ICICI Bank, India's one of the largest private lender has revised its interest rates on retail fixed deposits with effect from November 20, 2019. ICICI Bank offers fixed deposits ranging from 7 days to 10 years. The bank offers 16 maturity options to its customers for fixed deposits up to Rs. 2 crore, according to the lender's website - icicibank.com.
The bank gives 4% interest on fixed deposits ranging from 7 days to 10 years of up to Rs. 2 crore. ICICI Bank provides slightly higher returns to senior citizen customers (4.5-7.10 per cent) compared to the general public.
ICICI Bank latest FD interest rates (below ₹2 crore) with effective from 20 November
|Period||General public||Senior citizens|
|Seven to 14 days||4%||4.5%|
|15 to 29 days||4.25%||4.75%|
|30 to 45 days||5%||5.5%|
|46 to 60 days||5.5%||6%|
|61 to 90 days||5.5%||6%|
|91 to 120 days||5.5%||6%|
|121 to 184 days||5.5%||6%|
|185 to 289 days||5.75%||6.25%|
|290 days to less than one year||6%||6.5%|
|One year to 389 days||6.35%||6.85%|
|390 days to less than 18 months||6.35%||6.85%|
|18 months to two years||6.6%||7.1%|
|Two years and one day to three years||6.6%||7.1%|
|Three years and one day to five years||6.6%||7.1%|
|Five years and one day to 10 years||6.6%||7.1%|
|Five years (tax saver FD)||6.6%||7.1%|
The fixed deposit accounts which have a lock-in period of five or 10 years also offer income tax benefit under Section 80C of the Income Tax Act, 1961.
State Bank of India (SBI), Punjab National Bank (PNB), Bank of Baroda (BoB), HDFC Bank, Axis Bank, Kotak Mahindra Bank and Canara Bank also revised interest on FDs this month.