New Delhi. After HDFC Bank, SBI and Canara Bank, ICICI Bank has changed its interest Rates on Fixed Deposits. The new FD interest rates will take effect from January 20, 2022, today.
According to the bank’s website, ICICI Bank is now offering interest rates of 7 per cent on deposits with a maturity of 29 to 2.50 days and 30 per cent on FDs with a maturity of 90 to 3 days. For FDs with a maturity of 91 days to 184 days, interest rate is 3.5 percent, and for FDs with a period of 185 days to less than one year, interest rate is 4.40 percent. On FD of 389 days from a year the bank is offering 5 per cent.
ICICI Bank is offering 5 per cent interest rate on FDs maturing from 1 day to 10 years for 5.60 years. It is also offering 5.45 per cent for a five-year FD on which tax can be availed under Section 1961c of the Income Tax Act 80.
Fixed deposit rate for senior citizens
Senior Citizen fixed deposit rates: ICICI Bank offers 0.50 percent higher interest rate to its senior citizen customers than ordinary people. Under this, it is now offering interest rates of 7 percent on deposits with a maturity of 29 to 3 days and 30 percent on FDs with a maturity of 90 to 3.50 days. For FDs with a maturity of 91 days to 184 days, 4 percent, and for FDs with periods of 185 days to less than one year, 4.90 percent, for FDs from one year to 389 days, is offering an interest rate of 5.50 percent.
ICICI Bank Golden Ears FD rates
Golden Years FD Rates: in excess of the current additional rate of 0.50 percent per annum, resident Senior Citizen customers will receive an additional interest rate of 0.25 percent. This rate has been offered on both new and renewable deposits during the period of the scheme. The application period is from May 20, 2020 to April 8, 2022.
Penalty for premature withdrawal
Penalty on premature withdrawal : as per the website of ICICI Bank, the interest will be calculated at the effective rate at the time the deposit was placed in the bank or the contracted rate of the deposit, whichever is lower. Also, if there is a penalty, it will be recovered.