ICICI Bank announces sharp cuts in fixed deposit interest rates

New Delhi: ICICI Bank has slashed the fixed deposit (FD) rates across various tenors. The new rates will be effective September 7, 2020.

Meanwhile, for senior citizens, the bank is offering 50 basis points (bps) higher interest rate than the General public. After the latest revision, while the general public will get interest ranging from 2.5% to 5.5% on FDs maturing in 7 days to 10 years, senior citizens will get interest ranging from 3% to 6.3% on FDs maturing in 7 days to 10 years.

Following is the table on FD rates as per the bank’s website:

Maturity Period Interest rates (per cent per annum) w.e.f. September 07, 2020
Single deposit of less than ₹ 20.0 million
General **Senior Citizen
7 days to 14 days 2.50% 3.00%
15 days to 29 days 2.50% 3.00%
30 days to 45 days 3.00% 3.50%
46 days to 60 days 3.00% 3.50%
61 days to 90 days 3.00% 3.50%
91 days to 120 days 3.50% 4.00%
121 days to 184 days 3.50% 4.00%
185 days to 210 days 4.40% 4.90%
211 days to 270 days 4.40% 4.90%
271 days to 289 days 4.40% 4.90%
290 days to less than 1 year 4.40% 4.90%
1 year to 389 days 5.00% 5.50%
390 days to < 18 months 5.00% 5.50% 18 months to 2 years 5.10% 5.60% 2 years 1 day to 3 years 5.15% 5.65% 3 years 1 day to 5 years 5.35% 5.85% 5 years 1 day to 10 years 5.50% 6.30% The private sector lender had in May this year introduced a special fixed deposit (FD) scheme for senior citizens called – ICICI Bank Golden Years FD’. The scheme offers senior citizens an interest rate of 6.55% per annum for deposits up to Rs 2 crore with a tenure of more than five years to 10 years, ICICI Bank said. The customers can conveniently and instantly open an FD using the Bank’s internet and mobile banking platforms. Alternatively, they can also visit the nearest ICICI Bank branch. We know that FD interest is a key source of income for a large section of senior citizens. Keeping this in mind, we are offering higher interest rates to them through the new scheme…We believe that this scheme will help them to create a good pension kitty on their long term deposit and thereby enhance their convenience,“ Pranav Mishra, Head – Liabilities Group, ICICI Bank said.