Now ICICI Bank cuts FD, savings account interest rates

ICICI Bank has become the latest major lender to revise its interest rates downward, following recent moves by SBI and HDFC Bank. The bank has slashed its savings account interest rates by 25 basis points (bps) and has reduced fixed deposit (FD) rates by up to 50 bps on select tenures. The revised FD rates are effective from April 17, 2025, and are expected to affect customers across various deposit tenures.

SBI cuts FD interest rates on select tenures; introduces revised ‘Amrit Vrishti’ scheme with lower interest rates

ICICI Bank’s move follows similar rate cuts announced earlier this month by SBI and HDFC Bank, which also lowered their fixed deposit rates, signaling a shift towards a low-interest environment amid changes in the Reserve Bank of India’s (RBI) monetary policy rate.

ICICI Bank latest FD interest rates
ICICI Bank has reduced the fixed deposit interest rate on select tenures by up to 25 basis points. After the revision, the bank offers FD interest rate between 3% and 7.05% for general citizens, and for senior citizens, the bank now offers interest rates between 3.5% to 7.55%.

Earlier, the highest interest rate offered was 7.25% for general citizens and 7.85% for senior citizens on tenures between 15 months and 2 years.

Also read: HDFC Bank ends special edition deposit: Now offers highest FD interest of 7.75% from 7.90%

ICICI Bank has revised its fixed deposit (FD) interest rates across multiple tenures. For tenures of 30 to 45 days, the bank has slashed the FD rate by 50 basis points—from 3.50% to 3%. For the 61 to 90-day tenure, the rate has been reduced by 25 bps, from 4.5% to 4.25%. On deposits maturing in 15 to 18 months, the rate has been cut by 45 bps—from 7.25% to 6.8%. For tenures between 18 months and 2 years, the rate has been reduced by 20 bps—from 7.25% to 7.05%.
For FDs with tenures of 2 years 1 day to 5 years, the bank now offers 6.9%, up from 7%. However, for deposits with tenures of 5 years 1 day to 10 years, the rate has been reduced by 10 bps—from 6.9% to 6.8%. The interest rate on the 5-year Tax Saver FD has also been revised downward to 6.9% from the earlier 7%.



ICICI Bank savings account interest rate
Under the revised structure, ICICI Bank now offers an interest rate of 2.75% per annum for end-of-day balances below Rs 50 lakh, down from the earlier rate of 3%. For balances of Rs 50 lakh and above, the interest rate has been reduced to 3.25% from 3.50% per annum. These rates are calculated based on the daily closing balance and reflect the broader trend of banks realigning their deposit offerings amid prevailing monetary conditions.