Highest FD Rate 7.55% For Senior Citizens: ICICI Bank Changes FD Interest Rates Once Again; Check New Rates

ICICI Bank FD Interest Rates: The private sector bank has revised its interest rates for fixed deposits below Rs 3 crore once again. The prices are unchanged with effect from May 17, a month after the bank trimmed its FD rates by 50 basis points. Banks have been revising their FD rates frequently after RBI started to reduce repo rates.

Senior citizens are the biggest beneficiaries of ICICI Bank's FD scheme, with the highest rate of return at 7.55%.

ICICI Bank FD Rates For Senior Citizens:

With effect from May 17, ICICI Bank is offering a 7.55% rate to senior citizens for 18 Months to 2 Years tenure. This is the highest rate offered by the bank. Further, the bank is offering 7.40% rates each on 2 Years 1 Day to 5 Years tenure, and its 5-year tax saver FD scheme.

Elderlies enjoy a 7.30% rate each on 15 Months to less than 18 Months tenure, and 5 Years 1 Day to 10 Years tenure. The rate is 7.20% on 1 Year to less than 15 Months tenure.

ICICI Bank's FD rates are at 6.50% on 271 Days to less than 1 Year tenure, 6.25% on 185 to 270 Days maturity period, and 5.25% rate on 91 to 184 Days tenure. The rates are 4.75% and 3.50% on 46 to 90 Days and 7 to 45 Days tenures for senior citizens.

ICICI Bank FD Rates General Category:

The highest rate is 7.05% for general category individuals for 18 Months to 2 Years tenure, while the rate is 6.90% each on 2 Years 1 Day to 5 Years and 5Y (Tax Saver FD) scheme. ICICI is offering 6.80% each on 15 Months to less than 18 Months, and 5 Years 1 Day to 10 Years tenures.

Furthermore, ICICI Bank is offering 6.70% on 1 Year to less than 15 Months tenure, 6% on 271 Days to less than 1 Year maturity, an 5.75% on 185 to 270 Days tenure.

For even shorter duration, the bank is offering 4.75% on 91 to 184 Days, 4.25% on 46 to 90 Days, and 3% on 7 to 45 Days tenures.

ICICI Bank FD Interest Rates Note:

- FD interest rates are subject to change without prior notice.

- The revised interest rates will apply to new as well as renewed FDs..

- FD interest payouts will be subject to Tax Deducted at Source (TDS) as per Income Tax Laws.

- If you change your account from Non-Resident to Resident, the Resident Deposit interest rates will be applicable.

- NRE rates are only for tenure of 1 year or more.

- Senior citizens fixed deposit (FD) interest rates only apply for Domestic Fixed Deposits.

ICICI Bank FD Premature Withdrawal:

According to ICICI Bank's website, in case of premature withdrawal, the interest on the Deposit will be calculated for the period that the Deposit was held with the Bank at the rate applicable to Deposits when the Deposit was opened and not at the originally contracted rate.

Illustration by ICICI Bank: An FD opened on Jan 01, 2024 for 2 years at 7.25% per annum was prematurely withdrawn on Jan 01, 2025. Interest will be calculated for the period of 1 year that the FD remained with the Bank, at 6.70% per annum (the rate applicable to FDs of 1 year (period as on Jan 01, 2024) instead of the original rate of 7.25%, as the agreed tenure was not completed.

Penalty on premature withdrawals are: 0.50% penalty on FDs below Rs 5 crore but withdrew in less than 1 year, while 1% penalty each is levied on 1 year and above but less than 5 years, and 5 years and above.

No interest if you withdraw the entire deposit amount within 7 days from the date of deposit for Domestic and NRO FDs.

The minimum term for traditional NRO FDs is 3 months, and the maximum is 10 years. While the minimum term for cumulative NRO FDs without premature withdrawal facility is 6 months, and the maximum is 10 years.