After the change, ICICI Bank’s FD is getting a minimum interest of 2.75 percent and a maximum of 6.10 percent. One can invest in FDs of longer duration such as FDs of more than 5 years to earn higher interest.
ICICI Bank has increased the interest rates of fixed deposits. The interest rate has been increased by 25 basis points on FDs of less than Rs 2 crore. The new rates have come into effect from September 26, 2022. With this, ICICI Bank will offer seed interest rate of 2.75 percent to 6.10 percent on FDs to its customers. These interest rates will be given on FDs with maturities of 7 days to 10 years. After the increase in the repo rate, there is a bumper increase in the FD rates. Ever since the Reserve Bank has started increasing the repo rate, the FD rates have been increasing continuously.
According to the ICICI Bank website, the interest rate on FDs maturing in 91 days to 120 days, 121 days to 150 days and 151 days to 184 days has been increased by 25 basis points. Earlier the rate of these FDs used to be 3.75 percent, which has now reached 4 percent. Apart from this, the interest rates on the rest of the FD schemes will remain as before. Senior citizens are being given 50 basis points more interest on FD scheme than normal depositors.
Tax saving benefits
Interest money can be taken every month on ICICI Bank FD. For this the customer has to approach the bank branch. Keep in mind that ICICI Bank FDs are taxable and the customer has to pay tax according to his tax slab. TDS is deducted on interest earned on FD. Therefore, to save tax, customers have the option of taking a tax saver FD. This FD has a tenure of more than 5 years and cannot be broken in between. Tax saver FD can save tax up to Rs 46,800 in a year.
How much interest on FD
After the change, ICICI Bank’s FD is getting a minimum interest of 2.75 percent and a maximum of 6.10 percent. One can invest in FDs of longer duration such as FDs of more than 5 years to earn higher interest. ICICI Bank is giving 6.10 percent interest to the common people while senior citizens who are below 60 years of age are getting the benefit of 6.60 percent interest.
More benefits for senior citizens
If you look at the account of FDs with longer tenure, 5.50 percent interest is being given on FDs of 18 months to 2 years and 6% interest is being given to senior citizens. 5.60 per cent on FDs of 2 years one day to 3 years and 6.10 per cent for senior citizens, 6.10 per cent on FDs of 3 years one day to 5 years and 6.60 per cent for senior citizens, 5.90 per cent for 5 years one day to 10 years and 5.90 per cent for senior citizens 6.60 percent, 5.10 percent interest is being given on FDs of more than 5 years and 5.60 percent interest is being given to senior citizens. Tax deduction up to Rs 1.5 lakh can be availed on this FD under section 80C.
