 years | 7.1 | 7.6 |
| 2 years 1 day up to 3 years | 7.1 | 7.6 |
| 3 years 1 day up to 5 years | 7 | 7.5 |
| 5 years 1 day up to 10 years | 7 | 7.5 |
| 5 Years Tax saver FD (Max upto Rs. 1.50 lac) | 7 | 7.5 |
(Source: icicicbank.com)
Fixed deposit interest rates are subject to change from time to time. Earlier this month, State Bank of India, the country's largest lender, and Punjab National Bank had revised their fixed deposit interest rates.
The fixed deposit accounts which have a lock-in period of five or 10 years also offer income tax benefit under Section 80C of the Income Tax Act, 1961.