ICICI Bank Revises Its Rates of Interest on FDs. Here Are Its New Rates

ICICI Bank has slashed the rate of interest of its fixed deposits by up to 50bps, following the same rate reduction by one of the largest public sector banks, the State Bank of India (SBI). The largest cuts are made for the deposits that are made for less than one year, while the fixed deposits that are maturing in one year or more took smaller cuts in rates.

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A fixed deposit with tenure of one year with ICICI Bank earns a 5.7% rate of interest, which is lesser than the previous 5.8%. On the other hand, the State Bank of India offers a rate of interest of 5.5% for the fixed deposits of a similar tenure, whereas the fixed deposits for one year with HDFC Bank earn 5.8%.

Comparison Between
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Debt Mutual Fund
Guaranteed Return Plans
Returns Before Tax
7.5% (TAX-FREE)
Returns After Tax
7.5%
Guaranteed Returns
Yes
Life Cover
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Risk
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Fixed Deposits
Returns Before Tax
7% (TAXABLE)
Returns After Tax
4.8%
Guaranteed Returns
Yes
Life Cover
No
Tax on Profit
Taxable
Risk
Low Risk
Debt Mutual Fund
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8% (TAXABLE)
Returns After Tax
5.5%
Guaranteed Returns
No
Life Cover
No
Tax on Profit
Taxable
Risk
High Risk
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Latest ICICI Bank Fixed Deposit Rates

The rate of interest listed below is for the deposits under Rs.2 Crore with premature withdrawal:

Tenure Regular Citizen FD Rates Senior Citizen FD Rates
7 Days to 14 Days 2.50% 3.00%
15 Days to 29 Days 2.50% 3.00%
30 Days to 45 Days 3.00% 3.50%
46 Days to 60 Days 3.00% 3.50%
61 Days to 90 Days 3.00% 3.50%
91 Days to 120 Days 3.50% 4.00%
121 Days to 184 Days 3.50% 4.00%
185 Days to 210 Days 4.40% 4.90%
211 Days to 270 Days 4.40% 4.90%
271 Days to Less Than 289 Days 4.40% 4.90%
290 Days to Less Than One Year 4.40% 4.90%
One Year to 389 Days 4.90% 5.40%
390 Days to Less Than 18 Months 4.90% 5.40%
18 Months to 2 Years 5.00% 5.50%
2 Years 1 Day to 3 Years 5.15% 5.65%
3 Years 1 Day to 5 Years 5.35% 5.85%
5 Years 1 Day to 10 Years 5.50% 6.30%
5 Years Tax Saving FD 5.35% 5.85%

 Note: The aforementioned FD rates are effective from October 21st, 2020.

The reduction in the latest interest rates of FD comes from a cut in repo rate by the Reserve Bank of India. After the Reserve Bank of India's announcement, the State Bank of India also cut down its FD rate of interest by 50bps across its different tenures.

It is not only the FD interact rates that came down, the government has also announced a reduction in the rate of interest of small savings schemes such as Sukanya Samriddhi Yojana, Public Provident Fund, Post Office Term Deposits, etc. The interest rates of these schemes have also been cut down between 70 bps to 140 bps.

A crisis is also seen in some of the categories of debt mutual funds. The falling equities as well mean that the banks have more space to lower the rate of interest of fixed deposits. Certificates of Deposits (CDs) have also become cheaper and the rate of interest of CDs of one month has also come down to 4.7% in April of 2020, which was around 5.5% during October 2019.

ICICI Bank Has Also Cut Down the Rate of Interest on Savings Account

At the same time, ICICI Bank has as well mentioned that it has cut down the rate of interest on its savings account as well. The cut in the interest rate of the savings account of ICICI bank is around 25 bps. After this cut, all the savings account that have a balance below Rs. 50 Lakhs get interest at the rate of 3.25% per year and the account having a balance of more than Rs. 50 Lakhs attract the interest of 3.75% per annum. These new rates of interest came into effect from the 9th of April 2020.

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Eligibility for Opening a Fixed Deposit Account in ICICI Bank

You have to fulfill the below criteria to open a fixed deposit account with ICICI Bank:

  • Indian Citizen

  • Trusts

  • Hindu Undivided Families (HUFs)

  • Associations

  • Clubs

  • Societies

Documents Needed to Invest in ICICI Bank Fixed Deposit

The following documents are required to invest in an FD account of ICICI Bank:

  1. Identity Proof:

    • Voter ID Card

    • PAN Card

    • Passport

    • Photo Ration Card

    • Driving License (If you have)

    • ID Card of Government

    • ID Card for Senior Citizen (If applicable)

  2. Residential Proof:

    • Telephone Bill

    • Electricity Bill

    • Statement of Bank along with a cheque

    • Certificate or an ID card that is issued by the Post Office

    You should provide the original copies for verification and necessary documents’ photocopies while opening an FD with ICICI Bank.

    You should also note that the bank can ask for additional documents if it finds that document necessary.

FD interest rates India have fallen consistently over the last 12 years.
Invest in Plans that offer Guaranteed Returns for over 25 Years

Loan against ICICI Bank Fixed Deposit

You can avail of a loan against your ICICI Bank fixed deposit up to 90% of your deposited amount.

Special Forms to Fill

You should submit Form 15G if your annual income from the interest of your fixed deposit is more than Rs. 40,000 in a financial year. Senior citizens can as well avail of tax waiver if his/her total income earned from FD is more than Rs. 50,000 by providing Form 15H. With these forms, you have to provide your PAN Card. ICICI Bank also provides the facility to submit your form 15H and 15G online through its internet banking or dedicated mobile application of the Bank.

Summing It Up!

The aforementioned rate of interest is the revised rates for ICICI Bank fixed deposits. However, the rates of any bank are subject to change so you should check the bank’s wordings before investing in an FD.

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ICICI Bank Fixed Deposit - FAQs

  • Does one has to be an existing customer of ICICI Bank for opening a Fixed Deposit account?

    No, both the new and existing customers are eligible to open a fixed deposit account with ICICI Bank.
  • How can I calculate the rate of interest of my fixed deposit?

    You can use the online FD calculators to calculate the interest that he/she will earn from his/her fixed deposit with ICICI Bank.
  • What is a tax-saving fixed deposit?

    A tax saving fixed deposit with ICICI Bank attracts tax exemption under section 80C of the IT Act for a deposit up to Rs. 1, 50, 000.

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