ICICI FD Rate Hike: Are You Earning 7.20%?

ICICI Bank raised fixed deposit interest rates effective October 23, 2026. Senior citizens can now earn up to 7.20% and general depositors up to 6.60% on FDs below ₹3 crore. If you have an old ICICI FD, you may be missing out.

Here's what happened: ICICI Bank revised fixed deposit interest rates on deposits below ₹3 crore, effective October 23, 2026, for both new bookings and renewals.. Senior citizens (aged 60 and above) can now earn up to 7.20% per annum, while general depositors can earn up to 6.60% per annum.. The rate revision affects only fresh FDs and those being renewed after the effective date — existing FDs continue at their original booked rate until maturity..

What you should do: Check your existing ICICI Bank FD maturity date online or via the iMobile app — if it matures soon, compare whether early withdrawal and rebooking at the new rate makes financial sense after accounting for the premature withdrawal penalty (usually 0.5–1%).. Compare ICICI's revised rates against other major banks and small finance banks, which often offer 7.5–8.5% for senior citizens — don't assume one bank's hike makes it automatically the best deal.. If you are a senior citizen or booking an FD for a parent, explicitly select the 'Senior Citizen FD' option at the time of booking — the bank will not automatically apply the higher rate unless the account holder's age is verified in their records..

Pro tip: If your FD matures within 7 days, most banks — including ICICI — waive the premature withdrawal penalty, making it virtually free to break and rebook at the higher rate.