Bad news for ICICI customers! Bank cuts FD interest rates – Check latest FD rates here

New Delhi: In what may dent the festive spirits of the customers, ICICI Bank has slashed the fixed deposit (FD) rates across select tenors. The new rates are effective October 21, 2020.

After the latest revision, while the general public will get interest ranging from 2.5% to 5.5% on FDs maturing in 7 days to 10 years, senior citizens will get interest ranging from 3% to 6.3% on FDs maturing in 7 days to 10 years.

The bank has made changes in the FD interest rates in tenors from 1 year to 389 days, 390 days to < 18 months and 18 months to 2 years. There is a reduction of 10 basis points (bps) in the bank FD interest rates.

Check out the new FD rates here. Following is the table on FD rates as per the bank's website:

Maturity Period	Interest rates (per cent per annum) w.e.f. October 21, 2020
	Single deposit of less than ₹ 20.0 million
	General	**Senior Citizen
7 days to 14 days	2.50%	3.00%
15 days to 29 days	2.50%	3.00%
30 days to 45 days	3.00%	3.50%
46 days to 60 days	3.00%	3.50%
61 days to 90 days	3.00%	3.50%
91 days to 120 days	3.50%	4.00%
121 days to 184 days	3.50%	4.00%
185 days to 210 days	4.40%	4.90%
211 days to 270 days	4.40%	4.90%
271 days to 289 days	4.40%	4.90%
290 days to less than 1 year	4.40%	4.90%
1 year to 389 days	4.90%	5.40%
390 days to < 18 months	4.90%	5.40%
18 months to 2 years	5.00%	5.50%
2 years 1 day to 3 years	5.15%	5.65%
3 years 1 day to 5 years	5.35%	5.85%
5 years 1 day to 10 years	5.50%	#6.30%

Check the following table on FD rates to compare the previous interest rate.

Maturity Period	Interest rates (per cent per annum) w.e.f. September 07, 2020
	Single deposit of less than ₹ 20.0 million
	General	**Senior Citizen
7 days to 14 days	2.50%	3.00%
15 days to 29 days	2.50%	3.00%
30 days to 45 days	3.00%	3.50%
46 days to 60 days	3.00%	3.50%
61 days to 90 days	3.00%	3.50%
91 days to 120 days	3.50%	4.00%
121 days to 184 days	3.50%	4.00%
185 days to 210 days	4.40%	4.90%
211 days to 270 days	4.40%	4.90%
271 days to 289 days	4.40%	4.90%
290 days to less than 1 year	4.40%	4.90%
1 year to 389 days	5.00%	5.50%
390 days to < 18 months	5.00%	5.50%
18 months to 2 years	5.10%	5.60%
2 years 1 day to 3 years	5.15%	5.65%
3 years 1 day to 5 years	5.35%	5.85%
5 years 1 day to 10 years	5.50%	6.30%

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The private sector lender had in May this year introduced a special fixed deposit (FD) scheme for senior citizens called – ICICI Bank Golden Years FD’. The scheme offers senior citizens an interest rate of 6.55% per annum for deposits up to Rs 2 crore with a tenure of more than five years to 10 years, ICICI Bank said.

The customers can conveniently and instantly open an FD using the Bank’s internet and mobile banking platforms. Alternatively, they can also visit the nearest ICICI Bank branch.