With effect from September 29, ICICI Bank, one of the biggest private banks, revised the interest rates on its bulk fixed deposits. The FDs range in size from 2 crores and up to 5 crores, but not more. For both new and renewing fixed deposits with the ICICI Bank, these amended FD rates will be in effect. In these bulk FDs, the interest rates are the same for both the general category and senior people.
Since September 29, ICICI Bank has offered a 6.25% interest rate on fixed-rate debt obligations with maturities ranging from one year to ten years.
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For deposit terms between 271 days and less than a year, the rate is 6%. For terms ranging from 185 days to 270 days, the bank offers a rate of 5.75%. Additionally, the cost is 5.50% for contracts lasting 91 to 184 days.
The bank offers a 5% interest rate on terms of 61 days to 90 days for shorter tenures. While the rate is 4.25% for contracts lasting 46 to 60 days and 3.90% for those lasting 30 to 45 days. The bank offers a 3.75% rate for loans with a term of 7 to 29 days.
The typical term for FDs is between seven days and ten years.
ICICI Bank claimed on its website that there would be no FD interest rate payable if the depositor withdrew the entire FD amount within seven days of the deposit date. In accordance with the 7-day minimum tenure requirement for domestic and NRO FD deposits.
An ICICI FD account must be opened with at least 10,000 rupees.
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These updated fixed deposit interest rates will be used for both new ICICI Bank fixed deposits and renewals of existing fixed deposits, the company’s website notes.
Furthermore, ICICI Bank emphasised that TDS applies to FD interest rates following the IT Act. However, one customer may use an ICICI Bank FD to deduct up to 1.5 lakh in taxes from their taxable income in accordance with section 80C.
Notably, the bank grants its employees, including retired ones, an additional 1% rate of interest on domestic deposits under Rs. 2 crores. In addition, the bank offers an additional rate of 0.20% on FDs under Rs. 2 crores for a brief period in addition to the existing additional rate of 0.50% per annum on tenures of 5 years, 1 day to 10 years.
