ICICI bank joins bandwagon, slashes FD, savings rate up to 50 bps

Its rates for various tenures now range from 3% to 7.05% for general customers and 3.5 per cent to 7.55 per cent for senior citizens.

The central bank’s decision to cut the repo rate has prompted lenders to do the same for fixed deposits and savings accounts, with ICICI Bank being the latest in the chain.

 

ICICI Bank has announced a 25 basis points reduction in interest rates for savings accounts and 50 bps for fixed deposits effective from April 17. The decision is meant for all customers across various deposit tenures.

 

ICICI Bank interest rates

 

The bank’s FD interest rates for various tenures now range from 3 per cent to 7.05 per cent for general customers and 3.5 per cent to 7.55 per cent for senior citizens.

 

 

The highest rate of 7.05 per cent is for FD tenures of 18 months to two years for general customers; for senior citizens it is 7.55 per cent.  ALSO READ | Axis Bank cuts rates for savings accounts, offers 2.75% for some deposits

 

Following is the list of tenures, interest rates and general guidelines shared by the bank on its website.

 

Tenure	With Premature Withdrawal
	General Citizen	Senior Citizen
7 to 29 Days	3.00%	3.50%
30 to 45 Days	3.00%	3.50%
46 to 60 Days	4.25%	4.75%
61 to 90 Days	4.25%	4.75%
91 to 184 Days	4.75%	5.25%
185 to 270 Days	5.75%	6.25%
271 Days to < 1 Year	6.00%	6.50%
1 Year to < 15 Months	6.70%	7.20%
15 Months to < 18 Months	6.80%	7.30%
18 Months to 2 Years	7.05%	7.55%
2 Years 1 Day to 5 Years	6.90%	7.40%
5 Years 1 Day to 10 Years	6.80%	7.30%
5Y (Tax Saver FD)	6.90%	7.40%

 

Fixed deposit guidelines by ICICI Bank

 

• FD interest rates are subject to change without notice.

• The revised interest rates will apply to new as well as renewed FDs.

• FD interest payouts will be subject to Tax Deducted at Source (TDS).

• If you change your account from Non-Resident to Resident, the Resident Deposit interest rates will be applicable.

• NRE rates are only for tenure of 1 year or more.

• Senior citizens interest rates only apply for domestic fixed deposits

ALSO READ | HDFC Bank cuts saving account interest rate, now offers 2.75 per cent 

ICICI Bank savings account interest rate 2025

 

The current rate of interest it offers is 2.75 per cent per annum for end-of-day balance below Rs 50 lakh and for balance of Rs 50 lakh and above, it offers 3.25 per cent per.

 

Following is the table provided by the bank on their website for savings account interest rate.

 

On Balances (in ₹)	Rate of Interest (% p.a.)
For end of day balance below ₹ 50 Lakhs	2.75%
For end of day balance ₹ 50 Lakhs and above	3.25%