Leading Private Sector Bank Revises Bulk FD Interest Rates, Earn As High As 7.25%

Private sector lender, ICICI Bank has revised the interest rates on its bulk fixed deposits with effect from July 27, 2023. The latest FD rates are on single deposits ranging from Rs 2 crore and above but less than Rs 5 crore. A depositor can earn interest rates from 4.75% to as high as 7.25%. Also, these revised FD rates will be applicable for the bank's new FD accounts and renewal of existing FDs.

On bulk FDs, ICICI Bank's interest rates are the same for both the general category and senior citizens.

As per the website, from July 27, the bank is offering 7.25% for tenures from 1 year to less than 15 months.

The rate is 7% from 15 months to 2 years tenure.

Further, a customer can earn up to 6.75% on tenures from 271 days to less than 1 year and from 2 years 1 day to 10 years.

The interest rate is at 6.65% on 185 days to 271 days tenure, while the rate is 6.50% on 91 days to 184 days maturity period.

Meanwhile, below 3 months tenure, the FD rates vary from 4.75% to 6%.

ICICI Bank offers 6% on 61 days to 90 days tenure, while 5.75% is offered on 46 days to 60 days, and 5.50% rate is earned on 30 days to 45 days tenures.

From 7 days to 29 days tenure, the interest rate on bulk FDs is set at 4.75%.

Notably, the bulk FDs of ICICI Bank are not applicable for a 5-year Tax-Benefit where under section 80C, a tax exemption of Rs 1.50 lakh can be availed.

That being said, ICICI Bank's bulk FDs are subject to Tax Deducted at Source as per Income Tax Laws"(YEAR)".

Moreover, the bank has also revised its FD rates for deposits starting from Rs 5 crore to less or equal to Rs 500 crore.

Interest rate is from 4.75% to 5% on FDs from Rs 5 crore to Rs 5.10 crore and Rs 24.90 crore to Rs 25 crore. The remaining other bulk deposits will have an interest rate from 4.75% to 7.25%.

"These revised Fixed Deposit interest rates will be applicable for new ICICI Bank Fixed Deposits and renewal of existing Fixed Deposit," ICICI Bank said on its website.

On its website, the lender said, "As ICICI Bank FD interest rates are subject to change without prior notice, the depositor shall ascertain the rates on the value date of the FD."

Further, it explained that no FD Interest Rate would be payable if the depositor withdraws the entire FD amount within 7 days from the date of deposits. Subject to the minimum tenure of 7 days for Domestic and NRO Term Deposits.

Also, the minimum tenure for NRE Term Deposits is 1 year and no interest is payable for deposits prematurely withdrawn within the period of 1 year from the date of the deposit.

However, in case there is a change in residential status from non-resident to Resident deposits, the resident deposit rate of interest shall be applicable.

ICICI Bank offers interest rates from 3% to a maximum of 7.10% on FDs below Rs 2 crore to the general category. While the interest rate is much higher from 3.50% to 7.60% for senior citizens on these FDs. Under the 5-year tax saving FD scheme, the interest rate is 7% for the general category and 7.50% for senior citizens.