ICICI Bank FD Interest Rates Hikes Update 2024

2 years ago

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ICICI Bank has increased the interest rates on fixed deposits (FD). Now on making FD in ICICI Bank, general citizens will get interest up to 7.25% and senior citizens will get interest up to 7.80%. The bank has increased interest rates on FDs of less than Rs 3 crore. The new interest rates have come into effect from August 6.

Interest will be available from 3.50% to 7.80% Now on making FD in ICICI Bank, common citizens will get interest ranging from 3.00% to 7.25%. If we talk about senior citizens, then if they make FD here, they will get interest ranging from 3.50% to 7.80%.

SBI launches ‘Amrit Vrishti’ deposit scheme State Bank of India (SBI) has recently launched a new deposit scheme named ‘Amrit Vrishti’. Under this scheme, 7.25% annual interest will be given on making FD for 444 days. Whereas senior citizens will be given interest at the rate of 7.75% per annum.

To invest in this scheme, you can also go to the bank branch. At the same time, investment can also be made through net banking and SBI YONO app. You will be able to invest in this scheme till 31 March 2025.

Keep these 3 things in mind while making FD

1. It is important to choose the right tenure Before investing in FD, it is important to think about its tenure. This is because if investors withdraw before maturity, they will have to pay a penalty. If the FD is broken before it matures, a penalty of up to 1% will have to be paid. This may reduce the total interest earned on the deposit.

2. Do not invest all the money in one FD If you are planning to invest Rs 10 lakh in FD in any one bank, then instead invest in 8 FDs of Rs 1 lakh each and 4 FDs of Rs 50 thousand each in more than one bank. With this, if you need money in between, you can arrange for the money by breaking the FD midway as per your need. The rest of your FD will remain safe.

3. Tax exemption is available on 5 year FD 5 year FD is called Tax Savings FD. By investing in this, you can claim a deduction of Rs 1.5 lakh from your total income under Section 80C of the Income Tax Act. Understand it in simple language, you can reduce up to Rs 1.5 lakh from your total taxable income through Section 80C.