ICICI Bank reduced interest on FD along with savings account

ICICI Bank FD Rates: ICICI Bank has recently cut its interest rates. Now customers will get less interest on both savings account and fixed deposit (FD). This step has been taken after two other big banks of the country – SBI and HDFC Bank

ICICI Bank FD Rates: ICICI Bank has recently cut its interest rates. Now customers will get less interest on both savings account and fixed deposit (FD). This step has been taken after two other big banks of the country – SBI and HDFC Bank. This indicates that the Indian banking system is gradually moving towards a low interest rate environment, which is happening in accordance with the monetary policy of the Reserve Bank of India (RBI).

New Savings Account Rates

ICICI Bank has reduced the interest rate on savings accounts by 25 basis points (bps). Now customers who have a daily end-of-day balance of less than ₹50 lakh will get 2.75% annual interest, which was 3% earlier. On the other hand, a balance of ₹50 lakh or more will now get 3.25% interest, which was 3.50% earlier. These interest rates will be calculated on the basis of daily closing balance.

New interest rates of FD

ICICI Bank has cut interest rates by up to 50 basis points on select FD periods. The revised rates have come into effect from 17 April 2025. General citizens will now get interest from 3% to 7.05% on FD, while senior citizens will get interest from 3.5% to 7.55%.

This much interest will be available on FD

The rate on FDs of 30 to 45 days has come down from 3.50% to 3%.

The rate on FDs of 61 to 90 days has been reduced from 4.5% to 4.25%.

The rate on FDs of 15 to 18 months has come down from 7.25% to 6.8%.

The rate on FDs of 18 months to 2 years has come down from 7.25% to 7.05%.

The interest rate on FDs of 2 years 1 day to 5 years has been increased to 6.9%, which was 7% earlier.

The rate on FDs of 5 years 1 day to 10 years has been reduced to 6.8%, which was 6.9% earlier.

The rate on 5-year tax saving FD is now 6.9%, earlier it was 7%.

What is the impact?

This decision will directly affect those people who deposit money in savings account or fixed deposit in the bank. This is an important change for investors who expect guaranteed returns. Experts believe that there is a possibility of change in interest rates in the future as well. Therefore, before investing, it is important to make a proper plan keeping in mind the current interest rates and your investment target.

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