ICICI Bank FD interest rates 2023: Earn up to 7.50% return on fixed deposits

ICICI Bank FD rates 2023: Many banks have hiked the Fixed Deposit (FD) interest rates after the Reserve Bank of India (RBI) hiked the repo rate to 6.50 per cent. Private sector lender ICICI Bank has also revised the deposit interest rate effective from today, February 24. The bank is guaranteeing a return of 7.10 per cent on FDs less than Rs 2 crore.

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The bank is offering a return of up to 7.50 per cent to senior citizens on FDs below Rs 2 crore.

ICICI Bank FD rates 2023: Calculation

On the 5 year FD, ICICI Bank is offering its regular customers an interest rate of 7 per cent per annum. Taking things into perspective, if a customer invests Rs 5 lakh, then he will get Rs 7,07,389 on maturity. It means that the bank will give Rs 2,07,389 as an interest. Senior citizens earning 7.50 per cent return on Rs 5 lakh FD will get an interest amount of Rs 2,24,974 on maturity.

ICICI Bank FD rates 2023: Tax saving on FD

Income from FD is taxable but investors can save that tax by claiming a tax deduction under section 80C on FD of 5 years. Under 80C, a maximum tax deduction of up to Rs 1.5 lakh can be claimed in a financial year.

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