On fixed deposits of less than Rs 2 Crore, the private lender ICICI Bank has hiked fixed deposit interest rates from August 19 2022, as per the bank’s official website. The bank offers interest rates on fixed deposits with maturities from 7 days to 10 years ranging from 2.75% to 5.9% for the general public and 3.25% to 6.6% for senior citizens. ICICI Bank will provide a maximum interest rate of 6.1% for non-senior citizens and 6.6% for senior citizens on maturing in 3 years and one day to 5 years.

Fixed deposits with maturities between 91 days and 184 days will pay 3.75% interest, and term deposits with maturities between 185 days and less than a year will pay 4.65% interest. The interest rate on the fixed deposits maturing in 1-2 years has increased by 15 basis points (bps) from 5.35% to 5.5% at the ICICI Bank. The bank had increased the interest rates on fixed deposits maturing in 2 years, 1-3 years by ten basis points, from 5.5% to 5.6%.

For fixed deposits maturing in 3 years, one day to 5 years by 40 basis points, from 5.7% to 6.1%, is increased. Fixed deposits maturing in five years, one day to 10 years, would earn interest at a rate of 5.9%, up from 5.75%, a 15 bps increase. ICICI Bank increased interest rates on five-year tax-saving fixed deposits by 40 bps, from 5.7% to 6.1%

Senior citizens will always get an extra 0.5% over and above the regular rate on fixed deposits maturing in 7 days to 5 years. On ICICI Bank Golden Years FD with a tenure of 5 years one day, up to 10 years, senior citizens will receive an additional interest rate of 0.2% over the existing benefit of 50 bps. According to the website, the ICICI Bank Golden Years FD is valid until October 7, 2022.