Kolkata: Reserve Bank of India slashed Repo rate by an aggressive 50 basis points on June 6, ostensibly to bring down lending rates in the country and trigger consumption, which, in turn, are supposed to stoke growth rates and generate new employment. Unfortunately, it has got a flip side too. Those who depend on interest income from fixed deposits are also set to suffer since all banks and NBFCs are set to bring down deposit rates after this higher-then-expected cut by the central bank.
Major private sector lender ICICI Bank is one of the first major banks to trim interest rates on fixed deposits. It has trimmed interest rates on FDs on a few maturity periods and the extent is up to 25 basis points. All these pertain to retail deposits, which means for amounts that are under Rs 3 crore. The rates have come into effect from Monday, June 9, 2025.
What are the new ICICI Bank FD rates
ICICI Bank divides its Fixed Deposits in 11 maturity baskets. The range of interest rates are from 3% to 6.6% for general customers and from 3.5% to 7.10% for senior citizens. Let’s have a closer look at the tenures and the rates.
7-45 days: 3% (general customers), 3.5% (senior citizens)
46-90 days: 4% (general customers), 4.5% (senior citizens)
91-184 days: 4.5% (general customers), 5% (senior citizens)
185-270 days: 5.5% (general customers), 6% (senior citizens)
271 days to less than 1 year: 5.75% (general customers), 6.25% (senior citizens)
1 year to less than 15 months: 6.25% (general customers), 6.75% (senior citizens)
15 months to less than 18 months: 6.35% (general customers), 6.85% (senior citizens)
18 months-2 years: 6.5% (general customers), 7% (senior citizens)
2 years 1 day-5 years: 6.60% (general customers), 7.10% (senior citizens)
5 years 1 day-10 years: 6.60% (general customers), 7.10% (senior citizens)
5 years (tax saver): 6.60% (general customers), 7.10% (senior citizens)
It is clear that the highest FD rate of ICICI Bank is 6.60% (general customers), 7.10% (senior citizens) across three tenures, all above 2 years.
Premature withdrawal entails penal charges
ICICI Bank will charge penalty on premature withdrawals. “In case of premature withdrawal, interest on the deposit shall be paid for the period that it has remained with the bank at the rate that prevailed at the time of booking for the actual tenure of the Term Deposit and not at the contracted rate and post deduction of applicable penalty,” it mentioned on its website.
ICICI Bank is the second biggest private sector bank in India and the interest rates on its fixed deposits are significant for a lot of people. Find out the new rates the bank is paying to genera; customers and senior citizens. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
