The current FD rates by ICICI Bank were last modified on August 6, 2024. Evaluating the new rates one can conclude that they can help investors gain more on their savings. Here is the new FD rates list and the facilities based on the such amount and tenures that have been released recently.
New FD Rates and What They Mean for You
Of late, I discovered that the hikes in rates are conducive to fixed deposits especially through ICICI Bank. The standard of the highest interest rate is now at 7 per cent. 25% on the amount of deposit if it is between 15 months and 2 years. The senior citizens can then get a better rate which goes up to 7.80%. These revised rates relate to deposits up to ₹3 crore.
Interest Rates by Deposit Tenure
Short-Term Deposits: As for the deposits which can be made for 7 to 29 days, the interest rate is 3%. Credit deposits which include those with a length of up to 30 to 45 days provide 3.5% interest, while the bills with a maturity of forty-six to sixty days will attract a rate of 4.25%.
Medium-Term Deposits: As for deposits with terms from 61 days to 90 days – they will be 4.5% interest. For the terms between ninety-one (91) and one hundred and eighty four (184) days the rate is 4.75%. The deposits ranging from 185 to 270 days will attract an interest rate of 5. 75%.
Long-Term Deposits: In the middle of the range with maturity between 271 days and one year, fixed deposits will give 6%. For terms between one year and less than fifteen months, the interest rate is 6%, 7%.
New Tariffs and Promotions
In its latest move, ICICI Bank has hiked the interest rates by 5 basis points on deposits having a maturity of 15 months to 2 years. This is an adjustment telling that for such periods, the interest rate is now 7.25%. For longer deposit durations:
2 to 5 Years: Those fixed deposits ranging from 2 years and one day and 5 years will attract 7% interest rate.
5 to 10 Years: Rates of interest on the deposits which will be in the range of 5 years and one day up to 10 years will be pegged at 6 percent. 9%.
Extra Benefits for Senior Citizens
Senior citizens can benefit from an additional 0.55% interest on fixed deposits with tenures of 15 months to 18 months. This special rate applies to deposits under ₹3 crore, providing an enhanced return for older investors.
ICICI Bank’s updated FD rates are designed to offer competitive returns for both short-term and long-term investments. Whether you’re saving for a short-term goal or planning for the future, these rates provide a range of options to help you achieve your financial objectives.