Private sector lender ICICI Bank has revised its fixed deposit (FD) interest rates on select maturities with effect from June 17, 2019. ICICI Bank has slashed the FD interest rates applicable on the maturity periods of 61 days to 90 days, 91 days to 120 days and 121 days to 184 days, among others according to the bank's website, icicibank.com. The lender is offering an interest rate of 6 per cent to general public and 6.5 per cent to senior citizens in the above mentioned maturity periods on fixed deposits below Rs 2 crore. Previously, the bank paid interest rates of 6.25 per cent and 6.75 per cent to general public and senior citizens respectively on FDs of the same amount in the given maturities respectively.
Similarly, the lender is offering 7 per cent and 7.5 per cent on maturity period of 390 days to 2 years to general public and senior citizens, respectively. It slashed interest rates by 10 basis points (0.10 per cent) for both the categories.
In the maturity period category of 2 years 1 day up to 3 years, ICICI Bank has cut interest rates by 20 basis points. The maturity period now fetches 7.3 per cent and 7.8 per cent for general public and senior citizens, respectively.
Here are ICICI FD interest rates on deposits below Rs. 2 crore from June 17, 2019, according to icicibank.com:
| Period | General public (% p.a.) | Senior citizens (% p.a.) |
|---|---|---|
| 7 days to 14 days | 4 | 4.5 |
| 15 days to 29 days | 4.25 | 4.75 |
| 30 days to 45 days | 5.5 | 6 |
| 46 days to 60 days | 6 | 6.5 |
| 61 days to 90 days | 6 | 6.5 |
| 91 days to 120 days | 6 | 6.5 |
| 121 days to 184 days | 6 | 6.5 |
| 185 days to 289 days | 6.5 | 7 |
| 290 days to less than 1 year | 6.75 | 7.25 |
| 1 year to 389 days | 6.9 | 7.4 |
| 390 days to 2 years | 7 | 7.5 |
| 2 years 1 day up to 3 years | 7.3 | 7.8 |
| 3 years 1 day up to 5 years | 7.25 | 7.75 |
| 5 years 1 day up to 10 years | 7 | 7.5 |
| 5 Years Tax saver FD (Max up to Rs. 1.50 lac) | 7.25 | 7.75 |
Fixed deposit interest rates are subject to change from time to time. Last week, private sector lender HDFC Bank had revised its fixed deposit interest rates.
The fixed deposit accounts which have a lock-in period of five or 10 years also offer income tax benefit under Section 80C of the Income Tax Act, 1961.
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