ICICI Bank and Indian Bank have revised their fixed deposit interest rates effective October 23, 2026, applying to deposits below ₹3 crore. According to reports from Mint, these changes have been introduced by banks to align with evolving developments and central bank policies. ICICI Bank has increased rates by 10 basis points on select longer-term deposits, while Indian Bank has raised rates on its special 555-day and 777-day FDs by 15 basis points. The revised rates now offer general citizens rates from 2.75% to 6.60% and senior citizens up to 7.20% across various tenures. The rate revisions come after the Reserve Bank of India increased the repo rate by 25 basis points from 5.25% to 5.50% on October 7, raising expectations among banks to update their FD interest rates.
ICICI Bank offers FD interest rates for general citizens ranging from 2.75% to 6.60%, while senior citizens can earn up to 7.20%. As reported by Mint, the complete details show that general citizens receive rates up to 6.60% across various tenures, with senior citizens benefiting from an additional 0.50 percentage point on select deposits. The bank has increased rates from 6.50% to 6.60% on tenures of 3 years and 1 day to 5 years, and on the 5-year Tax Saver FD. Senior citizens will get the highest rate of 7.20% on tenures of 3 years and 1 day to 5 years, with the next best rate at 7.10% available on a tenure of 5 years and 1 day to 10 years.
Indian Bank has revised rates on its special-term deposits for 555 days and 777 days respectively, with schemes named 'Ind Grow' (555 days) and 'Ind Prosper' (777 days). According to Mint reports, the offered interest rates on other listed tenures continue to remain unchanged. Senior citizens receive an additional 0.50 percentage point on Indian Bank's 555-day and 777-day special FDs, with their revised rates at 7.20% and 7.10% respectively. The bank has increased rates from 6.65% to 6.80% on Ind Grow (555 days) and from 6.60% to 6.75% on Ind Prosper (777 days).
The revised rate structure shows specific changes across different tenures. For general citizens, rates remain unchanged for tenures of 7 to 45 days (2.75%), 46 to 90 days (4.00%), and 91 to 184 days (4.50%). Rates increased by 10 basis points for tenures of 185 days to less than 1 year (5.50% to 6.25%), 18 months to 2 years (6.30% to 6.45%), and 2 years 1 day to 3 years (6.45% to 6.55%). Senior citizens receive the highest rate of 7.20% on tenures of 3 years and 1 day to 5 years, with the next best rate at 7.10% available on a tenure of 5 years and 1 day to 10 years. The bank's revised rates are designed to provide meaningful investments and long-term wealth creation opportunities for eligible investors.
