ICICI Bank has hiked fixed deposit (FD) interest rates for amounts below Rs 2 crore on first-rate tenors by up to 20 basis points. The new interest rates are dynamic from 18th October 2022. ICICI Bank will now bid interest rates between 3% and 6.2% for tenors from 7 days to 10 years.

According to the bank’s website, the rates were upraised by 10 basis points from 4.9% to 5% for the FD lease 185 days to less than 1 year. ICICI Bank would now offer an interest rate of 5.8% for terms extending from 1 year to 2 years, a 10 basis point (bps) increase from 5.7%. The bank will now offer 4.25% interest rates for standings ranging from 91 days to 184 days, up from 4% formerly. The bank will now offer 6% instead of 5.80%, an upsurge of 20 bps for terms alternating from 2 years 1 day to 3 years.

The bank will now compromise an interest rate of 5.80%, up from 5.6%, for rapports of 2 years and one day to 3 years. After the hike, the bank will now pay 6.2% for terms ranging from 3 years 1 day to 5 years, as well as 5 Years (80C FD) with a determination of Rs 1.50 lakh. Tenure of 5 to 10 years will now be offered at 6.1%, up from 6% previously. The bank offers interest rates between 3.5% and 6.75% for senior residents for tenures ranging from 7 days to 10 years. For recurring deposits (RDs), ICICI Bank will now offer interest rates stretching from 4.25% to 6.2% for tenures ranging from 6 months to 10 years.

According to the ICICI Bank’s website, “the interest earned on your ICICI Bank FD is taxable as per your income range. As per income tax laws, the interest earned from your ICICI Bank FD is subject to the Tax Deducted at Source (TDS). You can decide on a tax saver FD where you can save taxes up to Rs 46,800.”