With effect from today, November 23, 2022, private sector lender ICICI Bank revised the interest rates on bulk fixed deposits for both senior citizens and members of the general category. On FDs between 2 and 5 crore, a depositor can earn as much as 6.8 percent. The rates range from 3.75 percent to 6.8 percent for both the elderly and the general population. Additionally, ICICI Bank updated the rates on FDs with a premature withdrawal option starting at 5 crore and upwards. The highest term is 10 years, with a minimum tenure of 7 days.
According to the bank's website, starting on November 23, the interest rate is greatest for FDs between 2 crore and 5 crores with terms ranging from 15 months to 3 years, for both general category and senior citizens, at 6.8 percent. For terms of three years and a day to ten years, the rate is 6.5 percent. For tenures of one year to less than fifteen months, the bank also offers a rate of 6.75 percent.
For terms of 271 days or less to one year, the bank offers a 6.25 percent rate; for terms of 185 days to 270 days, the rate is 6 percent.
For terms ranging from 91 to 184 days, an interest rate of 5.75 percent is available. On terms of 61 to 90 days, there is an interest rate of 5.25 percent; on terms of 46 to 60 days, it is 5 percent; and on terms of 30 to 45 days, it is 4.75 percent.
ICICI Bank is offering a 3.75 percent APR to both categories on the shorter tenure of 7 to 29 days.
With effect from November 23, the bank will offer interest rates on FDs of 5 crore or more ranging from 3.75 percent to a maximum of 7.15 percent. These FDs have resources for premature withdrawal.
The bank has not modified the FD rates on deposits under 2 crores. The general public can get these FDs at rates between 3 percent and 6.6 percent, but seniors can get them at substantially higher rates between 3.5 percent and 7.1 percent.
Deposits under Rs 2 crores are also eligible for the 5-year tax-saving FD programme. Through an ICICI Bank FD, one customer may deduct up to 1. 5 lakh rupees in taxes from their taxable income.