Icici Bank Deposit Rates
The returns on fixed deposits are calculated on a certain rate. This rate of return is known as the fixed deposits interest rate. The rate is determined by the bank at the time of booking the deposit and remain same throughout the term of deposit. Thus, the depositor receives the hike on the invested amount at the regular and fixed rates.
Table of Contents
- 2 What is the process of Interest Calculation on the Fixed Deposit of Different Banks?
- 2.2 Non-Cumulative Interest Calculation:
ICICI Bank, a leading private sector bank in India, offers Netbanking services & Personal banking services like Accounts & Deposits, Cards, Loans, Insurance & Investment products to meet your banking needs.
All Banks Fixed Deposit Interest Rates March 2021
Want to take your fixed deposit corpus to a high? Then, compare the fixed deposit interest rates offered by banks in India.
New Fixed Deposit Rates from ICICI Bank. The fixed deposit interest rates of ICICI Bank have been revised. The private sector lender offers fixed deposits with maturity periods ranging from 7 days to 10 years. Senior citizens will continue to get 50 bps higher interest rates than others. The last revision was done by the bank on 20 September 2019. . Bonus Interest Rate would be applicable for Bonus Period only, which is from 1st September, 2017 to 30th September, 2018. Interest is calculated daily and credited to the account monthly. ICICI bank staff (including retired staff) will get additional 1% rate of interest on domestic deposit below ₹ 2 Cr. # ICICI Bank Golden Years FD (w.e.f 20th May’20): Now get an exclusive additional interest rate of 0.30% per annum on your Fixed Deposits.
| Banks | FD Interest Rates |
|---|---|
| Allahabad Bank | 2.90% - 5.90% |
| Andhra Bank | 3.00% - 5.40% |
| Axis Bank | 2.50% - 6.05% |
| Bajaj Finance/Finserv | 7.40% - 7.85% |
| Bandhan Bank | 3.00% - 6.75% |
| Bank of Baroda | 2.90% - 6.30% |
| Bank of India | 3.00% - 6.25% |
| Bank of Maharashtra | 2.75% - 6.40% |
| Canara Bank | 3.00% - 5.85% |
| Central Bank of India | 2.75% - 5.00% |
| Citibank | 2.00% - 4.25% |
| Corporation Bank | 3.00% - 5.40% |
| Dena bank | 2.90% - 6.30% |
| Federal Bank | 2.50% - 6.00% |
| HDFC Bank | 2.50% - 6.25% |
| HSBC Bank | 2.25% - 4.50% |
| ICICI Bank | 2.50% - 6.30% |
| IDBI Bank | 2.90% - 5.90% |
| IDFC Bank | 2.75% - 6.50% |
| IndusInd Bank | 3.25% - 7.50% |
| Jammu & Kashmir Bank | 3.00% - 5.80% |
| Karnataka Bank | 3.50% - 6.20% |
| Karur Vysya Bank | 3.50% - 6.15% |
| kotak Mahindra Bank | 2.50% - 4.90% |
| Lakshmi Vilas Bank | 3.60% - 7.50% |
| Nainital Bank | 3.35% - 6.85% |
| Oriental Bank of Commerce | 3.00% - 6.00% |
| Punjab & Sind Bank | 3.50% - 6.55% |
| Punjab National Bank | 3.00% - 6.00% |
| RBL Bank | 3.25% - 7.45% |
| SBI | 2.90% - 6.20% |
| Standard Chartered Bank | 1.50% - 6.10% |
| Syndicate Bank | 3.00% - 5.85% |
| UCO Bank | 2.75% - 5.40% |
| United Bank Of India | 3.00% - 6.00% |
| Vijaya Bank | 2.90% - 6.30% |
| YES BANK | 3.50% - 7.75% |
What is the process of Interest Calculation on the Fixed Deposit of Different Banks?
Now you know the all banks fixed deposit interest rates, you must want to know about the process that banks use to calculate interest on the said product. There are two processes through which banks offer interest on fixed deposit schemes. These are Cumulative and Non-cumulative. The option to choose between these two depends solely on you. Don’t worry, as we will be telling you about both these processes in detail so that you can make a better decision.
Cumulative Interest Calculation:
In this process of interest calculation, you deposit a fixed amount of money for a definite period. The interest will be calculated on a quarterly basis by default. And at the end of every quarter, your interest amount will be reinvested with the principal amount. The whole accumulated amount will be paid to you at the time of maturity which can be as short as 7 days to as long as 10 years.
Icici Bank Recurring Deposit Rates
This process is generally opted by those who want to save and earn a large amount at the end of the long investment period as you can only get principal and accumulated interest at the end of the maturity period.
For example, if you invest an amount of INR 4,00,000 for a period of 4 years at an interest rate of 8.1% per annum, then at the end of your maturity period you will get a total amount of INR 5,90,457 including interest of INR 1,90,457.
Non-Cumulative Interest Calculation:
In this process, the interest rate on your deposited amount is calculated on a monthly, quarterly, half-yearly, and yearly basis. The calculation process depends on your choice. The interest will be paid to you at the frequency of interest chosen by you and it will not be reinvested in the principal amount again. So, you need to remember this thing while choosing any of the non-cumulative interest calculation options.
Individuals who are looking for a fixed amount as a stable income at the end of a definite interval find this process beneficial for them. One of the examples is Senior Citizens who also enjoy higher interest rates as compared to the standard rate of interest and want a fixed source of income during their retirement years.
What Is The Fd Rate In Icici Bank
For Example, if you invest an amount of INR 10,000 for a period of 1 year at an interest rate of 7.6% per annum, the amount you get at different frequencies can be seen in the table given below.
Icici Bank Deposit Charges
| Frequency | Interest Rate | Interest Payout (In ₹) |
|---|---|---|
| Monthly | 7.35% | 612 |
| Quarterly | 7.39% | 1848 |
| Half-yearly | 7.46% | 3730 |
| Yearly | 7.60% | 7600 |