After State Bank of India (SBI), a private sector bank, ICICI Bank is the latest to join the group to increase fixed deposit rates. The new ICICI FD rate is in effect from Thursday onwards. The elderly are expected to benefit the most from the rate hike.
From June 16 onwards, ICICI Rate of FD below 2 crore is 2.75% each for terms from 7 days to 14 days and 15 days to 29 days. The rate was 3.25% per senior for the same term.
An interest rate of 3.25% is offered for terms starting from 30 days to 90 days for the general portfolio, while Elderly will enjoy an interest rate of 3.75% for the same maturity period.
Interest rates have spiked to 3.75% for the general public on FDs with maturities between 91 days and 184 days, while rates are at 4.25% for seniors.
ICICI offers an interest rate of 4.60% for ordinary and 5.10% for seniors on FDs with terms from 185 days to less than 1 year.
Meanwhile, the interest rate is 5.30% for common tenors and 5.80% for large interest rates on FDs with terms from 1 year to 2 years.
Furthermore, the interest rate is 5.50% for the general and 6% for the elderly for a term of 2 years 1 day to 3 years, while the interest rate is 5.70% for each general and 6 years. .20% for seniors in maturity from 3 years 1 day to 5 years 5 years (80C FD).
The highest FD rates of 5.75% for economy class and 6.50% for seniors are offered for 5-year 1-day to 10-year terms.
Furthermore, on the above FDs 2 crore to smaller 5 crore, interest rates range from 3.10% to 5.50% for both the common people and the elderly.
Notably, the maximum aggregate sum that can be invested in Tax Saver FD (80C FD) under a single PAN is 150,000 and the like cannot be paid early before the 5-year lock-up period expires.
In addition, ICICI Bank employees including retired staff will enjoy an additional 1% domestic deposit interest rate below 2 crore.
ICICI Bank also has a special FD for seniors with an exclusive additional interest rate of 0.25% per annum on your Fixed Deposit over 5 years.
On its website, according to ICICI Bank’s golden years FD rate effective June 16, ICICI Bank says, “Customers who are resident seniors, will receive additional interest rates adding 0.25% for a certain period and above the current additional rate of 0.50% annually.”
Under special FD, additional rates will be available for newly opened deposits as well as renewed deposits during the program period. Eligibility period is 5 years 1 day to 10 years and less FD amount 2 crore. The scheme is valid until October 7, 2022.
In the event that a deposit opened in a special FD is withdrawn/closed early after, on or after 5 years 1 day, the applicable penalty rate will be 1.25%. In the event that the deposit opened in the program is withdrawn/closed 5 years 1 day before the maturity date, the current early withdrawal policy will apply. All other features of time deposit, as well as terms and conditions, will remain unchanged and also apply to the above scheme.
