ICICI Bank, a prominent private sector bank, has announced an increase in its fixed deposit interest rates. The revised rates will apply to retail term deposits up to Rs 3 crore.
After the revision, regular citizens can earn a maximum interest rate of 7.25%, while senior citizens will receive up to 7.80%. The updated rates are available on the bank’s official website.
For regular citizens, the interest rates range from 3% to 7.25% for deposit periods ranging from one week to ten years.
Senior citizens will receive additional interest of up to 55 basis points. Additionally, the bank offers a tenure of 15 months to 18 months that provides the highest interest rates.
Here are the specific interest rates for regular citizens:
- 3% interest for 7-29 day deposits
- 3.50% interest for 30-45 day deposits
- 4.50% interest for 61-90 day deposits
- 6% interest for 271 days to less than a year
- 7.25% interest for 18-month deposits
For senior citizens, the highest interest rates are 7.80% for deposits with a maturity of 15 months to 18 months and 7.75% for deposits with a tenure of 18 months to two years.
To illustrate, if a general citizen deposits Rs. 5 lakhs for 18 months at the interest rate of 7.25%, they will receive Rs. 53,986 as interest, bringing the total maturity amount to Rs. 5,53,986.
Whereas, a senior citizen at the rate of 7.80% interest will receive Rs. 58,078, resulting in a total maturity amount of Rs. 5,58,078.