ICICI Bank has revised its interest rates on retail fixed deposits with effect from November 20. ICICI Bank offers 16 maturity options to its customers for fixed deposits up to Rs 2 crore, ranging from seven days to 10 years, according to the lender's website - icicibank.com. The private sector bank offers interest rates to the tune of 4-6.60 per cent to the general public on fixed deposits (FD) up to Rs 2 crore. ICICI Bank provides slightly higher returns to senior citizen customers (4.5-7.10 per cent) compared to the general public.
With effect from November 20, ICICI Bank offers the following interest rates on fixed deposits up to Rs 2 crore:
|Period||General public||Senior citizens|
|Seven to 14 days||4%||4.5%|
|15 to 29 days||4.25%||4.75%|
|30 to 45 days||5%||5.5%|
|46 to 60 days||5.5%||6%|
|61 to 90 days||5.5%||6%|
|91 to 120 days||5.5%||6%|
|121 to 184 days||5.5%||6%|
|185 to 289 days||5.75%||6.25%|
|290 days to less than one year||6%||6.5%|
|One year to 389 days||6.35%||6.85%|
|390 days to less than 18 months||6.35%||6.85%|
|18 months to two years||6.6%||7.1%|
|Two years and one day to three years||6.6%||7.1%|
|Three years and one day to five years||6.6%||7.1%|
|Five years and one day to 10 years||6.6%||7.1%|
|Five years (tax saver FD)||6.6%||7.1%|
ICICI Bank Fixed Deposit With Income Tax Benefit
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.
Fixed deposit interest rates are subject to change from time to time. Earlier this month, state-run State Bank of India (SBI) and private sector lender HDFC Bank had revised its fixed deposit interest rates.