Icici fd interest rates 2022

Banks, both public and private, have increased their fixed deposit rates following the Reserve Bank of India’s repo rate hike in early August. The current repo rate stands at 5.4 per cent. Private sector lender ICICI Bank has also increased the interest rates on fixed deposits of amounts between Rs 2 crore and Rs 5 crore. The new rates are effective from September 8, 2022. As per the website, ICICI Bank will offer interest rates between 2.75 per cent and 6.10 per cent for tenors from 7 days to 10 years for regular citizens. The rate for senior citizens is slightly higher and ranges from 3.25 per cent to 6.60 per cent.  On FD schemes maturing in 7 days to 29 days, the bank will offer an interest rate of 3.50 per cent and on term deposits maturing in 30 days to 45 days, ICICI Bank will now promise an interest rate of 3.60 per cent.  Under term deposits for 46 days to 60 days, investors can now fetch an interest rate of 4.00 per cent and term deposits maturing in 61 days to 90 days will now fetch an interest rate of 4.75 per cent. The bank will provide an interest rate of 5.25 per cent on FD schemes for 91 days to 184 days.  Also read: The bank will now promise an interest rate of 5.50 per cent on fixed deposits maturing in 185 days to 270 days. On fixed deposits maturing in 271 days to less than 1 year, the bank will now promise an interest rate of 5.70 per cent and on fixed deposits maturing in 1 year to 5 years, ICICI Bank will now promise an interest rate of 6.05 p...

A Fixed Deposit works on the principle of tenure-based investing. Each tenure comes with a pre-determined interest rate. Generally, the longer the tenure, the higher the interest rate will be. The growth of your FD investment depends on the applicable interest rate and the frequency of interest paid. ICICI HFC Fixed Deposits offer a combination of attractive interest rates, under non-cumulative and cumulative schemes. Under the non-cumulative scheme, Fixed Deposit interest would be paid on a monthly, quarterly or annual basis depending on the scheme opted by you. In cumulative deposits, the FD interest is accumulated with the deposit amount, which is eligible to earn interest on annual compounding principle. The principal as well as the accumulated interest is paid to the customer only upon maturity or premature withdrawal. Find out our existing interest rates for non-cumulative and cumulative schemes for a tenure of your choice in the table below. You can also use or FD calculatorto know the growth of your FD investment. Tenure (In Months) Effective May 11, 2023 Cumulative Non-Cumulative Cumulative Plan **Indicative Yield(Cumulative option) Monthly Income Plan Quarterly Income Plan Yearly Income Plan >=12 to =24 to =36 to =60 to <=120 7.30% 8.45% 7.05% 7.10% 7.30% 0.25% additional interest for senior citizen and ICICI Group employees Tenure (In Months) Effective May 11, 2023 Cumulative Non-Cumulative Cumulative Plan **Indicative Yield(Cumulative option) Monthly Income Pla...

According to the bank's website, the rates were raised by 10 basis points from 4.90% to 5% for the FD tenure 185 days to less than 1 year. ICICI Bank will now offer an interest rate of 5.80% for terms ranging from 1 year to 2 years, a 10 basis point increase from 5.70%. The bank will now offer 4.25% interest rates for terms ranging from 91 days to 184 days, up from 4% previously. The bank will now offer an interest rate of 5.80%, up from 5.60%, for terms of 2 years and one day to 3 years. After the hike, the bank will now pay 6.20% for terms ranging from 3 years 1 day to 5 years, as well as 5 Years (80C FD) with a maximum of Rs 1.50 lakh. Tenure of 5 to 10 years will now be offered at 6.10%, up from 6% previously. Source: ICICI website Is the interest on an FD taxable? According to the ICICI Bank website, “the interest earned on your ICICI Bank FD is taxable as per your income bracket. Interest earned from your ICICI Bank FD is subject to the Tax Deducted at Source, as per income tax laws. You can opt for a tax saver FD where you can save taxes up to Rs 46,800.” Don’t miss out on ET Prime stories! Get your daily dose of business updates on WhatsApp.