ICICI Bank FD rates 2023: Deposit rate changed from today, deposit ₹ 5 lakh, earn ₹ 2.07 lakh from interest in 5 years, calculation

ICICI Bank FD rates 2023: Private sector ICICI Bank has changed the interest rates of Fixed Deposit (FD). Customers getting FDs in the bank will now get up to 7.10% annual interest on FDs of less than Rs 2 crore. At the same time, the interest rates for senior citizens are up to 7.50 percent.

ICICI Bank FD rates 2023: ICICI Bank of the private sector in the country has changed the interest rates of Fixed Deposits (FD). Customers getting FDs in the bank will now get up to 7.10% annual interest on FDs of less than Rs 2 crore. At the same time, the interest rates for senior citizens are up to 7.50 percent. In ICICI Bank, customers can get FD from 7 days to 10 years. The revised interest rates of the bank are applicable from 24 February 2023. Let us understand here that how much regular customers and senior citizens will benefit in 5 years on a lump sum deposit of 5 lakhs at the new rates.

ICICI Bank FD Calculator 2023

ICICI Bank's 5-year FD is getting 7% interest per annum for its regular customers. If a customer makes an FD of Rs 5 lakh, then he will get Rs 7,07,389 on maturity. That is, there will be a fixed income of Rs 2,07,389 from interest. Similarly, senior citizens are getting 7.50 per cent interest per annum on 5-year FDs. If a customer makes an FD of Rs 5 lakh, then he will get around 7,24,974 on maturity. 2,24,974 will be earned from interest in this.

ICICI Bank Interest Rates 2023

Tenure Regular Customer Senior Citizen

7 - 29 days 3.0% 3.5%

30-45 days 3.5% 4.0%

46-60 days 4.25% 4.75%

61-90 days 4.5% 5.0%

91-184 days 4.75% 5.25%

185-270 days 5.75% 6.25%

271 days - less than 1 year 6.00% 6.50%

1 year to 15 months 6.70% 7.20%

More than 15 months Less than 2 years 7.10% 7.60%

2 years 1 day to 5 years 7.0% 7.50 %

5 years 1 day to 10 years 6.9% 7.5%

  (These interest rates are effective from February 24, 2023.)

Tax saving on 5 year FD

Deduction can be claimed under section 80C on FD of 5 years. However, the interest earned on FD is taxable. In this, a maximum tax deduction of up to Rs 1.5 lakh can be claimed in a financial year. It has a lock in period of 5 years. This period can extend up to 10 years.