ICICI Bank Hikes FD Interest Rates On Domestic Deposits Below Rs 2 Cr

With a market valuation of Rs 7.14 lakh crore, ICICI Bank is the second-largest private sector lender in India. The bank has hiked interest rates on domestic fixed deposits of less than Rs 2 Cr. With the modification, the bank is now providing deposits maturing in 15 months to 2 years with a maximum return of 7.20%. These revised fixed deposit interest rates will be in effect for both new and renewed ICICI Bank fixed deposits. As per the official website of the bank, the latest ICICI Bank FD rates are effective as of 17th February 2024.

ICICI Bank FD Rates

The bank is now giving a 3% interest rate on fixed deposits that mature between 7 to 29 days, and a 3.50% interest rate on deposits maturing in 30 to 45 days, according to ICICI Bank. The interest rate that ICICI Bank is now offering is 4.25% for deposits that last between 46 and 60 days, and 4.50% for those that last between 61 and 90 days. The interest rate on deposits that mature in 91 days to 184 days will now be 4.75%, while the interest rate on deposits that mature in 185 days to 270 days will now be 5.75%.

The bank is currently offering an interest rate of 6% on domestic term deposits that mature between 271 days to less than a year, and 6.70% on deposits maturing in 1 year to 15 months. For a deposit tenure of 15 months to 2 years, ICICI Bank is now offering an interest rate of 7.20%. For deposits that last from 2 years, 1 day to 5 years, the bank will now guarantee an interest rate of 7.00%. The interest rate on deposits maturing in 5 years, 1 day to 10 years, will now be 6.90%, while the interest rate on 5-year tax-saving FDs will be 7.00%.

Maturity Period	Interest rates (per cent per annum) w.e.f. February 17, 2024
	General Citizen Interest Rates	Senior Citizen Interest Rates
7 days to 14 days	3.00%	3.50%
15 days to 29 days	3.00%	3.50%
30 days to 45 days	3.50%	4.00%
46 days to 60 days	4.25%	4.75%
61 days to 90 days	4.50%	5.00%
91 days to 120 days	4.75%	5.25%
121 days to 150 days	4.75%	5.25%
151 days to 184 days	4.75%	5.25%
185 days to 210 days	5.75%	6.25%
211 days to 270 days	5.75%	6.25%
271 days to 289 days	6.00%	6.50%
290 days to less than 1 year	6.00%	6.50%
1 year to 389 days	6.70%	7.20%
390 days to 15 months	6.70%	7.20%
15 months to 18 months	7.20%	7.75%
18 months to 2 years	7.20%	7.75%
2 years 1 day to 3 years	7.00%	7.50%
3 years 1 day to 5 years	7.00%	7.50%
5 years 1 day to 10 years	6.90%	#7.50%
5 Years (80C FD) - Max to 1.50 lac	7.00%	7.50%
For single deposits of less than Rs 2 Crores	Source: Bank Website	ICICI Bank FD Rates

"An additional interest rate of 5 basis points (bps) over & above the existing 50 bps, will be paid to Senior Citizens on FDs (less than Rs 2 crore) for tenures of 15 months to less than 18 months and 18 months to less than 2 years. An additional interest rate of 10 bps over & above the existing 50 bps will be paid to Senior Citizens on FDs (less than Rs 2 crore) for tenures of 5 years and above," mentioned ICICI Bank on its website.

As of December 31, 2023, ICICI Bank's total period-end deposits had grown by 2.9% sequentially and 18.7% YoY to Rs 13,32,315 crore. Period-end term deposits reached Rs 8,04,320 crore on December 31, 2023, up 4.9% sequentially and 31.2% YoY. In Q3 of 2024, average current account deposits rose by 11.6% on an annual basis. In Q3 of 2024, average savings account deposits rose 2.8% YoY. The bank has a network of 6,371 branches, 17,037 ATMs, and cash recycling machines as of December 31, 2023, after adding 471 branches in 9M-2024.