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ICICI Bank, the second-largest private sector bank in India, has recently revised its fixed deposit (FD) interest rates. Effective from November 1, 2024, the new rates come into play after the festive season of Diwali. This adjustment aims to enhance the bank’s competitiveness in the financial market.
Current Fixed Deposit Rates at ICICI Bank
The revised interest rates at ICICI Bank are applicable for fixed deposits up to ₹3 crore. Here’s a detailed breakdown of the current FD rates based on different tenures:
| Tenure | Interest Rate (%) |
|---|---|
| 7 days to 14 days | 3.00% |
| 15 days to 29 days | 3.25% |
| 30 days to 45 days | 3.50% |
| 46 days to 60 days | 4.00% |
| 61 days to 90 days | 4.50% |
| 91 days to 182 days | 5.00% |
| 183 days to 1 year | 5.75% |
| 1 year to 2 years | 6.00% |
| 2 years to 10 years | 6.50% |
Benefits of Investing in ICICI Bank Fixed Deposits
Investing in fixed deposits with ICICI Bank offers several advantages, including:
- Safety and Security: Fixed deposits are considered a safe investment option as they are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC) up to ₹5 lakh.
- Predictable Returns: The interest rates are fixed at the time of investment, allowing depositors to know exactly how much they will earn over the tenure.
- Tiered Interest Rates: ICICI Bank offers tiered interest rates, meaning that larger deposits can yield higher returns.
- Flexible Tenures: Customers can choose from a variety of tenures to suit their investment goals.
Comparison with Other Private Sector Banks
Below is a comparative outlook on fixed deposit interest rates offered by ICICI Bank and other major private sector banks:
| Bank Name | 1 Year FD Rate (%) | 2 Year FD Rate (%) |
|---|---|---|
| ICICI Bank | 5.75% | 6.00% |
| HDFC Bank | 6.00% | 6.20% |
| Axis Bank | 6.10% | 6.25% |
| YES Bank | 6.50% | 6.75% |
How to Open a Fixed Deposit Account
Opening a fixed deposit account at ICICI Bank is a straightforward process:
- Visit the nearest ICICI Bank branch or access the ICICI Bank website.
- Select the ‘Fixed Deposit’ option.
- Fill in the required details such as tenure, amount, and personal information.
- Submit the necessary documents, including identity proof and address proof.
