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ICICI Bank revises fixed deposit rates on select tenors; checkout latest FD interest rates

ICICI bank offers interest rates on deposits maturing in 7 days to 10 years; interest rates for senior citizens range from 2.5% for 7 days to 5.5% for 10 years, while it's 2.5% for 7 days to 5.5% for 5-10 years for general category depositors

twitter-logoBusinessToday.In | October 22, 2020 | Updated 10:45 IST
ICICI Bank revises fixed deposit rates on select tenors; checkout latest FD interest rates
Fixed Deposit does not have premature withdrawal facility

ICICI Bank has slashed interest rates on fixed deposits on selected tenors with effect on October 21. The bank offers interest rates on deposits maturing in 7 days to 10 years. The new and revised interest rates for general category depositors are:

  • 2.5% for 7 days to 29 days
  • 3% for 30 days to 90 days
  • 3.5% for 91 days to 184 days
  • 4.4% for 185 days to less than one year
  • 4.9% for 1 year to 18 months
  • 5% for 18 months to 2 years
  • 5.15% for 2 years 1 day to 3 years
  • 5.35% for 3 years 1 day to 5 years
  • 5.5% for 5 years 1 day to 10 years

ICICI Bank latest FD interest rates (on deposits below Rs 2 crore) for senior citizens: The interest rates for senior citizens range from 3% for 7 days of maturity to 6.3% for 5-10 years.

  • 3% for 7 days to 29 days
  • 3.5% for 30 days to 90 days
  • 4 % for 91 days to 184 days
  • 4.9% for 185 days to 289 days
  • 4.9% for 290 days to less than 1 year
  • 5.4% for 1 year to < 18 months
  • 5.5% for 18 months 1 day to 2 years
  • 5.65% for 2 years 1 day to 3 years
  • 5.85% for 3 years 1 day to 5 years
  • 6.30% for 5 years 1 day to 10 years

As per the bank, the Fixed Deposit does not have premature withdrawal facility i.e. the FDs cannot be closed by the depositor before the expiry of the term of such deposit. However, the bank may allow premature withdrawal of these deposits in following exceptional circumstances: in the event of any direction from any statutory and/or regulatory authority or deceased claim settlement cases.

Under these circumstances, the bank will not pay any interest on the principal amount of the deposit. Any interest credited or paid up to the date of such premature closure will be recovered from the deposit amount.

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