ICICI Bank hikes FD interest rate by 25 bps on these tenures

ICICI Bank has hiked fixed deposit (FD) interest rates for amounts below Rs 2 crore on select tenors by up to 25 basis points. The new rates are effective from September 26, 2022. ICICI Bank will now offer interest rates between 2.75 percent and 6.10 percent for tenors from 7 days to 10 years for regular citizens.

ICICI Bank hikes FD interest rates
According to the bank website, term deposits with a maturity of 91 days to 120 days, 121 days to 150 days and 151 days to 184 days are hiked by 25 basis points (bps) from 3.75% to 4%. Interest rates on other tenures remain unchanged.

Source: ICICI Bank website

Premature withdrawal of fixed deposit
According to the ICICI Bank website, “FD interest will be calculated at the rate applicable for the period for which the deposit was held with the Bank or contracted rate of the deposit whichever is lower, plus applicable penalty as below:
Penalty will be levied on the rate applicable as per the table below:

FAQs as per ICICI BANK website on FD interest rate

1. Can you avail monthly FD interest rates?
Yes, now you can avail a monthly interest payout on your ICICI Bank FD. Please contact your Relationship Manager for more details.

2. Is the interest on an FD taxable?
Yes, the interest earned on your ICICI Bank FD is taxable as per your income bracket. Interest earned from your ICICI Bank FD is subject to the Tax Deducted at Source, as per income tax laws. You can opt for a tax saver FD where you can save taxes up to Rs 46,800.

3. How much interest rate you can earn through an FD?
You can now earn a minimum interest rate of up to 2.75% p.a. and a maximum interest rate of up to 6.10% p.a. on an ICICI Bank FD.

4. How can you maximise FD interest rates?
You can maximise your FD interest rates by opting for the highest tenure (more than 5 years). ICICI Bank gives you the highest FD interest rates of up to 6.10 % p.a. for Senior Citizens and up to 6.60% p.a. for citizens below the age of 60 years.