FD interest rates are subject to change from time to time.ICICI Bank has revised its fixed deposit interest rates on select maturities with effect from Wednesday, August 14.
ICICI Bank has cutthe interest rate applicable to maturity periods such as 30-45 days, 46-60 days and 1 year-389 days, according to the Mumbai-based lender's website, icicibank.com.
The bank is offering an interest rate of 5.25 per cent to general public and 5.75 per cent to senior citizens on fixed deposit accountsof 30-45 days.
Previously, the private bank paid interest rates of 5.5 per cent and 6 per cent to the general public and senior citizens respectively.On fixed deposits of 1 year-389 days days maturity period, the lender has lowered its interest rates by 20 basis points or 0.20 percentage point.
After the revision, ICICI Bank is offering interest at the rateof 6.7 per cent and 7.2 per cent on the fixed deposits to general public and senior citizens respectively.The announcement comes a week after the bi-monthly review of the Reserve Bank of India's Monetary Policy Committee (MPC).
The RBI had slashed the repo rate by 35 basis points to 5.40 per cent, marking a fourth straight reduction in interest rate.PeriodGeneral public (% p.a.)Senior citizens (% p.a.)7 days to 14 days44.515 days to 29 days4.254.7530 days to 45 days5.255.7546 days to 60 days5.756.2561 days to 90 days5.756.2591 days to 120 days5.756.25121 days to 184 days5.756.25185 days to 289 days6.256.75290 days to less than 1 year6.571 year to 389 days6.77.2390 days to < 18 months6.87.318 months to 2 years7.17.62 years 1 day up to 3 years7.17.63 years 1 day up to 5 years77.55 years 1 day up to 10 years77.55 Years Tax saver FD (Max upto Rs.
1.50 lac)77.5(Source: icicicbank.com)Fixed deposit interest rates are subject to change from time to time.
Earlier this month, State Bank of India, the country's largest lender, and Punjab National Bank had revised their 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.Get Breaking news, live coverage, and Latest News from India and around the world on TheIndianSubcontinent.com.
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