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Fixed Deposits (FDs) in India offer guaranteed returns, higher interest rates than savings accounts, and tax benefits. Small finance banks provide rates ranging from 4.5% to 9% for regular consumers and up to 9.5% for senior citizens
ICICI Bank revised FD rates: ICICI Bank has revised its fixed deposit (FD) rates across tenures for both individuals and senior citizens with effect from February 17, 2024. These revised FD rates are applicable for deposits up to Rs 2 crore and the highest rate that is being offered to senior citizens is 7.75%.
Banks, which have recently raised their term deposit interest rates, include Bank of Baroda (BOB), State Bank of India (SBI), DCB Bank, HDFC Bank, ICICI Bank, and Axis Bank.
FD rates have increased in one year, but post-tax returns are still below the FY 24 Inflation expectation of 5.4%, according to data shared by FundsIndia
ICICI Bank FD Interest Rate Hike Latest Update: The bank said that non-senior citizens can now get up to 7.00% and senior citizens can now receive up to 7.50% on fixed deposits booked with ICICI Bank.