After State Bank of India (SBI), private sector bank, ICICI Bank is the latest to join the bandwagon of hike in fixed deposit interest rates. ICICI’s new FD rates have come into effect from Thursday. Senior citizens are set to benefit the most from the rate hike.
From June 16, ICICI FD Rates below 2 crore for general category on tenure of 7 days to 14 days and 15 days to 29 days is 2.75%. The rate for senior citizens with similar tenure is 3.25%.
An interest rate of 3.25% is offered for the general category on tenors ranging from 30 days to 90 days, whereas senior citizen Will earn 3.75% interest rate for the same maturity period.
The interest rate on FDs maturing from 91 days to 184 days has gone up to 3.75% for the public, while the rate for senior citizens stands at 4.25%.
ICICI offers an interest rate of 4.60% to General and 5.10% to Senior Citizens on FDs of 185 days to less than 1 year.
Meanwhile, the interest rate on FDs ranging from 1 year to 2 years is 5.30% for the general public and 5.80% for the elderly.
In addition, the interest rate is 5.50% for general and 6% for senior citizens with tenures ranging from 2 years 1 day to 3 years, while the rate of 5.70% for general and 6.20% for senior citizens is offered on maturity of each. She goes. 3 years 1 day to 5 years and 5 years (80C FD).
The highest FD rate is 5.75% for general category and 6.50% for senior citizens which is offered with tenure of 5 years 1 day to 10 years.
Further, on the above FD less than 2 crore 5 crore, the interest rate ranges from 3.10% to 5.50% for both general and senior citizens.
Specifically, the maximum total amount that can be invested in a tax saver FD (80C FD) under one PAN is 150,000 and it cannot be prematurely closed before the expiry of the lock-in period of 5 years.
Also, ICICI Bank employees including retired employees will be able to earn an additional 1% interest rate on domestic deposits as below 2 crores.
ICICI Bank also has a special FD for Senior Citizens that offers a special additional interest rate of 0.25% p.a. on your fixed deposits for a tenure of more than 5 years.
On its website, under ICICI Bank Golden Years FD rates effective from June 16, ICICI Bank said, “Resident senior citizen customers will get an additional interest rate of 0.25% for a limited time over and above the existing additional rate of 0.50% per annum.” “
Under the special FD, an additional rate will be available on fresh deposits opened as well as renewed deposits during the plan period. The eligibility period is 5 years 1 day to 10 years and the FD amount is as below 2 crores. This scheme is valid till 7 October 2022.
If the deposit opened in the particular FD is prematurely withdrawn/closed on or after 5 years 1 day, the applicable penalty rate will be 1.25%. If the deposit opened in the scheme is prematurely withdrawn/closed before 5 years 1 day, then the prevailing premature withdrawal policy will be applicable. All other features of Fixed Deposit, as well as the terms and conditions shall remain unchanged and shall be applicable for the above scheme as well.