ICICI Bank pays interest rates to the tune of 4-7.10 per cent to customers on fixed deposits up to Rs 2 crore. These fixed deposits, also known as retail term deposits, are available in a total 16 maturity options ranging from seven days to 10 years at the private sector lender. ICICI Bank pays higher returns to senior citizen retail depositors compared to other customers. For example, on a fixed deposit up to Rs 2 crore of one year, ICICI Bank pays interest at the rate of 6.85 per cent to senior citizen customers and 6.35 per cent to other customers, according to its website - icicibank.com. (Also Read: Compare Bank FD Rates Paid By Peers Here)
ICICI Bank pays the following interest on retail fixed deposits:
ICICI Bank Fixed Deposit Rates
| Maturity Period | Interest Rate (With Effect From November 20) | |
|---|---|---|
| Public | Senior Citizen | |
| Seven to 14 days | 4% | 4.50% |
| 15 to 29 days | 4.25% | 4.75% |
| 30 to 45 days | 5% | 5.50% |
| 46 to 60 days | 5.50% | 6% |
| 61 to 90 days | 5.50% | 6% |
| 91 to 120 days | 5.50% | 6% |
| 121 to 184 days | 5.50% | 6% |
| 185 to 289 days | 5.75% | 6.25% |
| 290 days to less than one year | 6% | 6.50% |
| 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 | 6.60% | 7.10% |
| Two years and one day up to three years | 6.60% | 7.10% |
| Three years and one day up to five years | 6.60% | 7.10% |
| Five years and one day up to 10 years | 6.60% | 7.10% |
| Five years tax-saver FD | 6.60% | 7.10% |
| (Source: icicibank.com) | ||
(ICICI FD Rates 2019: On fixed deposits of two years, ICICI Bank pays a 7.10 per cent return to senior citizens and 6.60 per cent to other customers, according to its website)
Investment in fixed deposits with a maturity period of five years offers income tax benefit up to Rs 1.5 lakh per financial year under Section 80C of the Income Tax Act. Interest income, however, is subject to income tax.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
