ICICI Bank has announced an increase in its fixed deposit (FD) interest rates, effective today. The new rates apply to FDs with amounts up to ₹3 crore.

The highest interest rate offered for senior citizens is now 7.80%, while individuals can earn up to 7.25%.

Here’s a look at revised fixed deposit rates offered by ICICI Bank:

Tenure	With Premature Withdrawal
	General Citizen	Senior Citizen
7 to 29 Days	3.00%	3.50%
30 to 45 Days	3.50%	4.00%
46 to 60 Days	4.25%	4.75%
61 to 90 Days	4.50%	5.00%
91 to 184 Days	4.75%	5.25%
185 to 270 Days	5.75%	6.25%
271 Days to < 1 Year	6.00%	6.50%
1 Year to < 15 Months	6.70%	7.20%
15 Months to < 18 Months	7.25%	7.80%
18 Months to 2 Years	7.25%	7.75%
2 Years 1 Day to 5 Years	7.00%	7.50%
5 Years 1 Day to 10 Years	6.90%	7.40%
5Y (Tax Saver FD)	7.00%	7.50%

(Source: ICICI Bank)

Understanding Fixed Deposits

Fixed deposits are a popular investment instrument offered by banks and financial institutions, known for their safety and predictable returns.

When you invest in an FD, you deposit a lump sum amount with the bank for a fixed tenure.

In return, the bank offers a fixed interest rate, which is higher than regular savings accounts.

At the end of the tenure, you receive the principal amount along with the accumulated interest.