The ICICI Bank on Saturday revised its fixed deposit (FD) rates, a day after the finance ministry announced to keep the interest rates for small savings schemes unchanged for the second quarter (July-September)of FY2024-25. In its notification, the ministry said the interest rate for the Senior Citizen Savings Scheme (SCSS) will remain the same at 8.2 per cent, 7.1 for the Public Provident Fund (PPF), 7.4 per cent for the Post-Office Monthly Income Scheme, and 7.7 and 7.5 per cent for the National Savings Certificate (NSC), and Kisan Vikas Patra (KVP), respectively, the same as before. The government revises the interest rates of the small savings rates quarterly.

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After the revision, ICICI Bank offers senior citizens the highest interest rate of 7.75 per cent; for the general public, the highest rate is 7.20 per cent. Here are the details:

ICICI Bank:

Senior citizens can avail of a maximum of 7.75 per cent on FDsof 15 months to less than 18 months. It offers 0.50 per cent additional interest to seniors on all its FDs, starting from seven days. However, for FDs with a 7.75 per cent, it includes an additional interest of 0.55 per cent. For all tenures of over 185 days, it offers seniors at least 6.25 per cent. The rates are as follows:

6.25 per cent for tenures of 185 days to 270 days

6.50 per cent for tenures from 271 days to less than a year

7.20 per cent from a year to less than 15 months

7.75 per cent for 15 months to less than 18 months

7.70 per cent for 18 months to two years

7.50 per cent for tenures between two years and five years

7.40 per cent from five years to 10 years.

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These rates are available for all deposits of less than Rs 3 crore and are available for both new and renewal FDs. Premature withdrawals are available on these FDs, but with a penalty. If the FD is broken before completing its tenure, the bank will pay interest only for the time the FD was kept with the bank. If it is withdrawn prematurely before completing the minimum period of seven days, the bank will pay no interest. On premature withdrawal before a year, the penalty will be 0.50 per cent and for withdrawal after completing a year, it will be 1.0 per cent.